Affordable housing scheme offered at Augustus Grange as buyers encouraged to explore lower-deposit route onto the property ladder
A LEADING housebuilder is highlighting the benefits of Shared Ownership as more affordable homes become available at a major new development in Haverfordwest.
Lovell Homes has responded to some of the most frequently asked questions about the scheme, which is being offered on a selection of properties at its Augustus Grange development, located off St David’s Road.
The mixed-tenure site is being delivered in partnership with housing association Codi and will include a total of 115 two and three-bedroom homes, situated around six miles from the Pembrokeshire Coast National Park.
Of the total homes, 36 will be sold on the open market, while 79 are classed as affordable housing. These include 37 Shared Ownership properties and 42 homes available for affordable rent.
Lovell sales executives Adrienne Mortlock and Anne Shore, alongside Pam Bickel, Head of Sales at Codi, explained how Shared Ownership works and who it may benefit.
They said buyers can purchase a minimum share of 50 per cent of a property and pay rent on the remaining share to Codi, helping people secure a home with a smaller deposit and mortgage.
The team explained that buyers can purchase with a minimum five per cent deposit based on the share they are buying. For example, a three-bedroom home priced at £240,000 could potentially be bought with a £6,000 deposit, based on a 50 per cent share of £120,000.
Monthly payments are made up of two parts – a mortgage payment on the share owned, and rent on the remainder. Rent is reviewed annually but kept as low as possible, they said.
They also confirmed that buyers can increase their share over time through a process known as “staircasing”, eventually purchasing the property outright if they choose. As the owned share increases, the rent decreases, and once the home is fully owned, no rent is payable.
The team added that Shared Ownership requires a specialist mortgage product, but said many high street lenders offer suitable deals. Independent mortgage advisers are also available to help applicants become financially qualified and find the right option.
In terms of personalisation, buyers are free to decorate their homes as they wish, although structural changes or major alterations would need permission from Codi.
Lovell also said that, depending on the build stage, some buyers may be able to choose kitchen fittings and finishes, including taps, handles, cupboards, tiles and worktops. Additional upgrades can also be selected from the developer’s Inspirations Range, with optional extras available up to £10,000.
The scheme is not limited to first-time buyers. Lovell said it has proven popular with a wide range of people, including those downsizing, individuals recovering financially after relationship breakdowns, and others who may struggle to buy on the open market.
The team also confirmed that Shared Ownership properties can be sold at any time, with the value determined by an independent valuer. If Codi does not have a buyer interested in purchasing the home under the scheme, owners can sell through an estate agent in the usual way. Any profit is then split according to the percentage owned.
Augustus Grange is being built in Haverfordwest, a historic market town offering a range of shops, schools and transport links, set along the Western Cleddau river. Lovell says the development offers the benefit of town living while being within easy reach of Pembrokeshire’s coastline.
For more information, residents can contact the sales team on 01427 928 064. The development is open seven days a week from 10am to 5pm.
