Shared Ownership Housing means housing to be sold under leases which comply in all respects with the Housing Corporation’s model form of shared ownership leases (or should the Housing Corporation cease to exist a form issued or approved by the body or entity which replaces it or which is approved by the Council)
Shared Ownership Housing means an Intermediate Unit 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 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;
Examples of Shared Ownership Housing in a sentence
Shared Ownership: Housing schemes provided on the basis of shared equity (i.e. the occupiers part-buy, part-rent the property), allowing the occupiers to buy what they can afford, with the flexibility to increase the degree of ownership if they so wish.
That the Committee has taken into consideration and agrees with the reasons for the recommendation set out in the report and resolves to GRANT a second Deed of Variation to the S106 Agreement so that the developer is obligated to provide all seven units in the form of Shared Ownership Housing and/or as Shared Equity Housing.
A Deed of Variation was then sought to the s106 Agreement to amend the tenure to provide seven affordable units, of which three were to be used for Affordable Rented Housing and four were to be used for Shared Ownership Housing.
Team mentors from Mexico also came to meet with AdamBots team mentors and took information back to their team on several occasions.
It is now also proposed that all seven units are provided as Shared Ownership Housing and/or Shared Equity Housing in order to facilitate Landspeed to deliver the affordable housing on-site.
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: • 4 X 2 Bedroom Houses • 3 X 3 Bedroom Houses
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 Affordable Housing Provider 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
Shared Ownership Housing housing offered via the Registered Provider under the terms of a lease which accords with the Shared Ownership Model Lease approved by the Regulator 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 Registered Provider who retains the remainder and may charge a rent of up to 2.75% on the unsold equity with an option for the lessee to increase their percentage of ownership through a process of stair-casing up to 100% ownership;
Shared Ownership Housing means Affordable Housing which permits an Eligible Person to purchase a share of the Affordable Housing Property where the share is leased or sold on payment of a premium calculated by reference to the value of the Affordable Housing Property and the initial share purchased shall not to exceed 75% of the Open Market Value with rent being paid on the remaining share which is held by the Registered Provider such rent to be no more than the HCA recommended rent levels together with any Service Charge
Shared Ownership Housing means Affordable housing which is provided under a Shared Ownership Lease Shared Ownership Lease means a scheme of ownership by which the owner of an Additional Affordable Housing Unit being also the occupier (then or on completion): (a) obtains and retains at least a twenty-five per cent (25%) share of the freehold or Long Leasehold (as the case may be) value of the Additional Affordable Housing Unit (as ascertained at that time); and (b) has the right at any time to purchase the whole or any part of the balance of such value in accordance with the terms of the Homes England model form of lease
Shared Ownership Housing means Intermediate Affordable Housing Units which will be offered for shared ownership by the Developer/Approved Body to persons in need of affordable housing as agreed with UDC under the Affordable Housing Plan