Leading developer Lovell Homes is answering some of the most commonly asked questions about Shared Ownership, a scheme which is available on a selection of homes at its Augustus Grange development in Haverfordwest.
Augustus Grange, located off St David’s Road, is a mixed tenure development being delivered in partnership with Codi and consisting of a total of 115 two and three-bedroom homes, just six miles from the stunning Pembrokeshire Coast National Park.
36 homes are available for open market sale and 79 are affordable homes, with 37 available to purchase through Shared Ownership and 42 for affordable rent.
Lovell Homes’ sales executives, Adrienne Mortlock and Anne Shore, and Pam Bickel, head of sales at Codi came together to answer some of the top questions about the Shared Ownership scheme, to help buyers decide if it’s right for them.
1. How does Shared Ownership work?
With Shared Ownership, homebuyers can purchase a minimum share of 50 per cent of their chosen Lovell home and then pay rent on the remaining share to Codi, allowing them to settle into a new home with a smaller deposit and mortgage.
Buyers can purchase with a minimum five per cent deposit against the share value, meaning it’s possible to purchase a three-bedroom home which is priced at £240,000 with a £6,000 deposit, based on a 50 per cent share of £120,000.
2. How are the payments calculated?
The payments are split into the mortgage on the portion of the home the customer owns, which is paid monthly, and the rent, which is reviewed annually but kept as low as possible.
3. Can I increase my ownership of the home?
Yes, it is possible for buyers to increase their ownership of the home. This can either be done in increments, which is known as staircasing, or the buyer can purchase the full outstanding amount. The rent portion of the payments decreases the more the customer owns, and if they go on to own the full amount then there is no more rent to pay.
4. How will using Shared Ownership change the mortgage process and the type of mortgage I can procure?
A specific type of shared mortgage is required to use the scheme. There are several lenders that can provide this, including many of the high street banks and building societies. Homebuyers can also speak with an independent mortgage adviser, who is also on hand to help buyers get financially qualified and find the right product for them.
5. Can I make renovations to/decorate my home?
Residents are free to decorate their homes as they wish. However, if they want to make structural changes to the property, or major changes like adding a conservatory, they would need to discuss it first with Codi as permission is required and may not be given for extensive changes.
Additionally, depending on the build stage, customers who purchase select Lovell homes are able to personalise their kitchen by choosing their preferred fixtures and fittings, such as taps, handles, cupboards, tiles and worktops.
As well as the standard features above, customers can also order additional items from the developer’s Inspirations Range up to £10,000, meaning that the home will be customised to their preferences from the very start.
6. Can I use Shared Ownership if I’m not a first-time buyer?
Yes, the scheme is not exclusive to first-time buyers. It has proven popular with a range of different buyers in different situations, such as older people who are downsizing to release funds for care or retirement, and people who have had a relationship breakdown and are unable to afford a home to suit their needs on the open market.
7. Can I sell my property?
Yes, the buyer can sell their home at any time, at a value determined by a valuer. If Codi doesn’t have anyone who would like to buy it as a Shared Ownership house, the customer has the option to sell through a local estate agent as normal.
Any profit made is then split between the homebuyer and Codi in the relevant percentages. For example, if the property has gone up in value by £10,000 and the buyer owns 50 per cent, they will receive £5,000.
Augustus Grange is located in Haverfordwest, a historic market town offering a range of shops, amenities and transport links, set along the Western Cleddau river. Residents at Augustus Grange benefit from both town living and close proximity to Pembrokeshire’s coastline, making it an attractive location for a wide range of buyers.
Find out more about Augustus Grange or contact the sales team on 01427 928 064. The development is open seven days a week, 10am to 5pm.
To discover more of what Augustus Grange and Haverfordwest has to offer, including its stunning coastal scenery, watch our video.
