Sundry Debt

Shared Ownership Scheme

These are properties in which the Council owns a share and the tenant who owns the remainder, pays monthly rent to the Council.

Please Note: The Isle of Wight Council no longer grants new Shared Ownership leases 

Areas Covered by the Shared Ownership Scheme:

  • Binstead - Hillrise Avenue
  • Ryde - Tandy Close & Southfield Gardens
  • Wootton - Downsview Gardens & Mary Rose Avenue

Customer Accounts: are responsible for the billing and collection of rent. Rent is due monthly and should preferably be paid by direct debit.

Property Services:  are responsible for requests to purchase additional shares in a property. Shares are in multiples of 12.5%.  

Existing Shared Ownership Tenants who wish to:

1. Sell their property

If you wish to sell your property and move on, these are the initial steps you should consider:

  •  You can market your property as any other owner by selling yourself or through any local Estate Agent.
  • The Council does not have any list of persons wishing to purchase shared ownerships and does not become involved in the marketing of these properties.
  • Your property can be marketed as a Shared Ownership or as a 100% privately owned property (which means that you will buy the Council’s share and sell the whole to your buyer on completion of the sale).
  • The lease provides that the property should be offered back to the Council before any sale of your share. The Council’’s current policy is not to purchase back and in fact it is keen to sell all of it’s shares.
  • The Council will not need to be contacted at this stage.
  • You can market your property as any other owner by selling yourself or through any local Estate Agent.

You can market your property as any other owner by selling yourself or through any local Estate Agent. Steps to consider when you receive an offer: 

Your next step to take depends upon whether your Buyer requires a shared ownership or a completely privately owned property.

  • If your Buyer requires a shared ownership you need not contact the Council.
  • However the Council’’s Property Services section will require two financial references from the incoming tenant before the sale can proceed - one from a bank and one from a current employer (these must be financial  & not character  references as the latter are not acceptable)
  • If your Buyer requires a privately owned property then you need to contact the Council’s Property Services section to obtain an independent valuation of the Council’s remaining share so that this can be paid to the Council on the day you complete your sale.
  • You also need to contact your solicitor at this stage.

 

2. Purchasing Additonal shares

How to purchase additional shares from the council and how much cyou can purchase

At any time you may purchase additional shares in the property in multiples of 12.5% or indeed the whole of the Council's remaining share of the lease. You should initially contact the Council's Property Services section who will obtain an independent valuation for the required share and once this is received you should contact you solicitor. If you will be requiring a mortgage advance to fund your purchase you should visit your bank/building society first as once a valuation is requested there will be valuer’s fees payable by yourself.

The Valuation:

Before any valuation is carried out cost of the independent valuers fees set out below must be paid in advance. The valuation the Council receives is current market value and will ignore any value attributed by any improvements you have made but will also disregard any depreciation in value of the property caused by failure or neglect to comply with the lease obligations. Once a valuation figure is confirmed you will have six weeks in which to accept such a valuation - failure to do so may mean that another valuation will need to be obtained at additional cost.

How much will it cost

The Council’s legal and valuation fees are payable in connection with all the transactions covered on this page as well as your own costs incurred in employing a solicitor and estate agent. Current fees are available on request from Property Services.

If you pay rent

All rent due must be paid to the Council on the date of your sale or purchase. Details of all rent due can be obtained from Customer Account Services.

To contact us please use the 'contact' tab at the top of this page.

For Legal and Property Services please use the A-Z of services at the top of this page to access their contact information and web pages.