Share to Buy’s free London Home Show event will be returning to the Queen Elizabeth II Centre in Westminster on Saturday 21st September 2019, between 11am to 5pm. Following the success of the spring event which saw over 4,000 prospective purchasers come through the door of the QEII Centre back in March, Share to Buy will be hosting…
Shared ownership gives first time buyers and those that do not currently own a home the opportunity to purchase a share in a new build or resales property, The purchaser pays a mortgage on the share they own, and pays rent to a housing association on the remaining share, Because the purchaser only needs a mortgage for the share they are purchasing, the amount of money required for a deposit is a lot lower when compared to the amount that would be required when purchasing outright.
The purchaser has the option to increase his share during theirtime in the property via a process known as ‘s1aircasing’, and in most cases can staircase all the way to 100%, thereby owning the property outright. snared ownership properties are always leasehold.
Why buy a Shared Ownership home?
Shared Ownership is essentially for people who would like to own their own home but cannot aflam to buy an the open market. The cost of ownership is reduced by:
- The rent is less than the rate charged on the open market and usually charged at 2.75% ofthe property value per annum,
- You can start with a little as 25% share in some cases,
- Your deposit can be 5% of the price of the share, not of the whole property.
- Stamp duty land tax (SDLT or simply ‘stamp duty’) can generally be deferred until your share reaches 30%.
Shared Ownership properties can often be found in private developments as the provision of a certain number of Shared Ownership units will often be required as a part of the planning permission for a development, This can put affordable housing in the heart of some prestigious postcodes.
When I part-buy/part-rent my home, what am I buying?
Effectively you are buying a leasehold house or flat. that may be either new or a resale. However, as you cannot presently afford to purchase outright, you are paying rent on the portion that you cannot afford.
You have the option to buy further shares, up to and including 100% ownership when you are able to do so.The price of buying further shares will be based on an independent valuation at the time that you purchase the further share.
How to buy a Shared Ownership home
Getting started with Shared Ownership is not as complicated as people might think. First of all. you should check if you are eligible. Please note that in addition to the general terms. some Housing Associations and boroughs have their own terms.
Through Share to any you can find suitable Shared Ownership properties, show your interest for properties and contact Housing Associations for viewings.
When you have chosen a property, you will have to make sure you have the required deposit and get a mortgage. At Share to Buy you can compare and apply for shared Ownership mortgages.
No matter where you are in the UK, Shared Ownership can help you to take those important first steps onto the property ladder! Check out some of the latest new build and resale homes listed on Share to Buy with properties available all across the country. Shared Ownership homes in London Wharf Road by Peabody. One and two bedroom…
Situated on the banks of the River Thames, in East London’s historic London Docklands area, is The Refinery; our new development of one, two and three bedroom Shared Ownership homes. Each home at The Refinery features modern, open-plan living spaces with large windows, designed to make the most of the natural light. Each apartment also…
Peabody partner with interiors brand Swoon to help buyers move in with ease this July! Leading housing association, Peabody is currently selling stunning homes moments from Camberwell Green at The Gallery; offering a stylish collection of apartments available through London Help to Buy and spacious townhouses. And for a limited time only, from 6th –…