Hello Homes - Resales, LE67
What is Resale Shared Ownership?
Shared Ownership is designed to enable people to buy a home when they are unable to afford to buy on the open market.
With a Shared Ownership home you buy a percentage share of the property and simply pay rent on the remainder. Later, if you wish to do so you can buy further shares. This is known as staircasing.How does it work?
Resale Shared Ownership properties are those that have been previously purchased on a shared ownership basis which the current owner wishes to sell on.
Unlike New Build Shared Ownership, the share available for purchase on resale properties is set due to the sale being an assignment of an existing lease.
As with New Build, a rent is payable on the share that is not purchased. On some properties, a service charge may also be payable to cover the cost of things such as communal cleaning, lighting, lift maintenance etc.