Shared Ownership gives local people, who would like to own their own home, the opportunity to take the first steps on the home ownership ladder.
% Buy % Rent
Shared Ownership offers people the chance to purchase a percentage share of a new home and pay rent on the remaining share. This means that the deposit required is smaller than if you were buying 100%.
The share that you are buying can be funded by a mortgage or using your own capital, with rent payable on the remaining share.
The percentage share you purchase will be calculated on your affordability, based on your households income and savings.
Well Established Scheme
Ocean is a Registered Social Landlord (housing association) providing opportunities for local people on a moderate income to purchase a brand new home.
Ocean’s Shared Ownership (or HomeBuy) scheme is a Government sponsored programme funded by Ocean, the Homes and Communities Agency and Cornwall Council. This means the way it is administered and the legal requirements (such as the form of lease to be used) are well established.
The scheme should be familiar to most building societies, banks, mortgage brokers and solicitors experienced in conveyancing.
Increasing your % share
Should you wish, you will be able to purchase additional shares until you are the outright owner of the property, this is known as ‘staircasing’.
Under most circumstances you can purchase further shares at any time up to the full 100%, although in some rural areas the percentage of staircasing will be restricted (typically to 80%) in order to ensure low cost housing remains bound to the local people within rural communities.
You do not have to staircase if you do not wish to do so, Shared Ownership is flexible and you decide if and when you increase your ownership, to suit your own individual circumstances.
To increase your investment, you will need to write to us to let us know you wish to purchase further shares. The price of the share will be fixed by an independent valuer. You will need to pay the legal fees that may arise. Each time you purchase a larger share, your rent will decrease as you will then be renting a smaller percentage of the property.