Shared Ownership Housing
Shared ownership is a scheme to help first-time buyers get a foot on the property ladder. You buy a share in the property, typically 50%, 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. You would normally only be considered for the local council area in which you currently live or work. Priority is usually given 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.
Shared Ownership Housing Frequently Asked Questions
- Can I Buy Additional Shares Of The Property?
- Can I Sell My Property On The Open Market?
- Do I Have To Pay Ground Rent And Service Charge And How Much Will This Be?
- Do I Pay Stamp Duty When Purchasing An Existing Shared Ownership Property?
- How Long Do I Have To Complete A Staircasing Transaction?
- See more Frequently Asked Questions...
The Residential Property Team at Fosters Solicitors have a wealth of experience and knowledge to assist you in relation to any legal property query or matter you may have. Call us on 01603 620508 or complete our online enquiry form and a member of the department will be in touch very soon.
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