Affordable Homes Via Shared Ownership – Register Now!

OVER the next few years several large housing development sites will be built in Thame. As part of the deal with the developers, opportunities will arise for people who would otherwise struggle to fund a full mortgage to buy a home through shared ownership. This is where the householder can part-buy and part-rent their home, but with the option of buying more of it over time until they own it outright.

In order to be considered for these homes, an applicant has to be registered with South Oxfordshire District Council. It is they who administer the initial part of the scheme. It is hoped that by encouraging people to register early they will be in the best position for when the qualifying houses are built.

Councillor Bob Austin, the Chair of Thame’s Neighbourhood Plan Continuity Committee, explains the scheme further in the following statement:

“Over the next few years in Thame, 78 homes will become available under a shared ownership scheme. This number represents 10% of the total of homes to be built within the scope of the current Thame Neighbourhood Plan. Unlike social rented housing, which has 20% of its number reserved for qualifying applicants with a close connection to Thame, shared ownership housing does not. Thame Town Council has taken the view that it should publicise the progressive availability of shared ownership houses and encourage Thame residents to apply for them as and when they become available. Shared ownership is not suitable for everybody but it can provide the first step on the housing ladder.

How does it work?

“Applicants can start by buying from 25% to 75% of the value of a property by using a mortgage. The remainder is paid for by a low cost rent which is charged by a Housing Association. By a process called ‘stair casing’ residents can, in the future, buy further shares of the property until they own it all. To start the purchase, you will need to pay relatively modest fees and a deposit, typically set at 5% of the share you are buying. There are certain qualifications required that applicants have to meet but these are now quite generous. For example, applicants can now be considered who have a household income up to £80,000 per annum.

“To start the process, to fully understand it and to ensure a head start, it is important to register your interest early so that when a suitable property is available you are not delayed by form filling – it is already done! Registration can be done online on the South Oxfordshire District Council (SODC) website: LINK HERE
or by telephone on 01235 422422. It is SODC’s responsibility to approve applicants for this scheme but thereafter, the administration is carried by an agent (Help to Buy South) and the Housing Association that administers the property.”

Thame Town Council will be encouraging registration by interested Thame residents via:

Print and electronic media including the Thame Town Council weekly newsletter
Posters at multiple sites giving contact details and registration information
A workshop style event in the Town Hall for Thame residents

This event will include exhibitors such as SODC, Housing Associations, Financial advisors, mortgage providers and solicitors. Target date- spring 2017.

Thame Town Council will also be campaigning for local qualification on a percentage of shared ownership properties.

In the meantime a ‘Help to Buy Homes Show’ is being held at The Kassam Stadium from 10am to 4pm on Saturday, October 22, giving free advice. It will include information on shared ownership and there is no need to book in advance.