A form of tenure designed to help first-time buyers, whereby households partly own and partly rent their homes.
buying a home in partnership with a housing association. The schemes available are designed for those who could not otherwise buy their own home.
A shared ownership property means you own a certain percentage of it, and another person or company owns the remaining percentage which could be more or less than the percentage of the property you own or have a mortgage on. Shared ownership properties are usually owned partly by a housing association, and partly by you.
Similar to shared equity but instead of a developer owning the other percentage it is owned by a housing association.
A scheme operated by a housing association where a person owns part of the property and pays a mortgage on this, while the housing association owns the rest of the property and the person pays rent on this.
This type of scheme, similar to ‘Shared Equityâ€(tm), is primarily designed for people who would not otherwise be able to become homewoners. However, the purchaser will share the ownership of the property with a housing association, and the percentages of ownership are generally more even (50-50 is very common). The purchaser will pay a mortgage for the share they own and will also pay the housing association a rent for the share they own.but in which the second part of the property is owned by a housing association.
This is a scheme operated by a Housing Association where the borrower owns part of a property, and pays the mortgage on this, while a Housing Association owns the rest of the property, and the borrower pays rent on this.
A housing association tenant may have the opportunity to purchase a property. The scheme works by allowing the borrower to purchase part of the property and rent the other part from the housing association. This subsidises home ownership for people who would otherwise not be able to become home owners.
A method of property purchase in partnership with a housing association. The borrower purchases part of the property and rents the remainder from the housing association. Also known as co-ownership, this arrangement is designed for people who could not otherwise become homeowners. Under most arrangements, the minimum purchase amount is 25% of the property value with the remainder available to be purchased in blocks of 25%.
Enables a mortgagor to buy part of a property when the rest is owned by a housing association. Rent is paid on the part owned by the housing association. The borrower is usually able to buy further portions of the property in what is known as staircasing.
Shared Ownership schemes enables a borrower to buy a proportion of the property, with the remainder being owned by a housing association. Rent is paid on the remainder. The borrower is usually entitled to buy subsequent shares in the property at a future date.
This enables a mortgagor to purchase part of a property when the remainder of the property belongs to a housing association. Rent is paid on the remainder. The borrower is usually allowed to purchase further parts of the property as and when he can afford to.
Shared ownership schemes enable a mortgagor to buy a proportion of the property, with the remainder being owned by a housing association. Rent is paid on the remainder. The borrower is usually entitled to buy subsequent shares in the property, a process known as ‘staircasing'.
Although housing organisations cannot build new homes for outright owner-occupation, they can build new homes for part ownership and rent. The aim is to encourage those who cannot afford outright ownership, but who can afford more than an affordable rent, to become part owners. The private owner must buy at least 25% of the value of the house initially, but can buy more later. A rent is paid on the portion of the house remaining in the association's ownership. The sharing owner is responsible for all maintenance to his or her home. Where an association buys new homes on the open market for shared ownership, this is known as shared ownership off the shelf (SOOTS).