Property is considered as one of the best investments you can make with your money. However, whilst many first-time buyers may be able to afford the higher rents of the capital and other cities within Great Britain, they may not pass the affordability criteria required to secure a mortgage of a much more affordable monthly payment. This is a common frustration and can be bypassed with the help of purchasing a shared ownership property. The shared ownership scheme offers the chance for more first time buyers to get onto the property ladder and choose from a variety of newly built properties, or existing properties through a re-sale program.
You can apply to own a share between 25% and 75%, with rent being payable by you to the landlord on the remaining share.
As your financial circumstances increase, you can then apply to purchase more shares until you eventually own your property outright; this known as ‘staircasing’. At this point you will own 100% of your property and the shared ownership.
Here at QualitySolicitors Amphlett Lissimore, we have specialist lawyers, Nigel Mathews and Asan Valimohamed, who provide legal services to clients wishing to purchase, sell or staircase a shared ownership home.
You may be eligible to buy a home through a government Help to Buy scheme or shared ownership in England if:
- Your household earns £80,000 a year or less outside London
- Your household earns £90,000 a year or less within London
- You are a first-time buyer
- You used to own a home but can’t afford to buy one now
- You are an existing shared owner wanting to move
No matter if you buy a house or a flat, you will enter into a shared ownership lease. This sets out your terms and conditions with the Housing Association in connection to your ownership of the property you are buying.
The first point of call is to contact a local ‘Help to Buy Agent’ in the area you wish to live. These can be found at the government's website: https://www.helptobuy.gov.uk/equity-loan/find-helptobuy-agent