Shared Ownership Unit definition

Shared Ownership Unit means Affordable Housing Units which are to be provided by way of Shared Ownership on the Affordable Housing Land

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Shared Ownership Unit means (unless otherwise agreed in writing by the District Council) 30% of the Affordable Housing Dwellings provided by a Registered Provider where a proportion of the equity is sold on a long lease to the purchaser and the remainder of the equity is initially retained by the Registered Provider subject to rent being charged on the retained equity on terms that are set out in the HCA Model Lease or such other form of lease reasonably requested by the Registered Provider and which shall be first approved by the Council and in accordance with the following:

Shared Ownership Unit means an Affordable Housing Unit sold subject to a Shared Ownership Lease and in accordance with the procedure set out in this deed to an individual who meets the Local Connection Criteria, and 'Shared Ownership Units' shall be construed accordingly.

Examples of Shared Ownership Unit 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.
If none such makes an offer within a further 12 weeks of advertising and marketing in the Staffordshire Moorlands District Council area then the Registered Provider may dispose of the Shared Ownership Unit to a person in Housing Need.
If no contract for the sale of the Shared Ownership Unit has been entered into after four months of being continuously marketed then the Shared Ownership Unit may be sold to a person in Housing Need.
Subject to paragraph 6 below the Owner shall not Occupy or permit each Shared Ownership Unit to be Occupied unless and until in respect of that Shared Ownership Unit the AHP referred to in paragraph 3.1 above has entered into a Shared Ownership Lease to a Qualifying Person with a Local Connection.
Not to Occupy any Shared Ownership Unit other than under a shared ownership lease which includes the following terms: initial purchase in the range of 25%-75% the percentage of the equity; and the annual rent (paid weekly or monthly) for the outstanding equity shall accord with HCA guidelines; and the ability but no obligation to purchase additional shares of equity up to 100%.

More Definitions of Shared Ownership Unit

Shared Ownership Unit means a unit of Affordable Housing to be made available by an AHP under a Shared Ownership Lease Site: means the freehold property situate at Land South of Chiswell Green Lane, Chiswell Green, St Albans Hertfordshire registered at the Land Registry with Title Absolute under the Title Numbers HD421373, HD169192, HD343570 HD581748, HD127008, HD289804, HD326047 and

Shared Ownership Unit means an Affordable Housing Unit which is disposed of by

Shared Ownership Unit means a physical residential unit used for overnight accommodation as part of a Shared Ownership Product.

Shared Ownership Unit means an Affordable Housing Unit sold subject to a Shared Ownership Lease and in accordance with the procedure set out in this deed to an

Shared Ownership Unit shall be construed accordingly; “Site” means land known as land and property at 225, 227, 229 and ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇, and 1 The Bungalows, London and recorded at HM Land Registry under title number SY67363 shown for the purposes of identification only edged red on Plan 1; “Substantial Completion means that the Planning Permission has been Implemented and the Occupation and / or Sale of 75% of the Residential Units has occurred “Surplus” means the amount of the Gross Development Value less (i) Gross Development Costs of the Development and (ii) Developers Profit agreed in accordance with Part 1, Schedule 1 herein and set out in the Further Viability Assessment and (iii) the Benchmark Land Value provided always that such costs and values are reasonable for development viability appraisal undertaken at that stage in development delivery “Tree Contribution” means the sum of four thousand nine hundred and sixty four pounds and fifty ▇▇▇▇▇ (£4,964.50) Indexed towards the Tree Contribution Use “Tree Contribution Use” means in relation to the Tree Contribution towards the provision of replanting in the immediate vicinage of the Site; “Use Classes Order” means the Town and Country Planning (Use Classes) Order 2015 (as amended) “Viability Assessment” means the financial viability appraisal dated 15th August 2016 that the Owner submitted in support of the Planning Application, “Working Day” means any day which is not a Saturday, a Sunday, a bank holiday or a public holiday in England and the term “Working Days” shall be construed accordingly 2 THIS Deed is made pursuant to Section 106 of the 1990 Act, section 111 of the Local Government Act 1972, section 1 of the Localism Act 2011 and any other enabling powers and the obligations contained in this Deed are planning obligations for the purposes of that section insofar as they fall within the terms of Section 106 of the 1990 Act and receipt of a copy of this Deed pursuant to subsection 106(10) of the 1990 Act is hereby acknowledged by the Council.

Shared Ownership Unit means a dwelling sold under a shared ownership lease and complying with the provisions contained in Part 3 of this SCHEDULE 1; “Social Rent Unit” means a Dwelling which is to be solely occupied in accordance with this Deed and let under an Appropriate Tenancy and at a rent set in accordance with the National Rent Regulatory Framework.

Shared Ownership Unit means an Intermediate Housing Unit where (i) the lessee enters into a lease and may purchase up to 100% of the equity in the Intermediate Housing Unit (subject to the initial equity share of an Intermediate Housing Unit being restricted to between 25% and 75% of the equity in that Intermediate Housing Unit ),