Shared Housing Ownership
Helping you to make that all important first step onto the housing ladder.
What is Shared Housing Ownership?
Shared Ownership is simply a way for you to become a homeowner without having to meet the full purchase price of a property. You can buy a share in a property, which can be from 45% to 75% and then pay rent on the remaining share which Heyford Regeneration own.
The shared ownership scheme allows you to ‘staircase’ to full ownership over time. This means you are able purchase more shares of your property, from Heyford Regeneration, at a time which suits you. You have the opportunity to staircase to 100% ownership if you wish to.
Am I eligible for Shared Ownership at Heyford Park?
To be eligible for Shared Ownership at Heyford Park you must meet certain criteria that have been set by the Government. You can buy a home through Shared Ownership if:
- Your household earns £80,000 a year or less
- You’re a first time buyer looking to get onto the property ladder
- You used to own a home, but you now can’t afford to buy a new property
- You currently rent a council owned or housing association property
You will also need to be registered with our local Help to Buy Agent, Help to Buy South.
Please also note, Heyford Regeneration and Cherwell District Council have created a Local Lettings Plan that is bespoke to Heyford Park, and that will work alongside the Housing Authority’s Allocations Policy in order to determine priority for the Affordable Rental and Shared Ownership properties that are being built on the site. There is a copy of the Local Lettings Plan on the Important Downloads page of this website, which will provide further information about eligibility and priority allocations.
What costs are involved in Shared Ownership?
To purchase a Shared Ownership home, you will need to raise a mortgage for a share of your home. You will also need to pay a cash deposit equal to a minimum of 5% of the value of the share that you are wishing to purchase. It is therefore important to seek independent financial advice to fully understand what share of a property you can afford to purchase.
Interested in Shared Ownership at Heyford Park?
If you are interested in buying a Shared Ownership Housing at Heyford Park, your first step will be to register with Help to Buy South. Help to buy South are the registered Help to Buy Agent for the Cherwell District.
Once you are registered with Help to Buy South, you will be able to view the full range of Shared Ownership properties available at Heyford Park. You will also be directed to the relevant information that you will need to enquire about individual properties here at Heyford Park.
The Consumer Code for Homebuilders is an industry-led code of conduct for builders, developed for the benefit of purchasers to make the home buying process more transparent and fair. The code aims to ensure that all buyers are treated fairly, are fully informed about their purchase and their consumer rights, know what levels of service to expect, and are provided with a speedy, low cost dispute resolution scheme to deal with complaints.
The Consumer Code for Home Builders was developed by the home-building industry and introduced in April 2010 to make the home buying process fairer and more transparent for purchasers. The Code aims to ensure that all buyers are:
- treated fairly;
- know what levels of service to expect;
- fully informed about their purchase and their consumer rights;
- provided with a speedy, low cost dispute resolution scheme to deal with complaints.
The Code contains requirements that all Home Builders who are registered with the UK’s main new home warranty providers; NHBC, Premier Guarantee and LABC Warranty must comply with. It applies to complaints made within two years of the date of legal completion of purchase of a new home.
The Code requires Home Builders to co-operate with Trading Standards departments, Citizens Advice and other professional advisers.
Who is covered by the Code?
The Consumer Code applies to Home Buyers who, on or after 1st April 2010, reserve to buy a new or newly converted Home built by a Home Builder under the insurance protection of one of the supporting Home
The Code’s pre-sale and handover requirements apply to home buyers who are the first purchasers of a home.
The requirements relating to after-sales service apply to all new and subsequent Home Buyers in the two year period after the first legal completion.
Full details of the Code rules can be downloaded from the website: www.consumercode.co.uk