Shared ownership, also known as the Part Buy, Part Rent scheme, is an initiative that helps people who cannot afford to purchase a home outright, to buy a share of a property and pay rent on the remaining share. Raglan retains ownership of this share.
Over time you can gradually increase your share/equity (staircasing) until, in most cases, you own the property outright. Your rent reduces proportionately as you buy a larger share of the property.
Becoming a shared owner involves certain costs. Some of these you will only have to pay once. Others you will have to pay on a regular basis.
One-off costs may include:
- Legal fees (for your solicitor/conveyancer)
- Valuation fees (for your mortgage provider eg bank or building society)
- Stamp duty (your solicitor will advise the amount payable)
- Any mortgage arrangement charges (check with bank or building society)
- A deposit
Regular costs may include:
- Mortgage payments
- Mortgage protection policy
- Indemnity premium (depending on your mortgage)
- Service charge
- Contents insurance
- Council tax
- Moving costs
- Home furnishings
- All gas, electricity, water and telephone charges
- All repairs, decoration and maintenance costs
If you would like to see what properties are currently available or are being built, please view our Homes for Sale website area.
To obtain further information on shared ownership, please contact the Home Ownership Team by emailing email@example.com or calling 023 8065 8858.