Shared Ownership Week: Developments in Liverpool
Shared Ownership Week (15-21 September) is a national initiative dedicated to promoting and raising awareness of the government-backed shared ownership scheme. In celebration of the week-long campaign, Your Move highlights the best shared ownership properties on the market throughout the region to help you get that all important foot on the property ladder.
What is Shared Ownership?
Buying your first home can be a daunting prospect, however getting a foot on the property ladder may not be as intimidating or expensive as you might first think. A Shared Ownership scheme could be the perfect solution.
Shared Ownership allows you to buy a share of your home from a housing association and pay an affordable rent on the remaining share. The share can range from 25% to 75% of the property value – depending on what you can afford. You then pay rent on the remaining share of your home.
As the rent is subsidised and a smaller mortgage is needed, it’s often a more affordable option than buying a home in full. You have the option of buying more shares as and when you can afford them, with many housing associations giving applicants the option to own 100% of the home further down the line – this is commonly referred to as ‘staircasing’.
First-time buyers or former homeowners who can’t afford to step onto the property ladder are eligible for the scheme. Alongside this, prospective applicants must have a combined household income of £60,000 or less.
If you want to sell your Shared Ownership home, the housing association has the right to buy it first and this is known as ‘first refusal’. The housing association also has the right to find a buyer for your home. However, if you own 100% of the property, you can sell it yourself.
Development: Joseph Williams Mews
Belle Vale, L25 2NB
Riverside Home Ownership (RHO) has been building new properties in Liverpool for decades, so it fully understands what it takes to create the perfect family home.
Phase two of the association’s Joseph Williams Mews development in South Liverpool will deliver 30 new family homes, 16 of which will be made available through Shared Ownership. Set to be completed in April 2017, the two and three-bedroom houses will feature high quality fixtures and finishes throughout as well as off-road parking and landscaped front and rear gardens.
South Liverpool is the perfect spot for young families, with the homes benefitting from the area’s great range of facilities and local schools. Shares will start from 25% and prospective buyers can register their interest now.
Please contact Riverside Home Ownership on firstname.lastname@example.org or call 0345 155 9029 for more details.
Upholland, WN8 0AZ
Hillcrest is a new development by Redwing Living, located in the picturesque village of Upholland.
Hillcrest is the ideal choice for growing families, perfectly balancing a rural feel with all the convenience of local amenities and accessible transport links.
Beautifully designed and built by Wainhomes, the range of two and three-bedroom homes are available for sale through Shared Ownership, with the two-bedroom properties starting from just £54,000 for a 40% share. Featuring luxury fitted kitchens, Roca range bathroom suites and landscaped gardens, Hillcrest boasts contemporary style with timeless quality and attention to detail. Available now, Hillcrest could be your first step on the property ladder using Shared Ownership to make it a reality.
Please contact Redwing Living on email@example.com or call 0344 736 0063 for more details.
Development: Ogden’s Place
Ogden’s Place is an exciting new development by Liverpool Mutual Homes on the site of the old Ogden’s factory in Everton. Catering for families of all sizes, the development comprises of two, three and four-bedroom properties. Described as ‘affordable luxury living’, prices start from just £125,000 and can be bought through a Shared Ownership scheme.
The homes include high-specification kitchens and bathrooms, off street parking and spacious back gardens with double patio doors, creating a perfect space for all the family to enjoy. The properties are also well connected to the city centre and local amenities including schools, health centres and green space such as Newsham Park.
Due for completion in February 2017, this attractive development is ideal for modern family living.
Please contact Liverpool Mutual Homes on firstname.lastname@example.org or call 0300 123 4090 for more details.