Part Buy/Part Rent Helping Fulfil Ambitions In The South West

Posted 4 March 2020 by Keith Osborne

Shared Ownership (also known as part buy/part rent) is becoming increasingly popular as a means to buy a home in the South West...

With property prices typically 10 times more than the average salary across the South West, Shared Ownership (also known as part buy/part rent) is becoming increasingly popular as a means to buy a home.

LiveWest, which manages nearly 37,000 homes across the South West, has a diverse range of customers in its Shared Ownership homes. It is the largest housing association in the region and allows customers to secure a home under the scheme with as little as 5% deposit, and they can buy between 25% and 75% of the property. To qualify for a LiveWest home, the joint household income must be less than £80,000.

Like most part buy/part rent schemes, LiveWest customers have an option to buy more shares in their home, with the cost based on the market value of the property at the time of purchasing those extra shares.

LiveWest’s chief executive Paul Crawford said: “We recognise that people have different housing needs and some people don’t have the financial means to buy. We offer Shared Ownership which can really help people buy a share of a property and, as their financial circumstances change, they can increase their share so they own their property outright over time.”

 

Kate and Keira in Cranbrook

Kate Schofield gets her home from LivewestKate Schofield says she has been given a new lease of life after being handed the keys to her new home in Cranbrook, Exeter. Kate, who is blind from birth, has moved from her base in Herefordshire with her two-year-old daughter, Keira, to be nearer to her parents and brother. The move represents full circle for Kate, who was brought up in Exeter before moving away 17 years ago.

Kate, 37, said: “It is great to be moving back. The area will provide more opportunities for my daughter and she is so excited. The transport links will be a huge help and we have heard nothing but good things about the area.

“LiveWest has been great. They have helped me every step of the way and the support has been phenomenal. It does make a massive difference when you have someone there to answer all of your questions and help with all of the legal issues. Sophie in sales has been brilliant and I can’t thank her enough for all of her help. She is such a nice person who has done everything and more to ensure our move is a smooth one.”


 

Geraldine and Nilo in Somerton

Geraldine and MiloGeraldine and her dog Milo are set to live happily ever after in Somerton thanks to Shared Ownership. She didn’t think she stood a chance at buying her own home but now has a new home and somewhere for her grandchildren to visit.

Geraldine didn’t have much hope in finding a home, thinking she only had enough money to purchase a small one-bedroom flat. That was until she asked about LiveWest’s Shared Ownership homes being built at the Northfield Farm development in Somerton, Somerset.

Geraldine said: “I have arrived. I have a home, with a garden for my dog Milo and somewhere for my grandchildren to visit. It all started with looking for a small one bedroom flat but then I saw this property. I enquired very apprehensively, not thinking I stood a chance.

“Everyone at LiveWest was helpful and considerate. They helped me through the process, step by step. Thank you, LiveWest, for making it happen. Milo and I will live happily ever after here.”


 

The Smith family in Goldsithney

Stefan and Charlotte SmithSetting up home at RNAS Culdrose was part of the plan to help the Smith family save up enough money for their dream new home. Stefan and Charlotte’s aim was to spend five years at the Royal Navy airbase before finding a family home for their two children – six-year-old Corey and Clea, aged four.

But the five-year project came to a halt when Stefan and Charlotte discovered plans for a new rural housing development in Goldsithney, near Penzance in Cornwall. With the chance to secure a part buy/part rent home surrounded by idyllic countryside, Stefan admitted the temptation was too great.

The Royal Navy helicopter engineer, 34, said: “When we came to see the house, it was an easy decision. The homes are fantastic and in an area we were desperate to live in. It was difficult to find a new home because they all seemed to be detached, with big driveways and double garages which were out of our price range. So having a development like this made it more affordable for people like us.

“I would like to thank LiveWest for building lovely homes like this which are affordable for young families. Without them, we would be priced out of the market.”

 

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A Guide To Part Buy Part Rent
With Home Reach you buy a share of your chosen newly built home and pay a monthly rent on the part you don’t buy. Your budget will decide the size of the share you buy, rather than the size of your home. So, you might decide to buy a bigger share of a lower priced home or a smaller share of a more expensive home.

You are able to purchase your share in either cash savings or by taking out a mortgage. If you are taking out a mortgage to finance your share, you will need to allow for a minimum of 5% deposit. The larger your deposit (typically 10%) the lower your mortgage repayments are likely to be.

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