A Guide to Shared Ownership
You can buy a home through the shared ownership scheme if you cannot afford all of the deposit and mortgage payments for a home that meets your needs.
You buy a share of the property and pay rent to a landlord on the rest.
Do you qualify?
1. Does your household earn £80,000 a year or less? (outside of London)
2. Are you a first-time buyer?
3. Did you previously own a home but can't afford to buy one now?
4. Are you an existing shared owner looking to move?
5. You are at least 18 years of age.
6. Do you have a reasonable credit rating?
7. You have at least £1,500 savings to cover the one-off costs involved in buying your new home. This does not include any mortgage deposits, developer reservation fees or stamp duty (if applicable.)
Providing you meet the eligibility criteria, shared ownership schemes can be a way to get onto the property ladder, particularly if you have a low income or are first time buyers. You may find that you can purchase a larger home that you would not have otherwise been able to afford. It is important to be aware of the rental payments & service charges due.
Buying your property outright - Staircasing
After you have purchased an initial share of your shared ownership home, normally you will have the option to purchase further shares - up to 100%. This process is known as staircasing. You do not have to staircase but this will reduce the monthly rental payments.Furthermore if the property price has increased then it will allow you to make more profit when you come to sell.
Customers looking to staircase should contact their housing association.
Scrivins & Co have plenty of experience selling shared ownership properties. Contact us today if we can provide you with any help or advice with regards to your shared ownership home.
1. Does your household earn £80,000 a year or less? (outside of London)
2. Are you a first-time buyer?
3. Did you previously own a home but can't afford to buy one now?
4. Are you an existing shared owner looking to move?
5. You are at least 18 years of age.
6. Do you have a reasonable credit rating?
7. You have at least £1,500 savings to cover the one-off costs involved in buying your new home. This does not include any mortgage deposits, developer reservation fees or stamp duty (if applicable.)
Providing you meet the eligibility criteria, shared ownership schemes can be a way to get onto the property ladder, particularly if you have a low income or are first time buyers. You may find that you can purchase a larger home that you would not have otherwise been able to afford. It is important to be aware of the rental payments & service charges due.
After you have purchased an initial share of your shared ownership home, normally you will have the option to purchase further shares - up to 100%. This process is known as staircasing. You do not have to staircase but this will reduce the monthly rental payments.Furthermore if the property price has increased then it will allow you to make more profit when you come to sell.
Customers looking to staircase should contact their housing association.
Scrivins & Co have plenty of experience selling shared ownership properties. Contact us today if we can provide you with any help or advice with regards to your shared ownership home.