Buying an affordable home

There are a couple of options available for Homeownership across Somerset West and Taunton area. These include:

• Discounted Open Market Housing
• Shared Ownership

Discounted open market housing

Discounted open market housing, is housing provided by the developer at a discount to the full market value. The discount will be tied to a legal agreement – Section 106 and remains on the property for future sales. The buyer owns the whole of the property, there is no third party. This form of ownership is aimed at those people who can afford to buy but not at a full market value. Eligibility criteria applies to each property.

Discounted open market properties are usually advertised with local estate agents and on online estate agency sites such as Rightmove.

As discounted open market housing is tied to a Section 106 legal agreement, the council will need to assess the eligibility of the buyer before a sale can be agreed. In order to do this the purchaser will need to complete an application form. This application can be obtained directly from the council.

Shared ownership

With shared ownership you can buy a share in your home and then pay an affordable, subsidised rent on the remaining share. You may need to raise a mortgage to purchase your share. If you have a large deposit or equity from the sale of a property, this can also be used towards purchasing your share. Shared ownership properties can be newly built or available to purchase at re-sale.

The Shared Ownership properties which are available, are either advertised through Help to buy property search or directly with a housing association.

Details of upcoming developments can be found on Homefinder Somerset – Homes Coming Soon.