How does Shared Ownership work?

If you bought a home on the open market, you would agree a purchase price through an estate agent. Then you would take out a mortgage to cover the total purchase price of the property minus any deposit you might have available.
With Shared Ownership, the price of the property is fixed at the open market value, as assessed by a qualified valuer. You borrow just enough to cover the share you are buying. This is referred to as equity share.

The equity share amount will be an amount that you can afford, as set out under government guidelines. The total monthly cost of the rent, plus your
mortgage, will be lower than the monthly cost if you bought the property outright with a mortgage.

For legal reasons, while you are only buying a part-share of the property, you will have a leasehold interest. However, you may buy further shares. This is called ‘staircasing’, and may
eventually progress to outright ownership.

Eligibility Criteria

To be eligible for Shared Ownership you need to:

- be a first-time buyer, an existing shared ownership homeowner, or a former homeowner who can’t afford to buy now
- be over 18 years old
- have an annual household income of less than £80,000 (£90,000 in London).

If you wish to buy one of these properties we need to assess your eligibility for shared ownership. For this we need to see:

•Proof of ID
•Proof of address
•Mortgage in principle
•Proof of deposit
•Full details for each buyer

You will also be required to complete an application form and an affordability calculation.

Shared ownership information New AHP

Shared ownership is a part buy part rent property from a registered landlord
You purchase a share with the help of a mortgage based on your affordability.

Example of costs based on a Share of: 25 %
Open Market Value: £360,000
25% Shared Ownership - £90,000
Rent per month: £618.75
Service Charges per month: £47.21
Buildings insurance per month: £17.22

The more you buy the lower your rent will be. Rent is calculated at 2.75% of the unowned share. These costs will increase each year with inflation.

Ground Floor

Living/dining (3.26 x 4.92)

Large living and dining room with single door leading to rear garden area.

Kitchen (2.811 x 3.966)

Kitchen with fitted oven, hob and hood. Window to the front elevation.

Downstairs WC (1.95 x 1.5)

White wash hand basin and low level WC - door leading to hallway

First Floor

Bedroom 1 (3.835 x 2.855)

Double bedroom with one double window to the rear.

Bedroom 2 (2.855 x 4.536)

Single bedroom with one double window to front elevation.

Bedroom 3 (3.292 x 2.262)

One single bedroom, with window to the front elevation.

Family Bathroom (1.918 x 1.98)

White bathroom suite with shower over bath, Low level WC and wash hand basin. Window to rear elevation.

Two Rivers Housing

TwoCan estate agents are advertising this property on behalf of Two Rivers Housing. Two Rivers Housing are the owners of Twocan

Artists Impressions

All images are used for illustrative purposes only and are representative only. They may not be the same as the actual home you purchase and the specification may differ. Images may be of a slightly different model of home and may include optional upgrades and extras which involve additional cost. Individual features such as windows, brick, carpets, paint and other material colours may vary and also the specification of fittings may vary. Any furnishings and furniture are not included in any sale.

Buy Back Lease

In some rural areas properties must be always available for shared ownership. This means if you buy over 80% of the share of the property, the freeholder (or other Housing association) must buy your property back (at market value) if you wish to sell on.