How does shared own­er­ship work?

The Wokingham Paper - - PROPERTY -

MIS­CON­CEP­TIONS and lack of un­der­stand­ing of­ten pre­vent peo­ple from tak­ing ad­van­tage of shared own­er­ship, which is why Thames Val­ley Hous­ing (TVH) is re-brand­ing its shared own­er­ship homes as So Resi to make the con­cept clearer to home­buy­ers.

The new strapline is ‘mak­ing home own­er­ship pos­si­ble’, and the aim is to break down the com­plex­ity of shared own­er­ship to en­sure TVH has a to­tally trans­par­ent con­ver­sa­tion with its cus­tomers.

Shared own­er­ship en­ables home­buy­ers to pur­chase a home in their own way; start­ing with a share that’s right for them, with the op­tion of buy­ing ex­tra shares over time, it’s man­age­able and suits their in­come.

Home­buy­ers typ­i­cally start off by own­ing be­tween 25% and 75% of their home and pay as lit­tle as 5% de­posit on the value of the share, so the amount that they need to save is much lower than it would be if they bought the whole prop­erty.

Home­buy­ers pay straight­for­ward monthly pay­ments, which com­bine the mort­gage on the share they have pur­chased and a pay­ment to TVH on the rest.

They also pay a ser­vice charge and the other usual costs of run­ning a home. Home­buy­ers can in­crease the share they own at any time; if they do this, their pay­ment to TVH will be cor­re­spond­ingly lower.

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