Shared Ownership is about giving people an opportunity to buy an affordable home.
With our Shared Ownership agreement, you own 50% to 80% of the house and the Marlborough Sustainable Housing Trust owns the balance.
Shared Ownership provides an opportunity to get onto the ‘home ownership ladder’ where you cannot afford a mortgage on your own. It also allows you to increase your share in the property as your financial circumstances allow.
How Shared Ownership Works
- You buy into the home at a percentage of the market price (likely to be between 50% and 80%) based on what you can afford.
- The Trust holds ownership of the remaining share of the home; the balance of the total cost.
- You raise a deposit and commit to a mortgage for your share.
- You are responsible for conveyance fees and mortgage repayments plus all the other usual costs of ownership, e.g. rates, insurances, maintenance.
- You must occupy the home.
- You have the right to buy a greater share in the property over time or to request to buy it outright.
- When you want to move on, your share is sold back to the Trust at a price based on an independent market valuation. In some cases, where the Trust agrees, the property may be sold on the open market.
- Capital appreciation (or depreciation) is shared between the home owner and the Trust according to their proportional ownership share of the property.
For more information go to Frequently Asked Questions
The shared ownership agreement is a legal document that recognises that the Trust and the homeowner both have a shared interest in the property as 'Tenants in Common'.