Find out whether or not you are eligible for a shared ownership home - you might be pleasantly suprised!View More
Selling your shared ownership home is known as a 'resale', there are still options to sell your home through shared ownership.View More
Intermediate rent is a subsidised rental scheme, which is designed to help first time buyers to save up for a deposit to buy an affordable home.View More
When you increase the shares in your shared ownership property, this is called staircasing.View More
When you buy a shared ownership property, you become a leaseholder and therefore are required to pay a service charge.View More
We are dedicated to creating the best quality homes, so all of our new build properties come with a warranty, usually for one year.View More
When you buy a shared ownership home you become a leaseholder. A lease is a legally binding contract between yourself and us as the landlord.View More
Having a financial adviser is a neccessity when buying a shared ownership home.View More
Anyone buying a home on any tenure needs a solicitor to complete the necessary legal work.View More
Shared Ownership isn’t about sharing or compromising. It’s about getting your foot on the housing ladder. It’s a great alternative to renting and perfect if you can’t afford to buy a house outright.
That means you don't have to raise a huge deposit based on the full property value. Your mortgage and deposit will cover only the % share you purchase. And you pay a low rent to us on the remaining share. Simple.
Your share will be funded by a mortgage, which you arrange with a Bank or Building Society, just like you would a traditional house purchase. We will advise you on who to use as its best to use a bank that specialises in shared ownership. Remember though, your home could be at risk if you don’t keep up the repayments. Financial checks will be carried out to ensure you meet the requirements and we always recommend you take individual financial advice too.
We will give you a lease too, entitling you to sell your property or buy more shares, in most cases. The lease also sets out infomration about repairs, rent and service charges – which are your responsibility.
You buy a share of your home and pay rent on the rest. The higher the share you buy, the less rent you pay.The minimum share you can purchase is 25% and the maximum is 75%. As your income rises, you can increase the share you own until you eventually own 100% and no longer pay any rent to us. This process is known as ‘staircasing’.
If you want to buy more of your home, you can use the staircasing calculator to work out how much you can afford to increase your share by. Then contact us and we will guide you through the process, its really straightforward! The cost of your new share will depend on how much your home is worth when you want to buy more. We will help you to arrange an independent valuer to set the price of the share, you are responsible for paying the valuer’s fee.
Bear in mind, if property prices in your area go up, you’ll have to pay more than you did for your first share. Likewise, if your home has dropped in value, your new share will be cheaper.
We have an ever-growing portfolio of private sale units, which help us to continue providing affordable homes across North London and Hertfordshire. From Camden Mews in the heart of Camden Town to Brookmans Park in Hertfordshire we are building high quality homes.
We will use private agents who specialise in that area to sell these homes - as we solely focus on shared ownership and affordable home ownership! We have used Currell and Lanes in the past! Please contact us if you would like to find out more about our private sale schemes.
Selling a Shared Ownership home is known as a resale, as you are selling your home to someone else. Under the terms of your lease if you own less than 100% of your home you must advise us of your intention to sell your property. We will then assist you through the process to sell your home.
Before any marketing can begin, you must instruct an independent RICS surveyor to value your home. This will take into consideration property values in your local area and will determine the current market value of your property which will be the price that you will be able to sell at.
This valuation will last for 3 months, therefore if your home is not sold in this period you will need to pay for another valuation.
As the leaseholder, you are required to meet the valuation costs and any other legal fees
incurred in connection with selling your home this includes the Energy Performance Certificate (EPC). EPC’s are valid for 10 years, so if you have lived in your property for less than 10 years, your EPC may still be valid.
We will market your home for 8 weeks to find a suitable buyer at a fee normally based on 1.5% of the share of your home plus VAT. In the unlikely event that we have been unsuccessful in finding a buyer for your home in the 8 weeks, you will have the opportunity to instruct an Estate Agent to market your property, paying their fee for the services they provide, or alternatively you may continue marketing your home through us.
