Shared Ownership event for local residents
Published Tuesday, 1st May 2018
Southend-on-Sea Borough Council is hosting a shared ownership event, in conjunction with Estuary Housing Association, to promote shared ownership for Hollybrook’s housing scheme in Carnarvon Road.
The event will take place on Tuesday 15 May 4:30pm - 7pm, in the Jubilee Room, Civic Centre, Victoria Avenue, Southend-on-Sea, SS2 6ER, and will educate residents and potential buyers about the benefits of the shared ownership scheme, how to register interest in purchasing a property, as well as further background information regarding the project.
There will also be a financial advisor on-site, who will be able to offer advice on shared ownership, mortgages and the Help to Buy scheme.
The first phase of the project, which is nearing completion, comprises 56, two bed apartments, 40 of which will be available through shared ownership and the remaining 16 as affordable rented properties, which will be allocated via the Council’s Choice Based Lettings system. The flats will be marketed from £225,000, with shares of 40-75% available, which equates to a minimum share value from £90,000 (40%).
Glyn Halksworth, Group Manager for Housing and Social Inclusion at Southend-on-Sea Borough Council, said: “This event will give residents some much needed advice in purchasing a property through the shared ownership scheme, which will be hugely beneficial, even if the residents aren’t quite ready to purchase just yet.
“The scheme itself helps demonstrate both the Council’s and Estuary Housing Association’s commitment to bringing forward affordable housing within the Borough.”
Shared Ownership (also known as part buy/part rent) is an innovative scheme to help people who are unable to buy a property outright. You buy a share (40-75%) and pay a reduced rent on the remaining share. At a later stage you can buy more shares until you own 100% of the property. This is an affordable way to buy and often cheaper than renting privately.