As with purchasing any property on the open market there are other costs associated with the purchase of your new home.
Initial costs are one off costs that you may be liable for as part of the purchase. These may include:
There will also be ongoing costs associated with owning your own home. These may include:
(This list is not exhaustive but will give you an idea of the costs associated with purchasing your new home)
Most people aspire to own their own home and you will have taken this first step towards this when you buy a share of your Shared Ownership property. Under the terms of your lease you have the option of purchasing further shares in your home until you own it outright. This process is called ‘staircasing’. If your home is designated for Older People you are able to staircase but only up to 75% of the value of the property.
When you buy more shares in your home your service charge payments will remain the same
There will be fees associated with purchasing additional shares, bdht can discuss this further with you
As your circumstances change, you may have to move house. This will involve selling the share you own in your home. Selling your home might sound daunting but there is no need to worry as bdht staff and your solicitor are on hand to help you through the process. If your property has increased in value you benefit from the profits on the share you are selling.
For more information on the Government’s Help to Buy Shared Ownership you can visit:
To register with the West Midlands Help to buy agent please visit:
To register on Home Choice Plus please visit:
Home Owners Alliance
If you don’t find the answer you are looking for, please get in touch using this contact form or give us a call on 01527 557548
Help to Buy agents administer the Government’s Help to Buy scheme. They have the authority to assess you against the criteria for a Shared Ownership property and give the go-ahead for you to purchase a Shared Ownership home.
Alterations can be made to your home, however we do request that permission is sought from bdht prior to any alteration taking place. External permissions may also be required, for example Building Control or Planning Permission.
Since 2004, bdht has operated as the biggest provider of affordable housing in Bromsgrove. We employ over 130 people and contribute massively to the local economy. We are a not-for-profit organisation and therefore, every penny that we make gets re-invested back into the communities we serve.
We are proud of providing excellent customer satisfaction, which currently stands at 92%. This has been achieved through listening to our customers and working hard to adapt to them. We are also an excellent employer, being ranked 1st in the Great Places to Work.
A Housing Association is a non-profit organisation that rent or sell homes to people with a housing need.
The deposit required for your new home will be dependent on the requirements from your mortgage lender. Some lenders offer as little as 5%. The deposit is worked out from the share you are purchasing rather than the full market value.
No, under the terms of your lease a Shared Ownership property cannot be sublet. It is to be your sole main residence and you should not own another property anywhere, whether in the UK or abroad.
It may be possible for you to purchase a Shared Ownership property. Your eligibility would depend upon your personal circumstances and you meeting the other Shared Ownership criteria. Please contact us to discuss your individual circumstances further.
No, the purchase of additional shares in not compulsory.
bdht generally markets the properties based on a 50% share. However there are times that this share can be reduced or increased dependant on the purchaser.
Service charges are charges made for services provided to the property or estate. An example of items included in services charges will be ground maintenance for communal areas, lighting in communal hallways and buildings insurance. Each site will have a different service charge dependant on the estate or property you are purchasing. The service charge specific to your property will be confirmed upon reservation.
If your circumstances change and you wish to sell your property, you will need to inform bdht. The property would be marketed as normal via an estate agent. You would benefit from any increase in the value based on the percentage you own. For example the property has increased in value by £10,000 you own a 50% share, therefore you would benefit from £5000.
Yes, additional shares can be bought in the property right up until you purchase 100%. This is known as staircasing. You can buy additional shares in any increment you like (Min of 10% extra) however you will only be allowed to purchase additional shares a maximum of 4 times. For more information on staircasing please click here.
As a shared owner you will be responsible for all ongoing repairs to the property as per the terms of your lease.
However your property will be covered by a 12 month defects liability period with the builder, who will complete repairs due to poor workmanship or materials. Your property will also benefit from a minimum of 10 years cover against structural defects.