Selling a house can be a daunting process, and those that wish to sell their property have to go through a somewhat long and complex process more…
If you don’t have enough money saved up or coming in for a full deposit and mortgage, shared ownership is a flexible way to build up equity in a property which you co-own with the housing provider.
Shared ownership lets you buy part of your house from a social landlord or housing association and then pay rent on the rest.
You can buy an initial stake in a shared ownership home between 25% and 75% of its value, with the option to buy a larger share later – known as ‘staircasing’. Most people pay for their share by taking out a shared ownership mortgage, but you can also use savings to purchase equity.
To be eligible for shared ownership, you must:
- Have household income less than £80,000
- Not currently own a property, although you are allowed to have owned one in the past
Shared ownership properties are always leasehold rather than freehold – your solicitor will be able to advise you on the implications of this as well as perform the necessary checks to ensure the terms of the leasehold don’t disadvantage you.
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