How to take advantage of Shared Ownership

LAURUS LIFE | Finance

How to take advantage of Shared Ownership

LAURUS LIFE | Finance

... to find your Weaver Meadows home

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Buying a home is a big step that requires a lot of planning, preparation and traditionally it has also required a large lump sum of money to put down as a deposit for a mortgage. It’s not always easy or even possible to save up that much while also paying bills, rent and all of life’s other expenses, but that doesn’t need to mean the end of your dreams of owning your own home, thanks to Government initiatives like Shared Ownership.

So, if you’re looking at our Weaver Meadows development of family homes in the scenic heart of the Cheshire Broads in Winsford, this could be exactly what you need to turn this dream into a reality. However, not everyone qualifies for this scheme, so here’s everything you need to know about Shared Ownership at Weaver Meadows:

Where is Weaver Meadows?

  

Our new development in Winsford, Weaver Meadows is a welcoming range of family homes set in an ideal and idyllic location between Rilshaw Meadows and the Winsford Flashes, giving you countryside living with all of the convenience of being part of a thriving and bustling mid-Cheshire town.

Close to Northwich, Middlewich, Nantwich and Chester, Winsford is perfect for commuters by both road and rail, with plenty to see and do in the local area too. And the homes at Weaver Meadows have been built with modern families in mind with stylish lounges and spacious dining areas providing spaces for parents and kids to interact and relax together and apart.

Where is Weaver Meadows?

  

Our new development in Winsford, Weaver Meadows is a welcoming range of family homes set in an ideal and idyllic location between Rilshaw Meadows and the Winsford Flashes, giving you countryside living with all of the convenience of being part of a thriving and bustling mid-Cheshire town.

Close to Northwich, Middlewich, Nantwich and Chester, Winsford is perfect for commuters by both road and rail, with plenty to see and do in the local area too. And the homes at Weaver Meadows have been built with modern families in mind with stylish lounges and spacious dining areas providing spaces for parents and kids to interact and relax together and apart.

What is Shared Ownership?

  

Shared Ownership is a Government-backed scheme open to both first and second-time buyers where you buy between 25% and 75% of the home and pay a small rent on the rest. The immediate benefit is that you don’t need to have saved up as much of a deposit because you’re not getting a mortgage for the whole value of the home, and you’re also able to increase your level of ownership at any time, which is called ‘staircasing’.

What is Shared Ownership?

  

Shared Ownership is a Government-backed scheme open to both first and second-time buyers where you buy between 25% and 75% of the home and pay a small rent on the rest. The immediate benefit is that you don’t need to have saved up as much of a deposit because you’re not getting a mortgage for the whole value of the home, and you’re also able to increase your level of ownership at any time, which is called ‘staircasing’.

Who can use Shared Ownership?

  

For Weaver Meadows, there is a local connection clause from the local authority, a requirement applied where land has been made available specifically for housing to meet the needs of local people. Only people who meet the local connection criteria will be able to take advantage of Shared Ownership at Weaver Meadows.

To qualify, you need to:

  • Have lived within the borough of Cheshire West & Chester for at least 6 out of the last 12 months or 3 out of the last 5 years
  • Have an immediate family connection, for example, an immediate family member who currently live in the borough and have done so for the last 5 years
  • Have a permanent contract of employment in the borough or have a job offer accepted in writing
  • Be currently serving or have served in the Armed Forces within the last two years (including ex-spouses and civil partners of Armed Forces personnel)

Who can use Shared Ownership?

  

For Weaver Meadows, there is a local connection clause from the local authority, a requirement applied where land has been made available specifically for housing to meet the needs of local people. Only people who meet the local connection criteria will be able to take advantage of Shared Ownership at Weaver Meadows.

To qualify, you need to:

  • Have lived within the borough of Cheshire West & Chester for at least 6 out of the last 12 months or 3 out of the last 5 years
  • Have an immediate family connection, for example, an immediate family member who currently live in the borough and have done so for the last 5 years
  • Have a permanent contract of employment in the borough or have a job offer accepted in writing
  • Be currently serving or have served in the Armed Forces within the last two years (including ex-spouses and civil partners of Armed Forces personnel)

Main criteria for Shared Ownership

  

The main criteria for qualification for all Shared Ownership properties are as follows:

  • Your household income does not exceed £80,000 per annum
  • You have a deposit (at least 5% of the share you’re buying)
  • You are a first-time buyer or if you used to own a home, but can’t buy outright now
  • You currently own a shared ownership property and are looking to move
  • The shared ownership property will be your only home
  • You have passed a financial assessment, demonstrating you are financially able to purchase the minimum share value and support the monthly costs
  • You meet any Local Authority requirements, including a local connection clause, where appropriate

Main criteria for Shared Ownership

  

The main criteria for qualification for all Shared Ownership properties are as follows:

  • Your household income does not exceed £80,000 per annum
  • You have a deposit (at least 5% of the share you’re buying)
  • You are a first-time buyer or if you used to own a home, but can’t buy outright now
  • You currently own a shared ownership property and are looking to move
  • The shared ownership property will be your only home
  • You have passed a financial assessment, demonstrating you are financially able to purchase the minimum share value and support the monthly costs
  • You meet any Local Authority requirements, including a local connection clause, where appropriate

Get in touch

  

If you do qualify and want to benefit from this option to find your dream home with us in Winsford, get in touch with us and our Sales Advisor Megan, along with an Independent Financial Advisor, will work with you to determine the level of share you can purchase.

If it turns out that you aren’t able to qualify for Shared Ownership at Weaver Meadows because of the local criteria, we can still help you explore other options like Help to Buy or work together to find you other properties that fit your budget.

Get in touch

  

If you do qualify and want to benefit from this option to find your dream home with us in Winsford, get in touch with us and our Sales Advisor Megan, along with an Independent Financial Advisor, will work with you to determine the level of share you can purchase.

If it turns out that you aren’t able to qualify for Shared Ownership at Weaver Meadows because of the local criteria, we can still help you explore other options like Help to Buy or work together to find you other properties that fit your budget.

Looking for a Shared Ownership home?

  

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Copyright © 2019 Laurus Homes THT Developments Ltd.  Registered in England and Wales: no. 9201999