According to the Land Registry, £2bn of new build leasehold houses were sold in England and Wales in the last year alone. In the same 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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