Shared Ownership Units definition

Shared Ownership Units means the Affordable Dwellings to be occupied by persons who are in Housing Need whereby a person granted a Shared Ownership Lease can purchase an initial equity share in a Shared Ownership Unit of not less than 25% and not more than 75% and pay rent on the unsold equity with flexibility for such a person to purchase further equity shares in the Shared Ownership Unit up to 100% or such other equity sharing or retention terms from time to time approved by the Borough Council

Shared Ownership Units means the number of Flexible Dwellings disposed of or to be disposed of by way of Shared Ownership Lease set out within the Firm Scheme Details; Site means the site (including any part of it) identified to the GLA as being the area of land comprised or to be comprised in a Firm Scheme and/or the Affordable Dwellings and common areas developed as part of such Firm Scheme;

Shared Ownership Units means those Affordable Housing Units that are to be disposed of by Shared Ownership Lease or other Intermediate affordable housing as that term is defined in the National Planning Policy Framework and approved by the Council as a form of Affordable Housing at the time of the [submission of the Reserved Matters Application] Commencement of Development

Examples of Shared Ownership Units in a sentence

• The Obligation secures the units as the relevant Affordable Housing tenure in perpetuity (subject to the usual proviso in respect of fully staircased London Shared Ownership Units or those exercising the right to buy in respect of the London Affordable Rented Units).

• The Obligation makes provision as to Eligible Purchasers (in respect of the London Shared Ownership Units) – i.e persons whose Household Income does not exceed the relevant London Plan AMR upper limit (currently £90,000).

• Determinations of current use attainment are based on a comparison of a stream’s biological scores to the appropriate criteria, just as the success of any implementation actions resulting from the TMDLs will be evaluated by observed improvements in biological scores.

• A total of 22 units would be London Affordable Rent (equating to 29%) while 96 units would Shared Ownership Units (equating to 71%).

• This will also require amendments to sequencing and the following definitions:  Affordable Housing Units (FDS Development) definition;  Extra Care Units (FDS Development) definition;  FDS Development definition;  Remaining units definition;  Shared Ownership Units (FDS Development) definition;  Social Rented Units (FDS Development) definition; and  Notting Hill Housing Low Cost Home Ownership for Aylesbury Leaseholders Terms definition to add Aylesbury Homebuy terms as set out below.

More Definitions of Shared Ownership Units

Shared Ownership Units means Affordable Housing Units to be provided on a shared ownership basis by an Affordable Housing Provider which allows a purchaser to buy a share of the Affordable Housing Unit under a form of Shared Ownership Lease to ensure that leases are mortgageable and which contains provisions whereby there is a limit on the initial equity share to be sold off and a 2.75% rent on the balance of the equity unsold as at the date of grant of the Shared Ownership Lease (rising by no more than the Consumer Prices Index (CPI) plus 1%) per annum;

Shared Ownership Units means the Affordable Intermediate Units in respect of which a Shared Ownership Lease is granted and "Shared Ownership Unit" shall mean any one of these units;

Shared Ownership Units means Affordable Housing Units which will be offered for shared ownership by the Owner to persons in need of affordable housing in accordance with Schedule [ ]

Shared Ownership Units means 191 Residential Units constructed or to be constructed within Block 1 on the Kingfield Road Residential Land in accordance with the Kingfield Road Planning Permission and shown for illustrative purposes on Plan 7 (and “Shared Ownership Unit” shall be construed accordingly);

Shared Ownership Units means any Affordable Dwelling Units to be Provided as shared ownership units for sale in accordance with this Agreement;

Shared Ownership Units means the Affordable Housing Units to be constructed on the Site to provide social housing by way of Shared Ownership available for leasehold purchase on a shared equity scheme enabling the purchase of an agreed proportion of equity in a lease (of not less than 25% and not greater than 90% thereof) by the occupier who continues to pay rent on the proportion of the lease which has not been so purchased.

Shared Ownership Units. Staircasing" "Staircasing Payment" and the following new definitions shall be INSERTED:-