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LiMes P Ark - Sentinel Housing Association

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MODERN<br />

Shared Ownership is an ideal<br />

way for you to become<br />

a homeowner perhaps<br />

sooner than you<br />

thought possible.<br />

Images shown in this brochure<br />

are not indicative of specification.<br />

SHARED OWNERSHIP-<br />

Here’s how it works<br />

Stay as you are or<br />

climb the stairs?<br />

Firstly, we have to make sure that you are eligible, the key<br />

criteria is that you can’t afford to buy a home on the<br />

open-market and that you don’t already own a home or<br />

another property. Talk to us and we’ll explain more.<br />

Instead of raising a mortgage for 100% of a property price on<br />

the open market, you only need to buy a share of a property,<br />

on average 40%*.<br />

So here’s the maths;<br />

40%* 60%*<br />

and<br />

Owned by you<br />

You will need to get a<br />

Mortgage from a mortgage<br />

lender for this amount<br />

Owned by SENTINEL<br />

You will need to pay us a<br />

subsidised rent** on the<br />

part you don’t own<br />

*Subject to means testing. **Charged at 2.75% in the first instance<br />

You can live in your property for as long as you<br />

want without buying any more shares. Or, if<br />

you choose to, you can purchase additional<br />

shares in your home from <strong>Sentinel</strong> – this is<br />

called staircasing. You can choose either to buy<br />

a few more shares reducing the rent you pay to<br />

<strong>Sentinel</strong>, or buy all remaining shares so that you<br />

own the property outright, and pay no rent<br />

to <strong>Sentinel</strong>.<br />

Peace of mind<br />

Buying a brand new home you won’t need to<br />

worry about redecorating, your new home is a<br />

blank canvass, ready for you to style.<br />

In the first year* the builder has a level of<br />

responsibility for defects that occur with the<br />

property. This generally means that they are<br />

responsible for and will make good any faults<br />

with your home that are not your fault.<br />

As your home is newly built, it is also protected<br />

by a 12 year build warranty. So you’ll move in<br />

with peace of mind that your new home is<br />

structurally guaranteed.<br />

*From date of handover from the contractor.<br />

Eastrop Park<br />

PAGE 2

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