Potton, Bedfordshire
As part of the development, a proportion of the new homes will be made exclusively available to purchase as Shared Ownership.
Shared Ownership offers you the opportunity to take your first step onto the property ladder to purchase a new home, where the price of new build properties in Potton can often be out of reach for many.
Shared Ownership
Shared Ownership is a part-buy, part-rent scheme. It works by enabling you to buy a share in a property that you can’t afford to buy outright, and pay a subsidised rent for the balance.
What is shared ownership?
Shared Ownership is a Government backed housing scheme designed to help those people who would like to buy a home of their own, but can’t afford to buy it outright. It allows you to purchase on a part-buy, part-rent basis, providing an affordable alternative to buying a market property.
https://www.gov.uk/shared-ownership-scheme
How does it work?
You purchase a share of the property which is based on the maximum you can afford. Initially you can purchase up to 75% of the total market value. You then pay rent on the remaining share of the property which is owned by a Registered Provider.
As and when your circumstances allow, you can buy further shares to increase your ownership – this is known as staircasing. The more you own of the property the less rent you pay. In most cases, if your lease allows, you can go on to own 100% of the property and the Registered Provider will transfer the freehold to you.
Can I sell my share of the property?
Yes
Who’s eligible for shared ownership?
For new build properties, priority is given to existing social housing tenants, serving military personnel and first-time buyers. In some circumstances non first-time buyers will be considered if you are unable to purchase a home that suits your needs without assistance.
Your annual household income must be £80,000 or less. This increases to £90,000 if you are buying in London.