The Chancery by Walsall Housing Group

Who are whg
whg's Sales Team works with high quality developers to get people into brand new homes at affordable prices.

We are offering new build homes across many local authority areas in the Midlands, with a range of property types and styles to get you onto the property ladder.

Our friendly team is here to help if you are looking to buy a home but cannot afford to buy outright. We can also help whether you are a first time buyer, relocating to a higher value area or looking to down -size

We will assist you during the journey of buying your home, from helping you find a financial advisor, a specialist solicitor and being on hand with your questions until we handover the keys to you on your day of completion.

If you would like to discuss if shared ownership is an option for you, contact with our sales team, register your interest and someone will be in touch to discuss further.

We wish you the best of luck with your search!

whg's Sales Team

What is Shared Ownership?
Shared Ownership is a fantastic way of getting on the property ladder. It gives first time buyers and those that do not currently own a home the opportunity to purchase a share in a new build or resales property.

The purchaser pays a mortgage on the share they own, and pays a subsidised rent to a housing association on the remaining share. Because the purchaser only needs a mortgage for the share they are purchasing, the amount of money required for a deposit is significnatly lower when compared to the amount that would be required when purchasing outright.

The purchaser has the option to increase their share during their time in the property via a process known as 'staircasing', and in most cases can staircase all the way to 100%. In this instance, the shared owner will no longer pay any rent, just their mortgage along with any relevant service charges and ground rent.

Am I eligible?
There are some eligibility requirements that anyone wishing to buy a Shared Ownership home must meet. The general eligibility criteria for Shared Ownership is as follows:

You must be at least 18 years old.
Outside of London your annual household income must be £80,000 or less
Shared Ownership purchasers are often first time buyers but if you do already own another home, you must be in the process of selling it.
You should not be able to afford to buy a home suitable for your housing needs on the open market.
You must show you are not in mortgage or rent arrears.
You must be able to demonstrate that you have a good credit history (no bad debts or County Court Judgements) and can afford the regular payments and costs involved in buying a home.
You should have savings or be able to easily access at least £4,000 to cover the costs of buying a home; this is a guideline figure and the actual amount may vary.

You will also need access to the deposit amount required. For Shared Ownership, this will usually be 5-10% of the equity share you are buying but this will depend on the property and your affordability.

Why buy Shared Ownership?
Shared Ownership is a great home-buying product for people who would like to purchase a property but can't afford to buy on the open market. Shared Ownership costs are usually lower than other housing options for a number of reasons:

The rent is less than the rate charged on the open market and usually charged at 2.75% of the property value per annum.
You can start with a little as a 25% share if buying through the existing scheme, or from as little as 10% if buying through the updated Shared Ownership model.
Your deposit will be 5-10% of the price of the share, not of the full market value of the whole property.
Stamp Duty Land Tax (SDLT or simply 'Stamp Duty') can generally be deferred until your share reaches 80%.
Shared Ownership properties can often be found in private developments as a certain number of Shared Ownership homes will often be required as a part of the planning permission for a development. This can help to put affordable housing in the heart of sought-after areas.