Bucks Free Press: Houses, flats & property for sale or rent in Berkshire, Buckinghamshire & the UK

What is shared ownership?

Shared ownership, also known as part-buy/part-rent, has been designed to help first time buyers get on the property ladder. It enables you to choose a fantastic new build apartment or house and buy the property in manageable, affordable stages based on your income level and lifestyle.

You can buy from as little as a 25% share and you can increase your share at any time, all the way to 100% and outright ownership. You'll be charged a rent on the remaining share of the property which is subsidised by a Government scheme known as New Build HomeBuy. You'll normally save substantially overall, compared to the cost of renting a similar property in the same area. Genesishomes is one of the UK's leading providers of shared ownership properties and helps get people from all walks of life onto the property ladder.

We have a wide range of housing developments throughout London and neighbouring counties from one bedroom flats minutes from Chelsea to three bedroom houses in Northampton to penthouse duplex apartments in Docklands.

Why buy through shared ownership?

Because in the current market, it's the smart, affordable way to buy your first home. Although property values may have come down in recent months, the cost of a home is still beyond the reach of many. By initially buying a share, owning your first home can be easy and affordable. And the total monthly mortgage and rent cost is usually significantly less than renting a similar property privately, meaning you don't have to compromise your lifestyle.

You have the same rights and status as any other home owner and you can sell your property at any time or make any changes to it you see fit, subject to approval and planning permission. The minimum share you can buy from Genesishomes is 25% with an initial maximum of 75%. You can buy more shares at any time in increments of 10% or more, and each time you buy more shares your property will be re-value and your new shares priced at the current market rate. As you buy more shares in your property the rent you pay normally reduces.

Am I eligible for shared ownership?

Many people think shared ownership is just for key workers. Think again. Contrary to popular belief, many first time buyers are eligible to buy through shared ownership.

The main criteria for eligibility are:

• Your total household income must be less than £60,000 per annum before tax and other deductions
• You must meet the minimum income criteria for the development you are interested in
• You must be employed and have been on a permanent contract for at least six months
• If you are self-employed, you will need at least two years' audited accounts
• If you have had a County Court Judgement made against you, it must have been satisfied
• You cannot own or hold a mortgage on another property in the UK or abroad For certain developments, there may also be further criteria which we can advise you of when you call us.

What are the initial costs?

• Cost of the mortgage valuation or survey report
• Mortgage arrangement fee
• Solicitor's fees
• A deposit

As a rough guide, you'll probably need savings of between £3,000 and £3,500 to cover the mortgage valuation, arrangement and solicitor's fees. Your mortgage company might also ask for a deposit on the share you're buying. A typical 25% share in a Genesishomes property is £60,000, so a 10% deposit on the 25% share would be £6,000 - these figures will vary from property to property.

Select an area to view...

• North
• South
• East
• West
• Central

How do I get a mortgage for my share?

You are free to use any financial adviser you choose, or you can speak to our financial partner, Censeo, who will give you free advice and help you through every stage of the process. Call them on 0845 050 7911 or visit their website www.censeo-financial.com

What are the ongoing costs once I have moved in?

In addition to your monthly mortgage and rent payments, you will have to pay all of your household bills and council tax. You will also pay a monthly service charge. This covers the cost of insuring the building, repairing, cleaning and decorating the communal areas, and maintaining any communal gardens or outside spaces. Service charges vary from building to building - we'll let you know what they are before you buy.

What if I want to sell my home?

You can sell your share of your home at any time and for any reason. Genesishomes will help you to sell your share, but we do ask that it's offered to other Genesishomes buyers first so we can help others to get on the property ladder. If we haven't managed to sell your share after an agreed period of time, you can place your property with one or more estate agents.

What if my property's value changes?

You will benefit from any increase in the value of your property. However, you may also be affected by any fall should you want to sell. If the value does fall, though, it will cost you less to increase your share. It should be remembered that most buyers live in their homes for more than three years and the market may be very different when you come to sell.