Share the ownership of a property with our partners Blenheim Estate.
You can initially acquire a share in a new home, as low as 40% of the market value, and pay an affordable monthly rent to Blenheim Estate who own the remaining share of the home.
Shared ownership can help you make your first step on the property ladder, acquiring a share in a home that is affordable, based on its market value. The costs of buying are also kept low, as your deposit and legal fees are based on the price of the share, not on the home’s full value. Generally, the total rent and mortgage payments per month are less than a similar home purchased outright or rented privately.
A 1 bedroom end of terrace home with parking and a garden. The Kennington boasts a quality finish, with an open-plan kitchen dining and living room and downstairs w/c. The kitchen is furnished with fitted cooker, hob and extractor and flooring. Upstairs you'll find the master double bedroom with built in storage and en-suite bathroom. There is parking for one car outside the home.
This home is due for completion in August 2021 and is available now to apply for on the Help to Buy website. Applicants must have a local connection to Long Hanborough or West Oxford District area.
From £98,000 for a 40% share (based on market value of £245,000)
If you were to buy a 40% share in a property worth £310,000, the equity you would pay rent on is £186,000. Rent is charged at 2.5% on the un-owned equity share, in this example £387.50 per month.
Blenheim Estate allows you as a shared owner the opportunity to buy further shares in the home, or 'staircase' to own 100% of the home. Your Financial Advisor can help you determine the percentage of the property that you can afford. Learn more on the Government's Help to Buy South website.
Your annual household income needs to be £80,000 or less, and should ideally be greater than £18,000 per annum. You should also have savings of at least £2,500 to cover legal costs, and a good credit history.
It is also required that you have a local connection to the area or a connection to West Oxfordshire to be considered. The Blenheim Estate Homes team can give you more information.
Help to Buy South are on hand to assess your eligibility to purchase a shared ownership property. If you meet the basic eligibility criteria you can register to search for available properties.