SSH to host open day to raise awareness of shared ownership
3 March 2006

South Somerset Homes are to host an open day to raise awareness of the brand new homes that they will have available from April through shared ownership. The open day will be on Wednesday 15 March from 2pm until 7pm at South Somerset Homes Headquarters at Alvington in Yeovil.

The open day is targeted at first time buyers who maybe be looking to buy their first home but may not be able to afford to do so; it is also targeted at those people who are looking for rented housing because they think that they cannot afford to buy. We would like people to pop in anytime between 2pm – 7pm for free advice on home ownership, including advice and information on how to apply for one of the various shared ownership schemes coming up in South Somerset.

This event is held in partnership with South Somerset District Council, Raglan Housing Association, Somer Housing Group, Knightstone Housing Association and Jephson Homes.

Peter Sparks, Housing Manager at South Somerset Homes said, “We would like people to come along and find out more about our part buy part rent scheme, known as shared ownership. This scheme is a great opportunity for many first time buyers to get on to the property ladder.

We have brand new homes available through shared ownership all across South Somerset including Yeovil, Chard, Martock, Haselbury Plucknett and Templecombe. The new homes we have available are a mixture of 2 and 3 bedroom homes and 1 and 2 bedroom apartments. So come along and find out more about it.”

Shared Ownership

Shared Ownership is a ‘stepping stone’ between renting and owning your own home, enabling people who cannot afford to buy a suitable property on the open market, to purchase a property on a part buy part rent basis.

The purchaser usually has to buy at least 50% of the value of the property and pays rent on the part that they do not own. In some cases it may be possible to purchase a smaller or larger percentage. The purchaser needs to obtain a mortgage from a lender (a bank or building society) for their 50% share of the property.

The purchaser is responsible for ensuring that they are able to afford the rent on the part of the property they do not own and all associated costs of home ownership e.g. council tax, fuel bills. On final completion of purchase, a 99-year Shared Ownership lease is given to the purchaser.