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
- Do I Pay Stamp Duty When Purchasing A New Shared Ownership Property?
- Do I Pay Stamp Duty When Purchasing An Existing Shared Ownership Property?
- Can I Buy Additional Shares Of The Property?
- Do I Acquire The Freehold When Purchasing A Leasehold Flat And Staircasing To 100%?
- Is Staircasing Registered At The Land Registry?
- 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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- Are You Selling Part Of Your Land?
- Shared Ownership: A Question & Answer Session
- Mortgage Lending For First Time Buyers
- Calling All First Time Buyers
- Prize Draw Winner Announced
- A Visual Guide To Selling Your Home
- A Visual Guide To Buying Your New Home
- How Long Will My Sale & Purchase Take?
- New Builds: What You Need To Know