For Sale 1 bedroom flat
Property value £160,000
Share percent 40%
Share percent price £64,000
HOLD (Home Ownership for people with Long Term Disabilities)
This is a new pilot scheme targeted at people with long term disabilities, learning disabilities and mental health problems, offering the chance of home ownership to a group that has been largely excluded from affordable home ownership schemes in the past. To start off with we are offering this scheme to people who live in either the Bracknell Forest or Southampton City area.
Operated through Swaythling Housing Society and in partnership with Windsor Housing, approved purchasers will be able to find a home suited to their needs on the open market subject, usually through an estate agent, just like any other buyer. This means that purchasers can buy the home they like, close to friends and family and they will have much more choice about a home suited to their long term needs. A purchase price limit will be set at a maximum of £200,000, depending on needs and how much they can afford.
The property will be bought on the basis of standard shared ownership terms and a minimum 50% share must be bought. A low rent is payable to the Housing Association on the remaining half share. We will give advice and support to the homebuyers in locating and finding a suitable property, handling negotiations over price, finding a solicitor etc.
For example:
- Property purchase price: £160,000
- 50% share price: £80,000
Rent payable on remaining share: £145.33
Prospective purchasers may have access to a cash lump sum to part purchase a share in a property, perhaps with the support of parents who are home owners or alternatively, for those in receipt of benefits, mortgages may be arranged on an interest only basis. We can offer expert advice to help you set up the funding for your half share. Purchasers will need to have savings to pay for the solicitors fees, survey fees, removal costs and any mortgage arrangement fees.
For those on low incomes, Housing Benefit help is likely to be available and full guidance will be given.
