Shared Ownership
What Is Shared Ownership?
Shared Ownership was introduced to people who cannot afford to
buy a home outright. Through Shared Ownership you buy a share
of the property and pay rent on the remaining share, which you do
not own. Gradually you may buy further shares and eventually
own your own home outright. If you want more information on
applying for a Shared Ownership property, please contact us.
How Does Shared Ownership Work?
You buy a shared in the home and pay rent on the balance to the
Company (Weymouth and Portland Housing). The company will
keep ownership of the part you do not buy. In most cases you
can buy the remaining share from the Company in the future if you
wish. Initially you can buy between 25% and 75% share.
However the higher the share you purchase the less rent you
pay. The share you purchase will be funded by a mortgage
which needs to be arranged through a Bank or Building
Society. Whether you buy a house or flat you will usually be
granted a 99 year lease. It will entitle you to buy further
shares or sell your property and will set out your responsibility
for repairs and payment of rent and service charges.
Wanting to Apply for Shared Ownership
Current Developments
Weymouth & Portland Housing entered into a deal with the Duchy of Cornwall to purchase of a mix of 1-bed and 2-bed apartments for shared ownership on the Poundbury development. WPH have also agreed to purchase a mix of 2 and 3-bed houses for rent.
Completed in October 2008 are these twelve apartments on Louviers Road Weymouth. This is made up of eight 2-bed apartments, which were available for rent, and four 2-bed apartments, which are available as shared ownership.