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What is Shared Ownership?
Shared Ownership is designed to offer more affordable housing by allowing people to part own and part rent a property. So, for example you may purchase a 50% share of a property and rent the remaining 50% from the Landlord and thereafter you can apply to buy further shares of the property which will reduces the rent accordingly.
A Shared-Owner is responsible for the general maintenance and repair of the property from the outset however, responsibility for Buildings Insurance stays with the Housing Association until such time the property is purchased outright. A Service Charge may apply in addition to the rent where communal areas such as; planted areas or passageways are maintained on the owners' behalf.
Can you afford the property? (50% Mortgage + 50% Rent)
You need to work out what you can afford to pay for a mortgage and rent per month in advance.
Buying a property is a serious financial undertaking and anyone considering Shared Ownership should seek financial advice from a registered agent, your own bank etc.
Initially you will need to provide the Social Landlord with a valid Mortgage Offer together with proof of your income and savings as proof that you can afford to buy, maintain and keep up rent and mortgage payments on a property.
For this reason you will be asked to complete a financial statement before any formal offer of a property can be made.
How do I apply for a property?
To qualify for Shared Ownership you need to be either a Council or Housing Association tenant in Gloucester, or registered on Gloucester City Councils' Rehousing register. If you are a Council or Housing Association tenant you need to contact your landlord on how to apply.
If you are seeking affordable social housing you need to express your interest in Shared Ownership by ticking the Shared Ownership box on the application form. If you are already registered on the Rehousing register you can ring Ruth Silk on 01452 396548 who will record your interest.
Who is eligible for consideration?
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All Gloucester City Council tenants
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All tenants of Local Housing Associations resident within the City Boundary.
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All households registered on Gloucester City Councils’ Rehousing register. Priority for nomination will be given to those with a proven housing need and local connection.
How do I find out what properties are available?
You need to contact Gloucester Housing Association who are New Futures Homebuy Agency, for the North zone of the South-West region. www.homebuy-southwest.co.uk/Properties.html
To download a Guide to HomeBuy, please click here.
Last Updated: 27/03/07
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