The plight of first time buyers has long been a concern of the government and the housing industry as a whole. Here, we take a look at Shared Ownership – just one of the schemes aimed at getting people on the property ladder

WDnet Agency
Keys to your own home
New phrases relating to the housing market seem to emerge on a weekly basis – Build to Rent; Help to Buy; Buy to Rent, and so on. Shared Ownership is yet another of these terms – but what exactly does it mean and can it actually benefit would-be home buyers?
Usually available through your local housing association, shared owners effectively buy a ‘share’ of the property – between 25% to 75% – and then pay rent on the remainder.
Schemes vary from region to region, but to qualify there are several universal criteria: you must not be able to find a house to suit your needs on the open market; your household earnings must be below £80,000 a year (£90,000 a year or less in London); you’re either a first-time buyer; or you’re an existing shared owner.
Many schemes also require would-be buyers to have at least £4,000 in savings to cover costs of moving, as well as a good credit rating. People must also be able to demonstrate that they can meet repayments and can not be in arrears in their current rental or mortgaged property at the time of applying.
It’s also worth remembering that Shared Ownership homes are ‘leasehold’ properties – meaning you will only own the lease for a certain amount of time – typically 99 years. You may also have to pay a service charge, again paid on a monthly basis.
The good news is that your monthly payments are usually fixed (which undoubtedly helps with budgeting) and you can buy a bigger stake in your home from the owning authority which is known as Staircasing.
Rules on this vary across housing associations but all will carry out a full valuation survey of the property to assess current market value. Most will allow buyers to purchase around 10% at a time, meaning you can effectively buy out the housing association taking your ownership to 100%.
Help is at hand
Help to Buy is another initiative designed to get people on the property ladder. Westvale Park in Horley, which is being brought to market by Crest Nicholson, is one such development that is offering a Help to Buy option

Westvale Park is a luxury development made up of two-, three- and four-bedroom houses and two-bedroom apartments. The homes are situated in the popular Surrey town of Horley, providing residents with a restful pace of life amid an array of amenities.
Neighbouring towns of Redhill and Reigate provide another dimension, offering a variety of high-street stores, boutique shops, fine restaurants and independent bars.
Located equal distances from Brighton and London, residents at Westvale Park are in the perfect spot for travel across the south of England, making this development a dream for commuters. Gatwick airport is easily accessible, while direct lines to London mean that residents at Westvale Park are able to experience the best of countryside life in Surrey, while working in the capital.
This village-style development already holds outline plans for shops, pubs, restaurants, play areas and a community hall.
And thanks to the Help to Buy scheme, your dream home might be more affordable than you’d ever imagined.
The scheme is available on homes up to £600,000, which means that all homes at Westvale Park are available with Help to Buy.
With just a 5% deposit, would-be homebuyers are eligible for an HCA government loan for 20% of the property value, while the remaining 75% can be covered with a mortgage.
All of this means that homebuyers are able to take the first step on to the property ladder and secure their dream home. Prices for a two-bedroom apartment start from £299,950 or £239,960 with Help to Buy.
- For more information, visit the sales and marketing suite open daily between 10am and 5pm. Or you can call 01293 977980 or visit crestnicholson.com/westvalepark
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