How Shared Ownership works
What is Shared Ownership?
Shared ownership is designed to help people who are unable to afford to buy a home outright, to step onto the property ladder. It is more affordable than buying outright because initially you purchase a share between 25% and 75%, and pay rent on the remaining share. In addition you only need to raise a deposit based on the share you are purchasing, rather than the full market value! Better still, you usually only need to raise a deposit of between 5% and 10% of the share value.
What about the share I don't own?
The share you don't own will be retained by B3. You will pay B3 rent on the unsold equity which is charged at 2.75%. This means that the more of the property you own, the less rent you pay.
Can I buy more shares in my property?
You can buy additional shares in your property at any time, up to and including 100% of the home - this is called staircasing. When you are ready to do this, speak to us and we will guide you through the process - Not forgetting, the more of the property you own the less rent you pay!
Under the new ‘initial repair period’ in your Shared Ownership lease you will also benefit from £500/year towards any repairs to your home for the first 10 years.
- Register your interest for Cheshunt LakesideOur friendly sales team will contact you and discuss the next steps
- Eligibility and affordabilityComplete a free financial assessment and submit your application form
- Meet with our sales teamView the property or the plans with our team to decide which property is best for you
- ReserveSubject to eligibility you will be offered a property for reservation, you will pay a reservation fee to secure the property in your name
- Apply for mortgage and instruct solicitorInstruct your solicitor and mortgage broker who will deal with your mortgage and conveyancing
- Time to move in!Once the property is built and your conveyancing is complete, we will handover your keys and welcome you into your new home