1. Who qualifies for a Shared Ownership property?
Anyone who can not afford the open market prices. Applicants are likely to be first time buyers, relationship breakdowns, key workers or the elderly.
2. How does it work?
You buy a share of a property (usually 50%). You pay for your share via cash or mortgage and rent the rest.
You have all the responsibilities of any other home owner, although if you wish to make improvements you must contact Acis Group first.
Acis Group properties are sold on a leasehold basis.
3. How much is the rent?
We currently charge 2.75% of the remaining share per year. This amount may change but will not exceed 3%.
Example: a property valued at £120,000
Buy 50% at £60,000
Pay rent on the other 50% at £137.50 per month.
4. What about service charges?
There is a small basic charge per month (Acis Administration fees and building insurance for your property). Additional charges may apply to communal areas.
5. What other costs are there?
Acis Group require a £200 non refundable deposit to secure your interest in a property. There will be legal fees from your solictor to cover land searches and stamp tax duty if applicable.
6. Can I buy more of the house later on? (Staircasing)
Yes, in most cases. You can staircase right up to the full 100% of the property, at which point you would own the freehold outright.
7. Can I sell my share?
Yes you can. You will need to write to Acis Group to inform us of your intention. An independent valuer will value your house to give a guide price.
Acis Group may be able to put forward a buyer from a waiting list before you put it on the open market.
8. What about repairs or alterations?
In Shared Ownership houses, you will be responsible for all maintenance and repairs to your home.
