By Is shared ownership the same as housing association?
Shared ownership schemes are provided by housing associations or private developers. The details, costs and restrictions involved vary by provider so research each one on its individual merits and read the small print of your lease.
Is Notting Hill a housing association?
Created in 2018 from two well-established housing associations, Notting Hill Genesis is now one of the largest housing associations in London and the south east. We provide homes across a range of tenures and are committed to continuing to deliver housing that is affordable to all. …
Who owns a shared ownership property?
Shared Ownership gives first time buyers and those that do not currently own a home the opportunity to purchase a share in a new build or resales property. The purchaser pays a mortgage on the share they own, and pays rent to a housing association on the remaining share.
Is Notting Hill a good place to live?
It really is a lovely place to spend time in, and you’re always likely to spot a celebrity or two there. Many a rich or famous resident lives in Notting Hill and all kinds of residents call the area home, from fashion-forward students and young families, to City workers and international businessmen.
Is Notting Hill Genesis a private landlord?
We’ve a wide range of rental products to meet the different needs and circumstances of our residential and business customers. Most of our homes are permanent rented housing (or social housing) but we also offer properties for private rent, just like an estate agent.
Is Shared Ownership a good idea 2021?
Shared Ownership allows you to get on the property ladder as an owner-occupier, offering long-term stability without overstretching yourself. Shared Ownership makes mortgages more accessible, even if you’re on a lower wage. Your monthly repayments can often work out cheaper than if you had an outright mortgage.
What is the catch with Shared Ownership?
What are the disadvantages of Shared Ownership? Because Shared Ownership properties are always leasehold, ground rent may apply and you must pay this in full no matter what size share of the property you own. This is the same with service charges.
Why is Shared Ownership bad?
Unlike full owners of leasehold properties who are unhappy with the firm running their block, shared owners cannot exercise the “right to manage” their building – it will always be run by the housing association. Another downside is that you could potentially lose your property if you fall behind on rent payments.
Is it hard to sell Shared Ownership?
If you don’t own 100% of the property and you wish to sell, then you will ultimately find selling a much more challenging experience, with selling Shared Ownership property described as ‘doable’ but more complicated than selling a ‘normal house’.
Can you buy a shared ownership house in Notting Hill?
When one of our Leaseholders wants to move on, we will offer their Shared Ownership home to others who want to buy through the scheme. It’s much the same as buying one of our new build homes, with the added benefit that you’ll be able to see exactly what you’re buying and know when you can move in!
Who is Notting Hill Genesis and what does it do?
Notting Hill Genesis was founded in 2018 – a merger between Notting Hill Housing and Genesis Housing Association. It exists to provide new communities characterised by quality, affordable housing, and operates across London and England’s South East regions.
Can you buy more shares in Notting Hill Genesis?
Yes, unless it says otherwise in your lease, you will be able to buy more of the remaining shares in your home until you own 100%. This is known as ‘staircasing’. What if I want to sell my home?
When does the rent go up in Notting Hill?
Yes, the rent will increase on 1 April every year as detailed in your lease. As a guide this is usually based on the Retail Price Index plus 0.5% per year. But for resales it will be based on the increase that was set out when the first under-lease was granted.