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RESALES
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WHILE MANY PEOPLE CHOOSE TO STAIRCASE, BUYING
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MORE SHARES UNTIL EVENTUALLY THEY OWN THE WHOLE HOME, OTHERS CHOOSE TO MOVE ON, EITHER TO A DIFFERENT SHARED OWNERSHIP PROPERTY OR INTO A MARKET SALE HOME. THE GOOD NEWS IS THAT IT IS STRAIGHTFORWARD TO SELL OR BUY A SO RESI HOME, AND WE HAVE A DEDICATED RESALE TEAM TO HELP YOU EVERY STEP OF THE WAY
THE PROCESS OF SELLING
• In the first instance, it is down to your shared ownership housing provider to market the home for you. You can find what is called the “nomination period” in the terms of your original lease, which is the period that the provider has to find you a buyer before you can switch to an estate agent; normally eight to 12 weeks • You will need to commission and pay for a RICS valuation report for the home and send it to us. We will then send you a contract, that everyone on your lease has to sign, and your home will be put on the market at the valuation price • If you don’t have a valid Energy Performance Certificate (EPC) you will have to book and pay for one before we can legally market your home • You should tidy your home to make it look its best as we will be taking photos, and people may come to view it • During the nomination period we will market your home to people we know are interested in shared ownership, with the option for them to buy your share, or a larger share if they wish. If we sell your home, SO Resi will receive a sales fee of 1.2% of its total value • In the unlikely event that we don’t find a buyer for your share within the nomination period then you are free to put it on the market with an estate agent. You don’t have to put it up for sale at the RICS valuation price, but if you sell for less you will have to pay us the percentage share of the RICS value, not of any reduced sale price. You will need to pay the estate agent’s fee, plus a £300 administration fee to SO Resi • When you sell via an estate agent you can either sell it as a shared ownership home, or use a process
called “simultaneous staircasing” where your solicitor uses the buyer’s money to staircase your ownership to 100% at the point of sale.
If you are interested in shared ownership, then buying a resale has some advantages that you might want to consider: • You see the exact home you will be buying. Many shared ownership properties are sold off-plan – that is, you buy before the home is actually built. You see brochures and perhaps a show home, but you have to guess at things like the view from the window or how quiet the neighbourhood is. With a resale you see the exact home you will buy • You move into an established neighbourhood. All the building work will be long finished and you will be moving into a completed development where there is already an existing community • You won’t have to wait for your home to be built – the property is ready and waiting • You frequently get more for your money – there is a price premium when you buy a brand new home, because everything is sparkling and new, including the carpets, kitchens and bathrooms. When you buy a resale you may find that you need to do some decorating, appliances are dated or there is a little wear and tear, but the lower price means you could buy a larger home or a larger percentage of the property than if you were buying new • The rent may be lower. When you buy a resale, you pay the same rent as the previous owner, which is based on the original property value plus increases in the Retail Price Index over the years, whereas rental on a new property is based on the current value which has risen more sharply.
There is one important difference to bear in mind. With a new SO Resi shared ownership home, you have a financial interview which determines what percentage share you can buy, from as little as 25%. With a resale you only have two options – to buy the percentage share that already belongs to the seller, or to buy a larger share. If you were only intending to buy a small initial share, this may limit the choice of available resale properties.
The normal rules surrounding buying a shared ownership home still apply if you buy a resale – your annual household income must be less than £80,000 (£90,000 in London), you must be unable to buy a suitable home on the open market, you should have a good credit history and not be in arrears or have bad debts or CCJs, and you must have a 5-10% deposit of the share that you are purchasing.
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RESALE HOMES
SO RESI PEVENSEY COURT
This modern maisonette has two large bedrooms, open-plan kitchen/reception area and ample storage space. Externally, it offers excellent communal grounds and allocated off-street parking space. This home is located 2.5 miles to the south of Reading town centre and benefits from easy access to the A33 and M4 motorways. There is a great choice of schools nearby.
soresi.co.uk/find-a-property/ pevensey-court From £112,500* for a 50% share with a full market value of £225,000 Reading RG2
Spencers Wood, Reading RG7
From £102,500* for a 50% share with a full market value of £205,000 SO RESI BEATTY RISE
This modern two bedroom apartment in Reading is located close to good schools, shops and gym facilities. It is a great home for first time buyers.