When selling your home it is the same principle as when you originally bought the property through shared ownership. Any potential purchaser must meet the affordable home requirements of the resale home. The sale price is based on the valuation report and is not negotiable.
For further information, click here to download our Resales information booklet.
Intermediate rent is a subsidised rental scheme, which is designed to help
Rent to buy is a ‘stepping stone’ to Shared Ownership, for those who are not already in a financial position to purchase a shared ownership home. Selected homes are offered to rent on an Intermediate Market Rent basis for a fixed period of time (e.g. 5 years). You may then be given the opportunity to purchase one of our homes under shared ownership.
For further information, click here to download our Intermediate Rent and Rent To Buy information booklet.
Staircasing is the process of buying additional shares in your Shared Ownership property.
You can staircase up any time after moving into your shared ownership home, usually by at least 25 percent at each stage although we consider lower % shares. As you staircase up, you will own more of the property, and as a result, pay less rent to us. Staircasing is flexible and tailored you suit your needs, allowing you to buy more shares when it suits you financially. Ultimately, you can staircase up 100 percent, owning the property outright, as if you had bought it on the open market.
If you are considering staircasing, you will need to instruct a solicitor and apply for a mortgage for the additional share. Origin will appoint an independent surveyor to value the property and our sales and marketing team will be here to help you on every step of your staircasing journey.
When you buy a Shared Ownership property, you become a leaseholder, and therefore are required to pay a service charge.
Service charges cover your share of the cost of maintaining the communal areas in the development, including cleaning, maintenance and utilities.
Most of our shared ownership developments are managed by us, however, a small number are managed by a private management company, and may incur different terms and conditions, including service charges. We willl explain exactly what service charges you can expect to pay when purchasing one of our homes.
For further information click here to download our information booklet on service charges.
Here at Origin, we are dedicated to building homes to a high standard. To ensure we fulfill our promise of providing high quality new homes, each property comes with a warranty period. This warranty lists specified defects, which the developer would be responsible for rectifying, should they occur.
All new build Origin Housing properties come with a warranty, usually of one year. This one-year period is commonly referred to as the ‘defects liability period’ or DLP. The developer of your home is responsible for rectifying specified defects that occur in your property during this year.
The defects liability period starts on the date that your property is handed over to Origin Housing from the developer, not the date on which you move in to the property. For example, if your property was handed over to Origin Housing in June 2018, but you purchased in September 2018, then your property’s warranty would expire in June 2019.
Additionally, your new home will be covered by an extended warranty, usually provided by either The NHBC, Zurich or BLP, which typically last 10 years.
For further information, click here to download our information booklet on warranties.
Your Lease Explained
When you buy a Shared Ownership home, you become a leaseholder.
Your lease is a legally binding contract between you and us as the freeholder. This is the document that gives you the right live in your property. It’s important that you read and understand your lease, as anything that you, or us do in relation to your property is governed by the conditions of your lease. This may include restrictions; for example, there will be rules around whether you can sublet your property, or if you can have pets.
For further information, click here to download our information booklet on leases.
We work alongside a number of independent financial advisors, who have a wealth of experience in shared ownership and the affordability criteria. They will assess whether you are eligible for your chosen property, taking into account your earnings and monthly outgoings. They will assess you to decide whether shared ownership is affordable for you and reccomend the share portion you can afford. They are there to help you understand the financial process involved when buying or selling your home.
Some of the companies we recommend are:
De Havilland Group Limited
When buying a home, you will need a solicitor to complete the necessary paperwork and legal requirements. They will ensure you have everythng you need to help toy to buy your shared ownership home quickly and easily. Choosing a solicitor that is right for you is important. At Origin, we work alongside a number of solicitors who have extensive experience in shared wonership and affordable housing. Some of the solicitors we recommend are:
Bankside Property Limited
Norman H Barnett & co
Prince Evans Solicitors
For further information on the companies listed above, click here to download our information booklet on legal matters.