Architects support Shared Ownership Week
We're proud to be part of Nottingham Community Housing Association (NCHA) and work for various clients across the East Midlands. We design and develop homes for all tenures including shared ownership.
This year as we celebrate Shared Ownership Week we thought we would highlight how the scheme works and give a special focus on the shared ownership homes that have recently completed.
How does shared ownership work?
Shared ownership is where you buy a share of a property on a long term shared ownership lease – usually between 25% and 75%. You then pay rent to a housing association like NCHA on the remaining share. Your lease will outline how much rent you’ll have to pay each month, as well as what your responsibilities are.
It is the more affordable way to get on the property ladder. The rent is less than market value and you usually only need to find a minimum of five percent deposit on the share that you are purchasing. For example if you are buying a property worth £200,000 and you are purchasing a 50% share (£100,000) you will only need to put down a £5,000 deposit.
Later on, if you’d like to, you can buy additional shares of the property. If you increase your share to 100%, in most cases you’ll become the freeholder, owning the property outright, and you won’t need to pay rent.
Shared ownership schemes
Here are two residential developments that Pelham designed and project managed from start to finish for NCHA.
These new homes are completely gas-free, and fitted with air-source heat pumps and PV solar panels to help lower energy bills. A lot of thought has also gone into the design of the outdoor spaces to increase biodiversity.
College Way in Bilborough
24 shared ownership homes with a mix of two and three-bedroom homes.
Haughton Way in Walesby
Five shared ownership homes with one two-bedroom bungalow, two two-bedroom homes and two three-bedroom homes.
Our experienced team of architects focus on environmental sustainability and we follow a fabric first approach on our designs. If you need help designing new communities that will improve lives please get in touch.
As a social enterprise business all of our profits go back into providing more affordable homes.