Q&A Shared ownership
Who are Places for People?
What is Shared Ownership?
How does Shared Ownership work?
How do I qualify?
How much money do I need upfront?
What can I buy?
Who owns the home?
Can I increase my share?
Will the property be furnished?
Am I liable for service charges
Are there any restrictions?
Who are Places for People?
Places for People is a group of companies that operates as an ethical business. We manage more than 60,000 homes across the UK, and we have a considerable landbank, which we are developing in order to create new communities. We are committed to the long-term management of these new communities, and any profits we make are put back into the business.
We aim to create environments where people and their families can prosper, in a way that doesn’t damage the environment. We do this by building new homes and improving existing neighbourhoods to a very high standard. We also offer care and support to individuals, childcare, training, job opportunities and personal loans.
What is Shared Ownership?
Shared Ownership schemes are the ideal way to get your foot onto the property ladder. Buying a share in a property rather than owning it outright keeps your mortgage repayments to an affordable amount. You then pay rent on the share of the property you don’t own.
How does Shared Ownership work?
You can buy 50% of a property at Wolverton Park and Places for People own the other 50%. You then pay a monthly rent at 2.75% of the value of the share price.
How do I qualify?
Providing your household income is less than £60,000 per year you’re eligible to apply. This must also be the only property you own.
How much money do I need upfront?
A £250 reservation fee is enough to hold your property. This will also count towards your deposit.
What can I buy?
We’ve got a wide range of properties available on the Shared Ownership scheme. Talk to one of our advisors to view the full portfolio.
Who owns the home?
The property will be jointly owned by Places for People and yourself.
Can I increase my share?
Yes. When you are ready you can buy more shares in your property, eventually owning it outright.
Will the property be furnished?
Although we don’t provide furnishings, each property is fitted with a brand new bathroom and kitchen, including appliances. We will also supply flooring, light fittings and blinds.
Am I liable for service charges?
Yes, you will be expected to pay a small monthly fee for service charges.
Are there any restrictions?
You cannot sub-let your property while on the Shared Ownership scheme.
