2 Bedrooms | 1 Bathrooms | 1 Receptions
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 of 990 years where the scheme allows. However, you may buy further shares. This is called ‘staircasing’, and may
eventually progress to outright ownership.
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: 32 %
Open Market Value: £240,000
Rent per month: £340.00
Service Charges per month: £27.07
The more you buy the lower your rent will be. Rent is calculated at 2.5% of the unowned share. These costs will increase each year with inflation.
Lounge - 4.67 x 3.59 m
Kitchen/ dining - 2.92 x 4.75 m
Bedroom 1 - 3.48 x 4.60 m
Bedroom 2 - 4.60 x 2.96 m
Bathroom - 2.18 x 1.86 m
Local connection to Cornwall apply
Terms and conditions – please refer to the SO Living’s website for full terms and conditions.
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.
Twocan are proud to be advertising these properties on behalf of Plymouth Community Housing. We will share your data with them to facilitate any viewings and assess eligibility for shared ownership.
All measurements are approximate. We have not checked the serviceability of any appliances, fixtures or utilities (i.e. water, electricity, gas) which may be included in the sale. We cannot guarantee building regulations or planning permission has been approved and all prospective purchasers should satisfy themselves on these points prior to entering into a contract. Consumer Protection from Unfair Trading Regulations 2008. The Agent has not tested any apparatus, equipment, fixtures and fittings or services and so cannot verify that they are in working order or fit for the purpose. A Buyer is advised to obtain verification from their Solicitor or Surveyor. References to the Tenure of a Property are based on information supplied by the Seller. The Agent has not had sight of the title documents. A Buyer is advised to obtain verification from their Solicitor. Items shown in photographs are NOT included unless specifically mentioned within the sales particulars. They may however be available by separate negotiation. Buyers must check the availability of any property and make an appointment to view before embarking on any journey to see a property.
These particulars have been prepared in good faith to give a fair overall view of the property; they do not constitute an offer and will not form part of any contract. We make no representation about the conditions of the property nor that any services or appliances are in good working order; this should be checked by your surveyor. Furthermore, you should not assume that any items or features referred to in these particulars or shown in the photographs are included in the sale price. Your solicitor should check this as part of the normal conveyancing process.