Shared Ownership
Shared ownership schemes or fractional ownership, as it some times called are now a hugely popular way of buying luxury assets like a second home, as they ultimately spread risk and in these uncertain financial times, spreading risk or avoiding risk is the way to go.
Where our scheme differs from other shared ownership schemes is that most only offer 4, 8 or 12 shares and if you’re buying an apartment worth £300,000, that’s still a considerable sum of money and in any event, you might never use 3 months a year (4 shares) or even a month a year (12 shares).
By dividing our apartments into 50 shares, each with an entitlement to one week, we believe we have a product, which is both very affordable and more practical. We have also designed our scheme to be flexible to suit your changing needs, so that if you didn’t want to use your week one year, you can let it or use part and let the remainder. Also if you wanted to swap your week for a different week, subject to availability, that can also be accommodated.
Whilst you still own a part, albeit a smaller part, of the underlying asset (being the long leasehold interest- 125 years), you also get a specific week each year to holiday at The Cove for no more than small service charge. If you want two weeks or longer of course you can always buy more shares and from prices starting at £3000, you wont have to break the bank to do so. Ultimately, if you’re someone who is looking to beat this “Credit Crunch”, whilst still enjoying the finer things in life this opportunity is for you.