Shared Ownership Housing definition
Shared Ownership Housing means an Intermediate Housing where the lessee enters into a lease and purchases a percentage of the equity up to 100% of the equity (subject to the initial equity share of a shared ownership lease being restricted to between 25% and 75% equity share), the lessee pays a rent to the Registered Provider in respect of the remaining equity share in the property, the documentation for which will follow the HCA model lease with the rent payable calculated at no more than 2.75% of the value of the unsold equity in the Dwelling. The lessee has the option to Staircase so as to increase their equity share in the Affordable Housing Dwelling up to 100% and acquire the freehold or long leasehold interest (as appropriate.)
Shared Ownership Housing means the ownership under the terms of a lease which accords with the HCA Shared Ownership Model Lease by which a lessee may acquire an initial share or shares of between 25% - 75% of the equity in an Affordable Housing Dwelling from the housing provider who retains the remainder
Shared Ownership Housing means Affordable Housing provided by or under arrangements with a Registered Provider for lease on a shared equity basis to individual occupiers who have the right subject to statute and/or the rules of such Registered Provider to acquire the freehold of the unit by the purchase of further shares over time
Examples of Shared Ownership Housing in a sentence
The initial Disposal of each Shared Ownership Unit allocated for Shared Ownership Housing to a person who is proposed to become an Occupier shall (unless otherwise agreed in writing by the Council) include the following terms: tThe Disposal shall not involve the sale of an equity stake of less than 5% or more than 75%; and tThe rent payable under the Shared Ownership Lease shall not amount to more than 2.75% of the Market Value of the unsold equity of the relevant Shared Ownership Housing Unit.
Subject to receiving the Council's written approval, the Owners may thereafter dispose of such Shared Ownership Housing, Social Rented Housing or Affordable Rented Housing in accordance with the agreed tenure combination which may include any type of Intermediate Housing subject to the provisions of this Schedule.
The Affordable Housing tenure referred to in Schedule 3 paragraph 1.5(e) and Paragraph 1.6(d) to be changed to 50 per cent Affordable Rented Housing and 50 per cent Shared Ownership Housing.
By 1 September, annually, the Client shall state to SDM the number of Housing Units, Factored Housing Units and Shared Ownership Housing Units (if any) it expects as of 31 December of the same year.
More Definitions of Shared Ownership Housing
Shared Ownership Housing means the residential units constructed pursuant to the Planning Permission and transferred to a Registered Provider for allocation as Shared Ownership Housing. Each occupier may acquire an interest in the Dwelling of between 25% and 80% and may staircase up to 100% of the Open Market Value of the Dwelling in increments at times of his/her election the balance of the equity in the Dwelling being let to the occupier at a rent equal to or less than that permitted by the Homes and Communities Agency. The Affordable Rented Housing (as identified on Plan 2 attached) shall comprise:
Shared Ownership Housing means that the individual owner purchases part of a Residential Unit, with the remaining share of the Residential Unit remaining in the ownership of a Registered Social Landlord. Any equity gain when the Residential Unit is sold shall be split between the Registered Social Landlord and the individual owner on the basis of their respective shares in ownership;
Shared Ownership Housing means housing which will be offered for shared ownership by the Developer/Approved Body to persons in need of affordable housing
Shared Ownership Housing means Affordable Housing leased by a Registered Provider to a person (or persons) who is (or are) members of an Eligible Household: for a term of not less than 125 years; in consideration of a premium equal to the percentage of the open market value of the Shared Ownership Unit being acquired (being initially not more than 35%) and which entitles the lessee to purchase further and additional tranches of equity in the Shared Ownership Unit up to 100% of the open market value in the Shared Ownership Unit; requiring the payment of rent on the value of that percentage of the Shared Ownership Unit which on the grant of the lease shall not have been purchased by the lessee adjusted on each occasion on which the lessee purchases further and additional tranches of equity in the Shared Ownership Unit and which rent shall not exceed 2.75% of the value of the apportioned open market value of the part of the Shared Ownership Unit not purchased by the lessee; grants to the lessee all rights of access and passage of services and other rights reasonably necessary for the beneficial enjoyment of the Shared Ownership Unit; and otherwise contains such usual terms and conditions as are contained in a residential lease of shared ownership housing granted by a Registered Provider to a lessee;
Shared Ownership Housing means a form of tenure granted by lease by the RPSH to be disposed pursuant to shared ownership arrangements within the meaning of Section 70(4) of the Housing and Regeneration Act 2008 whereby a purchaser is able to purchase a share of the equity in an Affordable Housing Unit at a minimum of 25% and a maximum of 75% initially (at the option of the buyer) and pay an annual rent of up to 2.75% on the Retained Equity with no limitation on the aggregate equity that can be subsequently acquired by the purchaser (or such other rent or form of lease as may be approved in writing by the Borough Council and District Council) and “Shared Ownership Lease” shall be interpreted accordingly.
Shared Ownership Housing means Shared Equity Housing where a rent is paid to the Registered Provider on its retained equity.
Shared Ownership Housing means housing let on a Shared Ownership