Plot: The Montpellier
What is Shared Ownership?
|Minimum share price||£125,998|
|Full market price||£314,995|
|Ownership||Leasehold - What is this?|
Freehold is where a person or organisation has outright ownership, forever, of a property and the land it’s built on.
Leasehold is a long-term tenancy where someone buys the right to live in a property for a certain period, usually 99 or 125 years. Unless the leaseholder makes arrangements to extend it, once the lease ends, ownership of the property returns to the freeholder. As a leaseholder, if you own a property in a block of flats, you don’t own the land the property sits on. This is owned by the freeholder of the property. Leaseholders usually pay ground rent too.
The rules a leaseholder must follow are governed by a contract, known as the lease. It can include restrictions on what they can do to a property. For example, whether they can have pets and whether they can rent the property out. The lease will also detail the leaseholder's rights. These may include, for example, the right to use the common parts or gardens, or to park a car in a shared car park.
In London, leasehold is most common as a tenure to sell flats. However, some houses are also leasehold, although this is more common outside of London.
Shared Ownership is a type of affordable home ownership when a purchaser takes out a mortgage on a share of a property and pays rent to a landlord on the remaining share.
For example, someone might buy a 50 per cent share in a property and pay rent to the landlord on the remaining 50 per cent. Purchasers then have the opportunity to ‘staircase’ up their share of the property, gradually increasing the proportion of their home that they own outright and therefore paying less rent on the remaining portion, until they own 100 per cent of their home.
The Montpellier is a 4-bedroom house with;
- Open plan kitchen with dining area
- Sitting room with French doors to garden
- En suite and built-in wardrobe with sliding mirrored doors to bedroom 1
- Ceramic tiled flooring to bathroom and en suite
- High level double oven
- Hob and hood
- Garage and/or allocated parking
*Images are for illustrative purposes only. Please speak to Sales Adviser for full details*
**Prices vary across plots please speak to a sales advisor for more information**
Get moving in time for Christmas…
Your dream home is within reach this Christmas with up to £5,000 worth of John Lewis vouchers when you complete before 20th December 2019!
Available on selected plots. T&Cs apply. Please speak to a sales advisor for more information.
Terms and Conditions: Available on selected plots and new reservations which complete before 20th December. This offer cannot be used in conjunction with any other offer or discount and there is no cash alternative is available. The offer must be clearly noted on the reservation form. All incentives cannot exceed 5% of the share value purchased.
For more information please contact email@example.com