Shared Ownership
Affordable Home Ownership
Welcome to mhs homes’Shared Ownership Scheme. The
following information gives you an overview of our scheme for
prospective home buyers.
What is shared ownership?
Shared Ownership is a scheme that enables you to buy a part or
share of a property and rent the remaining share. This
remaining un-purchased share is charged at 2.75% of the property
value. For example, if you buy 50% of the property, you have
to pay rent on the other 50%.
When your circumstances allow, you will be able to buy more of
the property, which is known as staircasing until you have
purchased the full 100%. As you buy a greater share of the
property the amount of rent you are required to pay reduces
accodingly.
mhs homes will allow you to buy further shares in the property
once you have owned your share for 1 year.
What will it cost me?
You will have to pay your mortgage and the rent, the rent will
reduce as you buy more of property. If there are any communal
services or entrances you will have to pay towards the cost of
these as shown in your lease. If the property has use of any
communal areas, including gardens, paths, roads and entrances you
will have to pay towards the upkeep of these. Details of any
charges will be shown in the lease and the sales leaflets for the
property. When you have purchased all of the property you
will still have to contribute towards the cost of any communal
services and areas. There will also be the household bills
for council tax, electricity, gas, water and sewerage. You
will also have to pay for contents and building insurance.
Repairs and Maintenance?
The lease will give full details but as a guide:
- For houses you will be responsible for the repairs and
maintenance to the property.
For flats you will be responsible for maintaining the inside of
the flat and mhs homes will maintain the outside.
- mhs homes will maintain any communal areas of the
properties.
How much can I buy?
The minimum initial share for our properties is 25% with a
maximum initial share of 75% for all schemes. The minimum
amount you must purchase will be determined by your personal
circumstances. The value of the properties will also be set
when they are marketed.
How do I qualify?
Our selling agents will be able to advise
on eligablity and the current criteria
How do I go about buying a property:
Our new build properties are marketed and sold by Stagnell Fox
who are based in Maidstone.
Download a copy of the sales information (697KB)
here for more details.
To search for our available properties and register your
interest visit their website www.stagnellfox.co.uk or call
0845 130 1422.
Viewings will be by appointment only.
Please note your home is at risk if you do not
keep up the payments on your mortgage, rent and service charges on
it.
Disclaimer : These particulars do not constitute any part of an
offer or contract. Any intending purchaser must satisfy
himself/herself by inspection as to the correctness of the
statements contained in this publication. Your home is a risk if
you do not keep up the rent and mortgage re payments.