Purchasing a property is the biggest financial commitment many of us will make – and with soaring house prices over recent years, affordable home ownership schemes have been introduced to try and open the property ladder up to more people – shared ownership is one such example.
Although primarily aimed at first-time buyers, you can also be eligible for the scheme if you meet some of the other criteria listed on GOV.UK.
The scheme means you buy a share in a leasehold property, typically between 25% and 75%, and pay a subsidised rent on the remainder. In the future you can buy further shares and eventually own the property outright. You must be able to raise the purchase price of the share on offer (usually by mortgage) and be able to afford all the monthly payments – i.e. mortgage, rent and service charge.
There can be some restrictions to where you can buy a property – with consideration normally only given for the local council area in which you currently live or work, and priority to existing council and housing association tenants, key workers (essential public sector, e.g. teachers, NHS staff, police), and people registered on the housing register list.
Purchasing a shared ownership property can involve a few more complexities and additional paperwork, but our specialists have experience in supporting those purchasing through the scheme, whether that’s as a first-time buyer, or someone who’s an existing share owner.
What can I do with my shared ownership property?
Understandably before signing up to a shared ownership agreement you will want to understand what, if any restrictions, there might be to what you can do with your home in the future – we answer some frequently asked questions.
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