A Popular Way of Getting on the Property Ladder
Shared ownership is becoming an increasingly popular way of getting onto the property ladder, and gives you the opportunity to increase the percentage of the property owned, as circumstances may permit. You can buy a larger share of the property in the future, and you could eventually own 100%.
An independent assessment of the market value of the property may be required, and this should be carried out by a Chartered Surveyor.
A market valuation is also required by the co-owner before a property can be sold, and a market valuation by a Chartered Surveyor may be appropriate.
Shared ownership schemes are a cross between renting and buying, and are a popular choice for first time buyers. You purchase between 25% and 75% of the property, and pay a reduced rate of rent on the rest, and you can buy a bigger share of the property later on.
This method of entering the housing market is more achievable for first time buyers, as the monthly mortgage payments and deposit are both smaller.