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Clwyd Alyn Housing Association
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What is Shared Ownership & Homebuy?

What is Shared Ownership?

Shared Ownership is often referred to as part buy, part rent. This is where the purchaser buys in at a percentage share of the value of the property and then pays rent on the remaining share.
Shared Ownership is usually a good scheme for applicants on a lower income or applicants who have a large cash deposit but are unable to obtain a mortgage.

We retain ownership of the remaining share of the property which you do not buy and you then pay rent to us on this share.  Later, as you can afford it you can if you wish, increase your own share until you own the property completely. However, you are not obliged to purchase the remainder of your home: the choice is yours. We may also have ‘resale’ Shared Ownership properties available where an existing Shared owner wishes to move.

For prospective purchasers who are able to raise £40,000 either through a mortgage or a mortgage and savings/equity, which is sufficient to purchase a 40% share in a property valued at £100,000 Rent is then calculated on the remaining share and reviewed annually.

We own in the region of 800 leasehold properties and of these approximately 600 shared ownership properties. These properties are owned in various locations throughout North Wales. The share values range from 25% to 75% shares under the scheme part buy, part rent. When existing shared owners decide to sell, the properties are valued by a member of the ‘RICS’ (Royal Institution of Chartered Surveyors) and applicants of the affordable housing register are kept informed of new properties becoming available in areas they are interested in.

What is Homebuy?

In the past, we have secured funding to provide a deposit for applicants to purchase a property on the Open market. We have some schemes in rural areas that from time to time become available for purchasers. We do not currently have any new build properties for Homebuy but may do in the future.

As a homebuy purchaser you will need to be able to fund 70% of the purchase price of a property usually through a mortgage and we will provide you with a 30% grant financed from the Welsh Government. This is a second charge of the property and you usually have the chance to re-pay us as and when you are in a position to do so.

Information on Leaseholders Responsibilities.

 

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