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 of 125 years where the scheme allows. However, you may buy further shares. This is called ‘staircasing’, and may
eventually progress to outright ownership.

Shared ownership information

LOCAL CONNECTION TO TEWKESBURY BOROUGH OR GLOUCESTER CITY REQUIRED

Shared ownership is a part buy part rent property from Two Rivers Housing.
You purchase a share with the help of a mortgage based on affordability and the minimum share being sold.

Open Market Value: £285,000
25% Share: £71,250
Rent per month: £489.84
Service Charges per month: £15.00
Buildings insurance per month: £5

These costs will increase each year with inflation

Property description

Ground Floor
Hallway with W/C leading to Open plan living space , Kitchen with fitted oven, hob and hood. Stairs to first floor, Double door to rear.
434 max x 884

First Floor
Bedroom 1 434 x 329
Bedroom 2 434 x 299
Family bathroom including shower over bath.

Outside private garden and 2 allocated parking spaces

Two Rivers Housing

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

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.

Services

All mains services are connected.

Disclaimer

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.