Shared Ownership in North Devon
Across England, the Government supports a range of schemes to support affordable home ownership. All official schemes outside London fall under the homebuy brand of government backed affordable home ownership. The most established scheme is shared ownership, otherwise known as part buy part rent but there are also shared equity schemes (e.g. Firstbuy), and rental products, including rent to buy. For more detail on the specific homebuy schemes available in North Devon click on the tabs at the bottom of the page. In addition, at sharetobuy.com there are a range of options open to people wishing to research their affordable housing options:
- To search for shared ownership properties for sale in North Devon, use the search tool on the left hand side of the page or click here to go straight to search results in North Devon. If you cannot find anything that suits your needs at this time we are constantly adding properties and you can register to receive property alerts whenever we do so.
- If you are looking for a shared ownership solicitor in North Devon, you can find solicitors on the sharetobuy.com panel with huge experience of the various homebuy schemes.
- Share to buy are also authorised mortgage brokers and you can use our mortgage tool to compare products available for part buy part rent purchases. See our shared ownership mortgages.
20th November 2017
Is saving for a deposit holding you back from moving in to your own home? Saving money can be hard, but with these ten money saving apps available at your fingertips, you’ll soon discover how to put away the pennies and you’ll be ready to move in no time.
20th September 2017
Shared Ownership Week returns for its fifth year, 21st - 27th September. Shared Ownership week raises awareness this home ownership scheme which offers a life line to thousands of first time buyers.
Part buy part rent in North Devon
The longest-running affordable home ownership scheme is 'shared ownership', and this is often referred to as 'part buy part rent' because you literally buy part of a property and then pay rent on the remainder. Thus, the product can be seen as literally offering a stepping stone between renting and buying. When you part rent part buy a home, the share can start from as little as 25% and the rent on the remaining share is usually capped at an affordable amount usually in the region of 2.75%. If you consider that availability of mortgages with a 5% deposit has historically been strong in the shared ownership scheme, you can potentially put down just 5% of 25% of the purchase price and as you may often not have to pay the purchase tax known as stamp duty, it makes the total cash you need typically far lower than buying on the open market. Another strong feature of the part buy scheme in North Devon and elsewhere is that there is an established second hand market of part buy part rent homes. Although most properties are available on a new build basis, over time, these properties can be sold on to new buyers and if the owner has not yet bought 100% of the property they can offer their existing share for sale on a second hand basis in a process known as a 'resale'. Search sharetobuy.com for part buy part rent properties in North Devon and across England.
North Devon is the northern part of the English county of Devon. Its council is based in Barnstaple. Other towns and villages in the North Devon District include Braunton, Fremington, Ilfracombe, Instow, South Molton, Lynton and Lynmouth. There are two A roads in North Devon, the A399, a minor local route between Ilfracombe and South Molton and the A377, which is the main road between Barnstaple and the county town of Devon, Exeter. The North Devon Coast is An Area of Outstanding Natural Beauty and covers 171 square kilometres of mainly coastal landscape from the border of Exmoor National Park at Combe Martin, through the mouth of the Taw & Torridge Estuary to the Cornish border at Marsland Mouth. The largest employers in the area are the National Health Service, the Ministry of Defence (through Royal Marines Base Chivenor and Arromanches Camp in Instow), and North Devon Council, as well as farming and tourism. If you want the best of the high street or to indulge in some designer goods, then head to Drake Circus in Plymouth, Green Lanes in Barnstaple or Atlantic Village in Bideford. All venues offer a mixture of indoor and outdoor shopping with high street brands, and plenty of opportunities for a spot of alfresco refreshment. For serious shoppers visit Exeter where big names in the High Street contrast with the specialist shopping/dining area of the multi-million pound development at Princesshay.