LiMes P Ark - Sentinel Housing Association
LiMes P Ark - Sentinel Housing Association
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 />
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