The apartment offers two large double bedrooms, newly fitted kitchen, living area and modern bathroom. Externally, the property offers one allocated parking space.
The location is well served by local transport links and Reading town centre is easily accessible.
soresi.co.uk/find-a-property/ beatty-rise-2
SO RESI SKELTON COURT
Within easy walking distance of Reading town centre, this spacious, ground floor two bedroom apartment features an open-plan lounge and kitchen. Both bedrooms have built-in wardrobes and the master bedroom has an en suite shower room, while there is a further family bathroom. The home has a private entrance hall with a storage cupboard, and also benefits from off-road allocated parking, access to a communal garden, and a secure outdoor bike store.
soresi.co.uk/find-a-property/ skelton-court-2
From £127,500 for a 50% share with a full market value of £255,000 Reading RG30
Bracknell, Berkshire RG42
From £97,500* for a 50% share with a full market value of £195,000 SO RESI
CHANCEL MANSIONS
This spacious second floor apartment in Bracknell comprises two large bedrooms, reception area and separate fitted kitchen, bathroom, and hallway with ample storage space. Externally, the property offers great communal grounds with safe bike storage and unallocated residents’ parking spaces. There are many local amenities and the railway station is in nearby Bracknell.
soresi.co.uk/find-a-property/ chancel-mansions-2
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READING
THRIVING READING HAS LONG BEEN A FAVOURITE WITH
BIG TECH AND ITS FORWARD-THINKING EMPLOYEES, AND WITH CONTINUED GROWTH IN THE TOWN, ITS HOMEBUYER APPEAL IS ON THE RISE
Home to a bustling centre, university, historic abbey and
200,000-plus population, Reading is a city in every way but name. The Berkshire town is one of the largest settlements in the UK not to have city status. Thirty minutes west of London and with easy access to Heathrow airport, the town has long been a favourite with big tech firms, which love its connectivity. Big tech continues to flourish here, with Reading forming a major part of the Silicon – or M4 – Corridor, the UK’s answer to Silicon Valley. With companies in the area including Microsoft, Oracle, Huawei and Cisco Systems, the town has been named one of the best cities in the world for tech (despite officially being a town). With so much growth and innovation, this is an exciting place to put down roots.
WHO LIVES HERE?
Luckily for residents, Reading recently ranked highly in a poll for friendliness – making its inhabitants among the most affable in the UK. The population is young, too – with the average age in the 30s – perhaps a result of the university and large number of big firms with young professional workers. There are plenty of homes for commuters and students in and close to the town centre, while outlying areas such as Earley and Woodley are popular with young families and those looking for a quieter pace of life, along with great options for family friendly pursuits.
SHOPPING
Reading town centre offers a wide-ranging and varied shopping experience. The Oracle shopping mall, which sits on the riverside, is
great for big-name shops including H&M, Apple Store and Pandora, with a selection of pit-stops for coffee and lunch. A second shopping centre, Broad Street Mall, is just a few minutes away – this is the site of a new street food market along with new homes and a hotel. Reading farmers’ market runs twice a month and is well known for its offering of fine produce, food and drink from local makers.
EATING OUT
A large and diverse population is reflected in the great choice of options when it comes to food.
For laid-back lunch options, choose from some good cafes including Picnic Cafe and Shed. For dinner out, London Street Brasserie, run by locally known entrepreneur Paul Clerehugh, is a local favourite, while Tutu’s Ethiopian Table is somewhat of a Reading institution, with authentic stews and pancakes featuring on the menu. Fine dining comes naturally at Michelin- starred L’Ortolan, serving French cuisine in Shinfield. Joining the many eateries in the centre of town, Union Market, housed in the Broad Street shopping mall, is an exciting addition. Specialising in street food, it will include a brewery and 350 seats, ensuring a lively atmosphere.
OUT AND ABOUT
From theatres and cinemas to comedy clubs and live music venues, nights out in Reading are well catered for. Catch shows at the new Reading Rep or the Hexagon, or pick from several cinemas for a movie night. Enjoy live music at several bars in the town centre, while of course the famous Reading Music Festival attracts top music acts and fans from across the world.
There are plenty of options for family days out, including visiting the ruins of the historic abbey, Highclere Castle, or seeing the replica Bayeux Tapestry at Reading Museum. Heading outdoors, exploring the Thames Path is a favourite with walkers and cyclists, with View Island a great spot for exploring the local wildlife. Riverside parks Kings Meadows and Christchurch Meadows are good for picnics and days out, while the beautiful Berkshire countryside is mere moments away.
