One and two bedroom apartments available in Haringey – ideal for first time buyers First time buyers can get a glimpse of stylish North London living at the show apartment at The Folium, Catalyst’s new development in leafy Muswell Hill. Providing opportunities for first time buyers to get on to the property ladder in…
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.
Modern Shared Ownership apartments available in Hammersmith & Fulham Have you been dreaming about buying your own home and getting on the property ladder in London? If you’re looking to become a first time buyer in the capital but feel like your deposit could use a boost, why not think about Shared Ownership with Legal…
First time buyers secure their oasis at Heron Quarter Becci a Senior Grants and Programmes Manager at the PRS Foundation and her partner Dan have just purchased a 30% share of a two bedroom apartment at Notting Hill Genesis’ Heron Quarter at Woodberry Down development. Already renting a one bedroom flat at the Woodberry Down…