Wiltshire Council also advertises small numbers of shared ownership properties through Homes4Wiltshire.
Shared ownership means that you only buy what you can currently afford. It enables people to own their own home but to just buy a share in their property, rather than having to raise a mortgage for its full purchase price. You can buy from as little as 25% of the property, or as much as 75%, depending upon what works for you financially given your present circumstances. You pay rent for the remainder, and are a tenant of the relevant housing association or house builder.
As an example, you may wish to buy a 50% share to start off and pay rent on the unsold share of the property. The housing association or house builder retain ownership of the other 50% and if you can later afford a larger mortgage you can buy further shares. Eventually you could staircase up to full ownership of the property. If you never reach that stage, you do not have to buy further shares at all; it is up to you. Provided that you keep up to date with your mortgage and rent payments you continue to live in the property in exactly the same way as if you owned 100% of the property.
Further shares will be at full market value of your property at the current time, based on the percentage share you are purchasing, and you will have to pay the normal legal and conveyancing fees. At no time will the remaining shares be sold to someone else. You can at any time if you want to, sell your original share to another qualifying purchaser who has been assessed as being in need of affordable housing, following the processes set out by the council.
Most new build and re-sale shared ownership properties in Wiltshire Council’s area are advertised through the regional HomeBuy agent, Help to Buy South. Some will be advertised on the Homes4Wiltshire website.
Shared ownership and shared equity schemes are advertised through Help to Buy South, the government’s regional agent for the Help to Buy scheme. Help to Buy South is operated by Radian Group, a large housing provider in the south and south west of England.