what is shared ownership?
Shared ownership is designed to help people who may be currently renting or cannot quite afford an outright mortgage to buy their own home. Many housing associations and some house builders offer shared ownership schemes.
how does it work?
Shared ownership means that you only buy what you can currently afford. Typically, you may wish to buy a 50% share to start off and pay rent on the unsold part of the property. This would mean that whg would own the other 50%. Once you had saved up or could afford a larger mortgage you could then buy further shares in years to come. Eventually, you could buy the full 100% of the property. Further shares will be at full market value of your property at the time, and you will have to pay the normal legal and conveyancing fees. At no time will the remaining share be sold to someone else. whg will keep the remaining share for you until you can afford to buy more, or if you never reach that stage, you do not have to buy further shares at all; it is up to you. You could at any time, if you wanted to, sell your original share to someone else.
where is whg’s first shared ownership scheme?
We launched our first…of hopefully many….schemes as part of the Beacon Wood development off Hawbush Road in Leamore in November 2008. The 9 two-bedroom and one one-bedroom apartments came with fitted bathrooms and kitchens with hob, oven and extractor fan, washer-dryer, are double glazed throughout, and have gas central heating.
Shared ownership is about helping you get a foot on the property ladder. At the same time you have the security of knowing who owns the remaining share of your property - in this case, whg. You can buy from as little as 25%, or as much as 75%. Whilst we have no current schemes, please talk to Shirley Gooch on 01922 426829 If you want to find out more about shared ownership in the Walsall area.
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