SHARED OWNERSHIP
What is Shared Ownership? Shared Ownership with Anchor is designed to give you flexibility when buying one of our new apartments without having to fund the entire value of the property. You would purchase a percentage of the property ranging between 25% - 90%, depending on the type of development and then pay rent on the remaining unpurchased percentage. This allows you to free up capital from your current home to enjoy later life to the full. What percentage do I have to purchase? The majority of our Shared Ownership properties are available at either 25% - 90% shares. Where possible, on a case by case basis, you may be able to purchase between 25% - 90%, depending on the type of development. We advise you speak to one of our Senior Sales Consultants to help you understand what works best for you. How much is the rent? The rent is set when you purchase your property and is reviewed annually in line with the Retail Price Index (RPI) plus 0.5%. In instances where we offer affordable shared ownership, certain benefits may cover some or all of your rent payments. Am I the legal homeowner? Yes. You have the same legal rights as any other leasehold property sale, you just own a percentage of the property.
Who owns the percentage that I don’t? Anchor retains ownership of the unsold portion of the property. Anchor is the freeholder of the development and becomes your landlord, issuing an identical term lease to the purchased part of your new home. What happens if I want to sell my apartment? Selling your home is a straightforward process. We have an in-house Resales team to support homeowners and their families when they come to resell their apartment. The team has a unique understanding of retirement living, enabling us to communicate all the benefits clearly to prospective purchasers. We may already have a waiting list of interested parties so, as part of your lease, we have four weeks to nominate someone looking for a home like yours. Are there any other charges I need to be aware of? Service Charge This is payable by all residents and is a monthly charge to cover the ongoing costs of the development. Full details of what it covers can be found in our key facts document. Some elements may be covered by benefits that you receive. Rent You will be expected to pay rent on the share of the property you haven’t purchased. Deferred Sinking Fund This is a sum paid when selling your property and is built up over time to meet the cost of major repairs and refurbishment works. Typical household costs You will be required to pay for utilities, internet, contents insurance, council tax etc.
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