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All Your Questions About Shared Ownership Answered

When inquiring about the properties at The Walled Gardens, many people have a number of questions about what Shared Ownership is and how it works, and understandably so. 

Finding a home for your retirement is an incredibly important decision with many aspects to consider – from finances through location to the general lifestyle benefits that come with it.

Shared Ownership is an excellent way of purchasing one of our luxury apartments and an appealing option for those looking to downsize and release equity for their retirement. 

Below, you’ll find answers to the most frequently asked questions about our Shared Ownership scheme. 

What is Shared Ownership?

Shared Ownership allows you to buy a share of the property and pay an occupancy charge to the developer on the remainder of the property which you do not own. This is significantly less than a commercial rent.

How does it work?

At The Walled Gardens you are required to purchase your apartment under the Shared Ownership Scheme.

You will initially purchase a 75% share (based on open market value) of the property. The remaining 25% share will be held by Bield Housing & Care and an occupancy charge will be payable on this unsold share. 

You will have the opportunity to staircase and buy further shares at any time after the first anniversary of the initial purchase. 

The greater the share you buy in your home the less rent you will pay and if you decide to purchase the full 25% you will no longer need to pay rent.

Staircasing can be done simply by contacting Owner Services. An independent survey on current market value will be carried out on your property to determine the associated cost.

What are the benefits of Shared Ownership?

Many individuals tend to purchase on Shared Ownership basis as it creates a fantastic home ownership option and a flexible alternative to an outright sale.

With high property values in St Andrews, the Shared Ownership scheme at The Walled Gardens allows individuals to purchase a luxury apartment in a prime location at an affordable price.

Shared Ownership also allows individuals to have some extra money in their pocket to use on whatever they want – from extra holidays to other memorable experiences – making it a favourable choice for people in retirement. 

Buying a property at The Walled Gardens provides you with the benefits of owning a home without the associated burdens of being responsible for ground maintenance and breakages.

You will find yourself living in a community of like-minded people who have chosen this option for similar reasons.

Are there any downsides?

As you do not own the property outright, you will not be able to make alterations to the apartment without the permission of Bield Housing & Care, which acts as your landlord.

Who qualifies for the properties at The Walled Gardens?

The criteria to purchase an apartment at The Walled Gardens requires you or your partner to be aged 60 or over. The property must also be your primary residence and you may not sublet it. 

Want to find out more?

Shared Ownership may not suit everyone, however, it does offer an exciting alternative path to home ownership. To find out more about the scheme and how it could work for you, please contact us by telephone on 01334 460644.
 

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