We understand that it’s easier not to have all your money tied up in your property. That’s why we’re offering you the best way to retain your independence without the added stress of fully owning a property.
Shared Ownership allows you to purchase 75% share of one of the luxurious Bishopstoke Park apartments, so you don’t have to commit to the total capital. You’ll have all the benefits of owning your own home, with a little extra spending money.
Why Shared Ownership with Anchor
- A flexible alternative to outright purchase with all the benefits of the Anchor lifestyle and care
- Potential opportunity to release equity
- Help with moving to reduce the hassle
- Virtual lofts to help store all those knick-knacks
- Help with legal and estate agent fees
What is Shared Ownership?
Shared Ownership is an affordable and low-stress route to homeownership. It allows you to purchase upwards of a 50% stake in a property, and then pay rent on the remaining share.
Do I have to qualify?
You will need to be over the age of 65 to qualify for our Shared Ownership properties. We will carry out checks to ensure you can afford the property and rent.
What happens when I sell my property?
You are welcome to sell your share of the property to anyone eligible to buy a Shared Ownership property. As with selling any home, you will need an independent surveyor to advise on a selling price based on the market value.
If I am paying rent will it increase?
We charge a rent on the unsold shared ownership percentage at 4.5.%. This is reviewed annually, normally in April and is increased by the prevailing RPI figure (Retail Price Index). We collect this rental amount monthly by Direct debit.
Am I responsible for maintaining the property?
As with any apartment block, the landlord is responsible for maintaining the exterior of the property. However, you are responsible for any internal issues you may face.
Are there any other charges?
Only the charges you would normally expect when moving into a new flat. You will be expected to pay for Service Charge, Ground Rent, and any other household expenditures such as council tax and any other bills which you would be responsible for organising.
- Get in touch with our sales team here at Anchor so we can further help you understand the process and if it’s right for you.
- We’ll carry out some checks to ensure you’re eligible, and if everything looks okay you should speak to an Independent Financial Advisor to make sure Shared Ownership is an appropriate choice for your finances.
- Once your property has been valued and all the checks have been completed, we’ll reserve your brand new home.
- Now you need a solicitor so we can exchange contracts, and before you know it we’ll be completing and you’ll be part of the Bishopstoke Park community.