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    More details about Picket Twenty, Andover, Hampshire

    For Sale 3 bedroom house
    Property value £220,000
    Share percent 40%
    Share percent price £88,000

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Resales

From time to time, existing part buy, part rent (shared ownership) properties are available for resale.  Homes varying in age, size, type and location are available through different Housing Associations.

How does it work?

Just like Shared Ownership, you will only be able to purchase the same or larger share in the home as the existing owner, which can vary between 25% and 75% of the property's market value. You then pay a subsidised rent on the remaining share.

You will need to raise a mortgage to purchase your share. If you have a large deposit or equity from the sale of a property, this can also be used towards purchasing your share.

What are my options after buying a Resale home?

You can buy additional shares, called ‘Staircasing', at a later date until you own 100%, depending on your lease. If you increase your share in the property, your rent is re-calculated and reduced proportionately.

If you wish to sell your property, your share is marketed for sale by the Housing Association you originally purchased through, to allow other people in housing need to benefit from low cost home ownership.  This means the property can be 'recycled' rather than lose it as an open market sale.  There are lots of people on the HomeBuy Agency lists waiting for a chance to get on the property ladder and your Housing Association can help you sell your home much more cheaply than if you were to sell through an estate agent. The property is resold at the market value of the property at the time of resale. 

If your Housing Association is unable to find a buyer for your share, it may be possible to sell your home on the open market but you will have to pay the full cost of the estate agent fees yourself.

Please contact your Housing Association for details of their charges, however standard costs will include a fee for the resales service, a valuation report, an Energy Performance Certificate and solicitors fees.

 

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Where are the Resale homes in our area?

Click here to find properties currently available.