Refurbishing Homes for Shared Ownership
As a not-for-profit organisation, Thrive Homes is proud to provide a variety of housing options to help individuals and families secure a good quality home that they can afford.
We continually invest in our properties to ensure they achieve Government requirements, such as building safety and the green homes agenda, whilst providing good value for our customers.
How we identify suitable properties
When a home becomes empty, we undertake an assessment to understand the work that is needed to bring it up to regulatory standards to ensure our customers have safe, comfortable homes that are built to last.
As our housing stock gets older, there are occasions where we must make difficult choices. For example, where a property requires significant investment to meet the new building safety and environmental legislation then it is unlikely this cost will be recovered by rental income alone. In 2020-21, only 40 properties of our 5,000 homes were identified for the shared ownership refurbishment programme.
In situations like this, we have decided to refurbish the property and sell it as a shared ownership home, rather than via auction on the open market. This keeps it as an affordable housing option and one that we can share with existing customers and local residents. It also ensures the property remains within our portfolio and isn’t sold to a private landlord, investor, or developer.
What are the benefits of this programme?
Through this programme, we can help those looking to get onto the property ladder but are unable to afford a home at the full market price through private sales. By owning a share of their property, customers can get on the property ladder as an owner-occupier, offering long-term stability and the ability to make the home their own.
In return, as Thrive is a not-for-profit organisation, any profits made from the sale are invested back into our maintenance and development programmes. This helps us continually improve the quality of our existing homes and build more affordable homes within the communities we serve.
Building new affordable homes
Thrive is committed to increasing housing availability for individuals and families across our operating areas. We do this by building new homes for affordable and social rent as well as shared ownership and market rent.
All the money generated from the sale of each shared ownership home is used to reinvest in Thrive’s existing homes and to provide more homes elsewhere. Each property that is sold on a shared ownership basis enables us to build at least two new homes.
In 2021/22, we will build over 200 new affordable homes and have active plans to increase our building capacity over the coming years. Many of our new homes are made available for social and affordable rent, with rents always capped at the local housing allowance. If you wish to register and search for any available properties, you must be placed on the Housing Register of your local authority. Find out more here.
Shared Ownership Myth Busting
Is shared ownership really an affordable housing option?
Yes. If you are unable to afford a mortgage on a home sold on the open market, then shared ownership enables you to buy a percentage of the property (between 25%-75%) now and pay rent on the rest. The remaining share is available for you to buy later.
It makes it easier to take your first step on the ladder to home ownership.
Is shared ownership available for key workers only?
No. Shared ownership is a great option for lots of people. A smaller deposit makes it easier for first time buyers, it could be an option for retirees to free up equity or separated couples to buy again.
To be eligible for shared ownership;
- You must be at least 18 years old.
- Your annual household income must be less than £80,000 to buy a home outside of London (£90,000 within London).
- You do not own another home (or you are in the process of selling your current property).
- You must show that you are not in rent or mortgage arrears.
- You must demonstrate that you have a good credit history and can afford the regular payments and costs involved in buying your own home.
Who will I be paying rent to?
Shared ownership homes are available to buy from housing associations.
If you buy a home from us (Thrive), then we will continue to own a percentage of your home and you will pay us rent. This will continue until you either choose to buy the full value or sell your home and move on.
Please note; if you buy a shared ownership leasehold home that is part of a block or wider estate you will also be responsible for paying service charge and ground rent.
How can I afford to pay rent and mortgage at the same time?
The amount you pay will depend on the property you choose and the type of mortgage you take out. Before agreeing to sell the property to you, we will undertake an affordability check to ensure you can afford the monthly repayment costs.
If your circumstances change and you are struggling to make payments, we would ask that you contact us as soon as possible so we can help.
Am I limited to the type or size of property available?
Technically no, as shared ownership homes come in all shapes and sizes from one-bedroom starter homes to three or four-bedroom family homes.