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New Build Shared ownership property in the popular town of Saltash
Properties due to handover December 2023
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: £245000
Rent per month: 347.08
Service Charges per month: 27.07
The more you buy the lower your rent will be. These costs will increase each year with inflation.
Lounge - 3.59 x 3.49 m
Kitchen/ dining - 2.92 x 4.42 m
Bedroom 1 - 4.60 x 3.48 m
Bedroom 2 - 4.60 x 2.96 m
Bathroom - 1.86 x 2.18 m
Total floor area 78m2
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.
“Local Connection” means a connection with the Town or County (Saltash or Cornwall) as appropriate and demonstrated by that person or a member of their Household to the reasonable satisfaction of the Council.
A person with a Local Connection with the Town shall take precedence Town means the town of Saltash within the County together with the parishes of Antony, Botus, Flemming, Landrake, Landulph and Sheviock.
Certain serving and former members of the armed forces are exempt from needing to have a local connection.