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Shared ownership and rent now buy later

Shared ownership and rent now buy later

Shared Ownership

Our Shared Ownership schemes offer an opportunity for first time buyers to take their first step onto the home ownership ladder. It is designed as a stepping stone to completely owning your own home, allowing you to buy shares in your home when you can afford it.

Shared ownership customers pay rent monthly for the portion of the property, which they do not own and a mortgage for the percentage they do. Customers are also responsible for all repair obligations.

Your rent and mortgage payments combined are still usually less than the repayments would be on a mortgage for the whole amount. Over time, you can buy additional shares in your home, until you own the whole home. This is described as ‘staircasing’.

Staircasing:

If you are a shared owner and want to buy extra shares in your home, you can do so by ‘staircasing’.

This allows you to buy additional shares in your home or even staircase out completely to own the whole of your home. Your rent payments will reduce as you increase the share that you own.

Purchasing further equity in your home

As a shared owner with irwell valley homes, you have the option to purchase further equity or purchase the full equity in your home. Purchasing further equity in your property is known as staircasing up and purchasing the remaining equity is known as staircasing out. For more information about staircasing, click here.

 

Houses

If your property is a house and you staircase out, you will have acquired the freehold and as a result will have no further involvement with irwell valley homes. You will also become responsible for the building insurance provision.

If you staircase up, the rental payment will decrease but any service charges payable will remain the same.

Apartments

If your property is an apartment and you staircase out, you will have acquired the 100% leasehold interest. As a result the shared ownership rental element will cease to be charged but you will still be responsible for the payment of ground rent, service /estate charge and buildings insurance.

If you staircase up, the rental payment will decrease but the service charge element will remain the same.

If you require further information, call: The Sales and Leasehold Team Tel: 0161 610 4501

Availability: There are currently no new build shared ownership properties available.

To apply, click here for the application form and application guidance can be found here.

For details of any re-sales or to register for future opportunities please contact the Leasehold team on 0161 610 4501

Rent Now Buy Later

Rent Now Buy Later is also known as Intermediate Market Rent (IMR) or Discounted Market Rent. The aim is to provide eligible applicants with the opportunity to rent a designated property ‘below the current market rate’.

Rent Now Buy Later is only available through registered housing associations and as a result the rents of our IMR properties should be less than those of other similar properties on the market. (This is dependent upon the property type and location.)

As a customer, you will pay around 80% of the local market rent for the property so that you can save the extra 20% discounted premium for a deposit to purchase property in the future.

Your tenancy is let subject to an Assured Shorthold Tenancy Agreement. This is a tenancy agreement for a term of 6 months and thereafter on a rolling contract.

What are the benefits of Rent Now Buy Later?

The first clear benefit is to save towards a mortgage deposit on the home of your choice.

Who can apply?

Rent Now Buy Later is especially targeted towards 'key workers' such as those in full time employment with the Police Service, Fire Service, Education, NHS or other people who are economically active and aspire to own their own home. The prospective applicant is assessed by our Sales Team who follow Shared Ownership eligibility criteria. All applications are also subject to an external reference check.

An applicant must have at least 55% of their net income remaining after rent, any child maintenance payments and any HP/credit payments have been deducted.

The maximum income threshold for households is £60,000. Applicants who may not be eligible are:

  • An applicant who has an excessive income. For example, the ability to purchase an apartment outright.
  • Solely Housing Benefit Dependent.
  • Students (apart from Market Rent).
  • Short term lets. For example, less than 6 months.
  • Over occupants. For example, 3 people in a 1 bed apartment.
  • An applicant who has an excessive credit commitment, which means they fail the affordability check.

Please click on the links below for details and availability.

Fourth Quarter - New Broughton
Richmond Hill - Salford
The Picture House - Bolton

Hill Top Point - Walkden



To download an application form please click here. To read the application guidelines please click here

Alternatively please call our Sales Team on 0161 610 4501 and we will send you the application form and guidelines.

Applications should be returned to:

Sales & Leasehold Team Irwell Valley Housing Association 5th Floor Paragon House 48 Seymour Grove Old Trafford M16 0LN

Applicants for Rent Now Buy Later must also be registered with and approved by Plumlife (the North West Home Buy Agency)

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