Buying a property is a huge expense and, for some, affording a home is beyond their reach.
But one route which could make it possible is the government’s Shared Ownership scheme.
Under the scheme, if you can’t quite afford the mortgage to buy that dream home you can buy a share of your home (40% – 60% of the value is what most house buyers start off with) and you would pay rent to a housing association on the remaining share. Later on, you could buy additional shares if or when you can afford them.
With Shared Ownership you can buy a newly built home or you can simply buy an existing shared ownership property from someone who is selling theirs.
You’ll need to take out a mortgage to pay for your share of the home’s purchase price, or fund this through your savings.
Shared Ownership properties are always leasehold. The Shared Ownership scheme, along with Help to Buy, is another way of helping people get onto – or get back onto – the property ladder.
For any help with conveyancing, or information on the property-buying process, please get in touch with the team here at Optimum Professional Services.