Shared ownership & leasehold services
Leaseholders
As a leaseholder you buy the right to live in a property for a fixed number of years which would be stated in the lease. The lease is a legally binding document that contains you rights and obligations as a leaseholder and our rights and obligations as the owner of the freehold.
We have a number of different leases as we provide properties on various Government sponsored low cost home ownership schemes. All of the leases in operation have been drawn up in accordance with the Housing Corporation model lease.
Shared Ownership
Shared ownership is a Government funded scheme to help people become homeowners who cannot afford to buy a home on the open market. Through Shared Ownership, people can buy a share of the property and pay rent on the remaining share. 50% or 75% of the full value of the property is purchased initially and rent is payable on the remaining portion. Gradually, further shares (a minimum of 25%) can be purchased, at the market price, until the property is owned outright. It is not compulsory to purchase the remaining share.
Shared Ownership is primarily designed for first time buyers but others who are unable to afford to purchase a property outright may also be eligible. An example of this would be people following a relationship breakdown.