Shared ownership gives people an opportunity of owning a home when they would otherwise not be able to afford it. Shared ownership allows people to buy a share in a property with a housing association and pay a subsidised rent on the remaining share.
Ownership can be of different amounts. For example;
Buyer 25% and housing association 75%
Buyer 50% and housing association 50%
Buyer 75% and housing association 25%
The buyer can increase the share their own during the time of ownership and this is called 'staircasing'.
Further information can be found at https://www.helptobuy.gov.uk/shared-ownership/
There are various shared ownership properties across Melton Borough of different sizes. These properties are often advertised with estate agents and can be found in the usual way of finding any property for sale, either on line or directly with the estate agents.
Current new developments
Belvoir Road is a fantastic new development in Bottesford, Melton. Throughout 2016 and 2017 this fine collection of two and three bedroomed properties will be available for shared ownership. Belvoir Road is prioritised for the people of Bottesford and the local area.
You will enter into a lease with Derwent Living. You may purchase an initial share of between 25% and 80% by cash or mortgage. You have the option to buy more shares three months after the initial purchase and in most circumstances you can eventually own the property outright. If you staircase to 100%, there is no rent to pay although you may continue to pay a service charge.