Leading developer Lovell Homes is answering some of the most common questions about Shared Ownership, a scheme which is available on a selection of homes at its Augustus Grange development in Haverfordwest.
Augustus Grange, located off St David’s Road, is a mixed tenure development being delivered in partnership with Pobl Group and providing a total of 115 two and three-bedroom homes, just six miles from the stunning Pembrokeshire Coast National Park.
36 of the homes are available for open market sale and 79 are affordable homes, with 37 available to purchase through Shared Ownership and 42 for affordable rent.
Lovell Homes’ sales executive, Adrienne Mortlock and Pam Bickel, head of sales at Pobl came together to answer some of the top questions about the Shared Ownership scheme, to help buyers decide if it’s right for them.
How does the Shared Ownership scheme work?
With Shared Ownership, homebuyers can purchase a minimum share of 50 per cent of their chosen Lovell home and then pay rent on the remaining share to Pobl, allowing them to settle into a new home with a smaller deposit and mortgage.
Buyers can purchase with a minimum of five per cent deposit, against the share value, meaning it’s possible to purchase a three-bedroom home which is priced at £249,995 with a £6,249.90 deposit based on a 50 percent price of £124,998.
How are the payments calculated?
The payments are split into the mortgage on the portion of the home the customer owns, which is paid monthly, and the rent, which is subsidized and reviewed annually, but kept as low as possible and rises in line with the Consumer Price Index.
How will using Shared Ownership change the mortgage process and the type of mortgage I can procure?
A specific type of shared mortgage is required to use the scheme. There are several lenders that can provide this, including many of the high street banks and building societies. Homebuyers can also speak with an independent mortgage adviser, who is also on hand to help buyers get financially qualified and find the right product for them.
Can I make renovations to/decorate my home?
Customers are free to decorate their homes as they wish. However, if they want to make structural changes to the property, or major changes like adding a conservatory, they would need to discuss it first with Pobl as permission is required and may not be given for extensive changes.
Additionally, depending on the build stage customers who purchase selected Lovell homes are able to personalise their kitchen by choosing their preferred fixtures and fittings such as taps, handles, cupboards, tiles and worktops.
As well as the standard features above customers can also order additional items from the developers’ Inspirations Range’ up to £10,000, meaning that the home will be customised to their preferences from the start.
Can I increase my ownership of the home?
Yes, it is possible for buyers to increase their ownership of the home. This can either be done in five per cent increments which is known as staircasing, or the buyer can purchase the full outstanding amount. The rent portion of the payments decreases the more the customer owns, and if they go on to own the full amount then there is no more rent to pay.
Can I use Shared Ownership if I’m not a first-time buyer?
Yes, the scheme is not exclusive to first-time buyers. It has proven popular with a range of different buyers in different situations, such as older people who are downsizing to release funds for care or retirement, and people who have had a relationship separation and have difficulty getting a standard mortgage due to age.
Can I sell my property?
Yes, the buyer can sell their home at any time, at a value determined by a valuer and agreed between the buyer and Pobl. If Pobl doesn’t have anyone who would like to buy it as a Shared Ownership house, the customer has the option to sell through a local estate agent as normal.
To find out more about Augustus Grange, visit https://newhomes.lovell.co.uk/developments/augustus-grange-haverfordwest/ or call 01437 468 024. The development is open seven days a week, 10am to 5pm.
Last year, Lovell Homes achieved Gold for customer service with In-house Research, meaning an impressive 93.6 per cent of customers in the South Wales and West would recommend Lovell to family and friends.
You can also like Lovell on Facebook https://www.facebook.com/lovellhomes and follow Lovell on Instagram at @lovell_homes, and on LinkedIn @LovellPartnershipsLtd.
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