Shared Ownership at The Chimes

At The Chimes we offer you the opportunity to buy a new home without having to fund the entire value of the property through Shared Ownership. 

What is Shared Ownership?

Shared Ownership with Anchor is designed to give you flexibility when buying one of our new apartments without having to fund the entire value of the property. You would purchase a percentage of the property ranging between 25% - 90%, depending on the type of development and then pay rent on the remaining unpurchased percentage. This allows you to free up capital from your current home to enjoy later life to the full.

What percentage do I have to purchase?

At The Chimes you can purchase between 25% - 90% of the property. We advise you speak to one of our Senior Sales Consultants to help you understand what works best for you.

How much is the rent?

At The Chimes a 4.5% rent is payable on any unsold equity.

In some instances certain benefits may cover some or all of your rent payments.

Am I the legal homeowner?

Yes. You have the same legal rights as any other leasehold property sale, you just own a percentage of the property at The Chimes.

Who owns the percentage that I don’t?

Anchor retains ownership of the unsold portion of the property. Anchor is the freeholder of the development and becomes your landlord, issuing an identical term lease to the purchased part of your new home.

What happens if I want to sell my apartment?

As long as the purchaser is eligible for a retirement property of this nature, you are free to sell your home to anyone that may be interested. Anchor has an internal resales agency who would be more than happy to help with the sale but you’re free to use any open market channels.

Are there any other charges I need to be aware of?

Service Charge

This is payable by all residents and is a monthly charge to cover the ongoing costs of the development. Full details of what it covers can be found in our key facts document and are summarised here. Some elements may be covered by benefits that you receive.

Rent

You will be expected to pay rent on the share of the property you haven’t purchased.

Deferred Sinking Fund

This is a sum paid when selling your property and is built up over time to meet the cost of major repairs and refurbishment works.

Typical household costs

You will be required to pay for utilities, internet, contents insurance, council tax etc.

Is there someone I can speak to about my current financial situation?

We would always advise that you seek your own financial advise when looking into making a purchase of this nature.

What Anchor can offer though is support through our Be Wise service. Be Wise is in place to provide you with free and impartial advice, support and practical assistance on a range of topics to help you make the most of your money.

What if I run out of money?

We would always go through a financial suitability check to ensure that this purchase is the right one for you to begin with. If your circumstances change then you may become eligible for certain benefits which could cover the cost of rent/service charge. Our Be Wise team are available to existing residents and would be happy to discuss your change in circumstances.