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.

The schemes are available for new-build and older properties, depending on your preferences and eligibility. You should be eligible for shared ownership schemes if your household income is no more than £80,000 and you are not a current homeowner.

Shared ownership mortgages usually only require a deposit of 5% of the total value of the property, making them a suitable property ownership solution for households with low income. The local housing association have first refusal if you wish to sell the property, and they have certain rights to buy the property back first.

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If you would like to find out more about my valuation services, call me today on 01983 731 198 or fill in the form on our contact us page.