TRAVEL CONNECTIONS
Forty miles west of London and located just off the M4, Reading acts as a gateway to the South, the West and the North. You can reach Heathrow airport in around 30 minutes, making international travel easy. Commuting into London takes just half an hour, while the muchheralded Crossrail (aka the Elizabeth Line), will soon connect Reading to Essex and south east London, as well as providing fast journey times to central London. For travel inside of Reading and Berkshire, the area is served by an excellent bus network, which connects the various outlying areas with the centre of the town.
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REAL LIFE
AS A SOCIAL WORKER ON A MODEST SALARY, VUYO
MAGWAZA, 47, THOUGHT HOMEOWNERSHIP WAS OUT OF REACH UNTIL SHE DISCOVERED SHARED OWNERSHIP AND FOUND THAT SHE COULD AFFORD A 50% SHARE OF A RESALE PROPERTY WITH SO RESI. AFTER BUYING A TWO BEDROOM MAISONETTE NEAR WOKING, SHE SAVED FOR FIVE MORE YEARS TO BUY ADDITIONAL SHARES IN HER PROPERTY AND NOW OWNS 100% OF HER HOME
Vuyo had been living because the decision of when to in a one bedroom buy further shares, and how key worker flat, but much, was down to me.” she wanted to adopt Vuyo’s mortgage a child so needed repayments are more space and the £930 a month and security of owning she has rented her her own home. second bedroom She paid £87,500 to a student to help for a 50% share offset the cost. (full market value Although shared £175,000), putting ownership is down a 5% deposit associated with new with a mortgage for properties, around a third the balance. In addition, are resales according to the she paid rent to SO Resi on Council of Mortgage Lenders. the share it owned. Through Vuyo said, “I was already determined saving, Vuyo “I was worried that living in Woking and staying bought a further 35% of her home four years later, increasing to 85%, then the it might be difficult buying extra shares in my home, but it was in the area was convenient; I didn’t have to change my lifestyle or move away from following year she bought the very straightforward” my friends. The location is final 15% share and became great, it’s a half-hour walk to the the sole owner. town centre and the road and rail
“I was worried that it links are excellent. I’ve never been might be difficult buying extra happier. I have my own home, more shares in my home, but it was very space and I’m well on the way to straightforward. I felt in control building the life I’ve always wanted.”
HOW THE FIGURES STACK UP
• Full market value – two bedroom maisonette – £175,000 • Initial share (50%) – £87,500 • Deposit – £4,375 • Current mortgage repayment – £930 a month
So Resi offers shared ownership on resale and new homes across London and the South East. For more information please visit: soresi.co.uk or call 020 8607 0550
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TRUST PILOT REVIEWS
Emma
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Andrea is amazing!
Andrea has been nothing short of AMAZING! From being extremely personable and taking an interest into likes and dislikes prior to viewing to being very patient while looking around the flats. Nothing was too much for Andrea and the help that she has given since with dealing with other areas of the property has also been great. Would not hesitate to use again, nor be in contact with Andrea should I need anything. Thank you!!
Jessica Mills
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Great experience
The SO Resi team has been friendly and a pleasure to deal with. From viewing the property through to completion, we have had a good experience. Throughout the process there was good communication and although there were delays in the development, we were able to arrange completion and get the keys at the earliest opportunity. Thanking everyone involved, especially Zoe and Karen for their help in the purchase of our new home.
Mr Leslie Norman
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Attentive, courteous and competent attention
We received very attentive, courteous and competent service from start to finish and we are grateful.
Chelsea Glover
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Thank You!
We recently exchanged on a property in Arborfield and could not fault the team at So Resi. Katie, Jacqui, Sunita & Roc have all made the process go so smoothly, they’ve been amazing with answering any queries we may have and just in general been extremely helpful and wonderful. Thank you for making the process so much easier for us, we appreciate and are very grateful for everything you have done along with your time and effort. Thanks again
Charlie Bellars
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Buying a shared ownership property
We’ve had a wonderful experience purchasing our property through Stephanie. From the first phone call right the way through the process she has been extremely helpful and upbeat. Everything we’ve asked has never been too much trouble for her and more than willing to answer anything whether big or small. We are very thankful for all the support she has given us.
