How It Works
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What is shared ownership / new build homebuy?
Through Homebuy you can purchase a percentage and rent the rest until you are in a better position to own your home 100% outright.Shared ownership/homebuy is for people who want to own a home but cannot afford to buyone outright on the open market in their local community or area. Buyers can more easily get a mortgage for their share in the property than for the full 100% of the property value. However buyers do have to pay a rent on the remaining share. Can I buy through shared ownership?
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What is shared ownership / new build homebuy?
Through Homebuy you can purchase a percentage and rent the rest until you are in a better position to own your home 100% outright.Shared ownership/homebuy is for people who want to own a home but cannot afford to buyone outright on the open market in their local community or area. Buyers can more easily get a mortgage for their share in the property than for the full 100% of the property value. However buyers do have to pay a rent on the remaining share. Can I buy through shared ownership?
You can have your own home by buying a percentage now and buy the rest when you have settled in your new home and can afford it. Can anyone apply?
The Regenda Group has to consider the following factors before we can decide whether a buyer is eligible. Each scheme may vary. Typical factors may include:
- Whether you are a first time buyer
- Whether you can afford the costs of shared ownership but cannot buy on the open market.
- Whether you have recently moved to the area for a job
- What your existing housing arrangements are
- Whether your existing circumstances are unsuitable
- If you need a new home following a relationship breakdown
What will I need?
If you are approved for any of our schemes you will need a mortgage for the percentage of the property you are buying.What do I own?
As a shared owner you will have a lease for your share of the property. The lease will be both your responsibility and that of the housing association.How much rent do I pay?
You will pay rent on the remaining percentage. This varies among schemes.Can I buy more of my property?
Yes this is called Staircasing: After your initial purchase and you have been a leaseholder for at least 3 months you can buy further shares in your home. You could buy an extra 25% or 50% share. How much would it cost?
The value of this share would be determined by a market valuation taken at the time you wish to buy. You would need to pay for this valuation. Can I sell my home?
If you have staircased and own your property 100 percent. You may sell on the open market. We would require you to tell us if you live in a property that is managed by us and has a service charge.If you own a percentage with Regenda and are still part renting. You must tell the Regenda Group first and we may be able to nominate someone from our waiting list. If we can’t then you would be able to sell your share on the open market. Your potential purchaser must be approved by the Regenda Group. You would need to sell this at the current market value assessed by an independent valuer. You will need to pay the fee for this valuation. How do I get a property?
You can view a property and apply online or just apply and see what you are eligible for by applying first. Our sales team are on hand for any questions so feel free to call on 0151 707 2151.What happens when I fill in a form?
Depending on where the property is located your application will be forwarded to a Zone agent or the sales team. Your application will be processed and you will be contacted regarding your eligibility for the scheme. The sales team can advise you who is dealing with your application.Zone Agents
If the property is situated in Merseyside the Zone agent will be Homeshub.
If the property is situated in Greater Manchester or Lancashire the Zone agent will be Plumlife.
If the property is situated in Cheshire the Zone agent will be Riverside.What happens next?
You will be asked to provide supporting evidence. This will include proof of identification, 3 months bank statements, proof of any savings and 3 month wage slips.If you are approved you should, if you have not already, seek advice from an independent financial advisor to obtain the appropriate mortgage. The Zone agent and sales team can advise from this stage.
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What is shared equity?
Our Shared Equity schemes have been developed to provide first time home buyers trying to get on the property ladder in their local community or area.Buyers can more easily get a mortgage for their share in the property than for the full 100% of the property value. Regenda owns the remaining percentage, you don’t pay rent on this, but you do not own the property outright. Regenda retains it’s stake in the property until it is sold. How does Shared Equity work?
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What is shared equity?
Our Shared Equity schemes have been developed to provide first time home buyers trying to get on the property ladder in their local community or area.Buyers can more easily get a mortgage for their share in the property than for the full 100% of the property value. Regenda owns the remaining percentage, you don’t pay rent on this, but you do not own the property outright. Regenda retains it’s stake in the property until it is sold. How does Shared Equity work?
With a Shared Equity scheme, the you buy a property as normal, but with one exception - you don't buy all of it! Regenda does not receive any rent from their stake in the property, We only benefit from any equity gain when the property is eventually sold. The amount will be based on the percentage value when the property is sold. Can anyone apply?
The Regenda Group has to consider the following factors before we can decide whether a buyer is eligible. Each scheme may vary. Typical factors may include:
- Whether you are a first time buyer
- Whether you can afford the costs of shared ownership but cannot buy on the open market.
- Whether you have recently moved to the area for a job
- What your existing housing arrangements are
- Whether your existing circumstances are unsuitable
- If you need a new home following a relationship breakdown
What will I need?
If you are approved for any of our schemes you will need a mortgage for the percentage of the property you are buying.What do I own?
As a shared owner you will have a lease for your share of the property. The lease will be both your responsibility and that of the housing association.How much rent do I pay?
None.Can I buy more of my property?
No. You only ever own the percentage you originally purchased. Can I sell my home?
Regenda would have to be involved in the process. You must tell the Regenda Group first and we may be able to nominate someone from our waiting list. If we can’t then you would be able to sell your share on the open market.The Regenda Group must approve your potential purchaser. You would need to sell this at the current market value assessed by an independent valuer. You will need to pay the fee for this valuation. How do I get a property?
You can view a property and apply online or just apply and see what you are eligible for by applying first. Our sales team are on hand for any questions so feel free to call on 0151 707 2151.What happens when I fill in a form?
Depending on where the property is located your application will be forwarded to a Zone agent or the sales team. Your application will be processed and you will be contacted regarding your eligibility for the scheme. The sales team can advise you who is dealing with your application.Zone Agents
If the property is situated in Merseyside the Zone agent will be Homeshub.
If the property is situated in Greater Manchester or Lancashire the Zone agent will be Plumlife.
If the property is situated in Cheshire the Zone agent will be Riverside.What happens next?
You will be asked to provide supporting evidence. This will include proof of identification, 3 months bank statements, proof of any savings and 3 month wage slips.If you are approved you should, if you have not already, seek advice from an independent financial advisor to obtain the appropriate mortgage. The Zone agent and sales team can advise from this stage.
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