Shared ownership, not just for first time buyers!
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Sovereign Living, part of Sovereign Housing Association, is one of the South’s leading shared ownership providers. Sovereign have been giving customers the opportunity to own their dream home with shared ownership - a government scheme which helps you onto the property ladder at any stage of life for over 20 years. Shared ownership allows you to purchase a percentage of a new home with a 5% deposit of the share price, which is why it is praised by so many for helping them getting on and up the property ladder.
Breaking the common misconception that it’s just for first time buyers and younger people, Sovereign has customers of all ages buying with shared ownership. Perhaps you are endlessly renting, maybe your living circumstances have changed or you are just at a stage in life where you are dreaming of owning your own home - shared ownership could be for you.
What Sovereign and other shared ownership providers offer is a property ladder that is open to anyone who may be unable to buy a home on the open-market due to the large mortgage requirements, or perhaps are unable to save for the deposit. When it comes to applying for a mortgage, you apply for the share price amount, which is why this scheme helps so many people who are unable to buy at full market value. A typical share with shared ownership is 40%, however many customers choose to buy more when purchasing their home. There is the option of ‘staircasing’, a process which allows you to buy more shares of your home if and when you want to, which means that you could own 100% of your home, but by getting there in a way that suits you and your finances.
Locally, Sovereign Living are offering shared ownership at two developments in Newbury; Cherry Blossom Meadow, a beautiful development in Shaw, with applications opening soon for a mix of 2, 3 and 4 bedroom houses and apartments ready in early 2021, and a small amount of 3-bedroom townhouses at Newbury Racecourse, anticipated for completion in April 2021 – giving you plenty of time to begin the application process!
We recently caught up with a shared owner who bought her first home through Sovereign Living; “I really wanted to get on the property ladder, but I was wondering whether buying just a share in a home was right for me as I wouldn’t own my ‘whole’ home as such. The more I thought about it, the more I realised that if I bought a home with a partner or a friend, I wouldn’t own all the home anyway, they would own the other half! This was my way of getting on the property ladder, and Sovereign would become my ‘partner’!”
It is not always new shared ownership homes that are available, when customers who have purchased with shared ownership wish to sell their home they can use Sovereign Living as an ‘estate agent’, or even use a high-street estate agent to sell their property. Some shared owners have really made their house their home by adding finishing touches, re-decorating rooms, planting a picture-perfect garden and some even seeking and having permission granted to build conservatories and loft conversions.
The market for affordable homes is growing, and education of this scheme is important. Like any other home purchase, you should do your research before taking the plunge. Sovereign have dedicated sales consultants who are there on the phones and online to answer any questions you may have before deciding to take the first step.
If you are interested in shared ownership or want to begin the process of buying a home with Sovereign Living, then contact newbuildSO@sovereign.org.uk - 0300 330 0718
Or visit Sovereign Living’s website, www.sovereignliving.org.uk where you can find case-studies, articles, and browse the available homes and developments.
