Solo Homes in conjunction with Progress Housing are delighted to bring to the market 2 x 3 bed semi-detached houses available on a shared ownership basis on the Woodland View development by Concert Living in the rural village of Wrea Green. Get on or stay on the housing ladder with a 5% deposit from as little as £4,800 based on a 40% share of a Semi Detached house. LOCAL CONNECTION TO WREA GREEN A REQUIREMENT.
Shared Ownership Explanation - How It Works And How You Start The Application Process.
Shared Ownership allows you to buy a share in a new home, ranging from 40% to 75%, depending on what you can afford. Progress Housing will own the remaining share, and you pay a reduced rent on that share. This means that you will need a smaller deposit and mortgage than if you bought a property outright. Generally you are able to buy a bigger property than you may otherwise be able to afford. You can buy more shares as and when you can afford them - this is called Staircasing - and as you buy more shares, you will pay less rent. You can eventually own 100% of the property if you want to, at which point you will pay no rent at all. Your monthly payments could be less than renting privately.
A service charge of £32.15pcm (to be confirmed) is payable for maintenance of any common areas and to cover buildings insurance.
As a home owner, you will be responsible for the maintenance and repairs on your home. However as it is a new build your property comes with a 10 year NHBC guarantee and many of the appliances will have a 2 year manufacturer’s guarantee giving you peace of mind.
You can apply to buy one of these homes by filling in an online application form on the Help to Buy North West website. www.helptobuyagent1.org.uk. Progress Housing will undertake an affordability assessment with you and can provide details of Independent Financial Advisors who can assist with obtaining a mortgage.
Detailed below is an indication of the price of various shares and the rent payable on the unpurchased equity.
Price & Rent Calculator – 3 bed semi-detached house prices from £240,000
40% share price £96,000 and rent of £330pcm
50% share price £120,000 and rent of £275pcm
60% share price £144,000 and rent of £220pcpcm
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