Question 1

What is Shared Ownership?

Accepted Answer

Shared Ownership is a government home ownership scheme where you part buy and part rent a property. Typically you can buy shares ranging from 10% through to 75% with rent being paid on the remaining share.

Question 2

How does Shared Ownership work?

Accepted Answer

You get a mortgage for the percentage of the property you are buying, typically from 20% and rent the remaining part from the Housing Association.

Question 3

What are the benefits of Shared Ownership?

Accepted Answer

There are many benefits to owning a shared ownership properties with the main one being that it gives you the opportunity to own your own home. You can see the benefits of shared ownership by checking our blog on ‘is buying shared ownership a good thing?’

Question 4

Is all shared ownership in Lancaster new build?

Accepted Answer

Shared ownership can be new build or resale homes. It depends on the housing provider and what they have chosen to advertise.

Question 5

Who is eligible for Shared Ownership?

Accepted Answer

Shared Ownership homes are aimed at first time buyers, downsizers or those who used to own a home, but are unable to buy one at the moment.

You are eligible if you have a household income that is less than £80,000 per year (in London it is less than £90,000).

You can find out more about shared ownership eligibility on our blog

Question 6

Do you need a solicitor for shared ownership?

Accepted Answer

Yes, you will need a shared ownership conveyancing solicitor to complete a shared ownership sale

Question 7

Who offers mortgages for Shared Ownership homes?

Accepted Answer

There are different providers who can offer mortgages for a Shared Ownership homes. Most high street lenders offer shared ownership mortgages. You can compare shared ownership mortgage rates here

Question 8

Do you still have to pay council tax on a shared ownership property?

Accepted Answer

Yes, just like a regular sale property, you are required to pay council tax on a shared ownership property

Question 9

Do you still need to save for a deposit for a Shared Ownership home?

Accepted Answer

Yes, it is similar to buying your house outright. You will still need to have a deposit in place, typically 10% of the share of the property. So, for example, if you were buying a 25% of a property with an overall value of £100,000 this would equate to a mortgage of £25,000. So in this instance if you required a 10% deposit it would be £2,500. The remaining share of the property, £75,000, would be owned by the Housing Provider and you would need to pay them a monthly rent they will have worked out. So you will have both mortgage repayments and rent to pay. Check with a financial advisor or mortgage broker as they will be able to help you find out how much deposit you will need.

Question 10

What is Staircasing?

Accepted Answer

It is where you can buy a bigger share in your Shared Ownership home. You will need to get in touch with your Housing Provider at a later date. You can check our blog for further information on how staircasing works

Question 11

Can I buy my Lancaster Shared Ownership home outright at a later date?

Accepted Answer

Some schemes allow you to buy the whole property, while on others there is a limit. It is best to find the properties you like and to ask the Housing Associations direct what the criteria for outright ownership is.

Question 12

Is there an age limit on Shared Ownership?

Accepted Answer

No, there is not an age limit for those wanting to buy a shared ownership property over the age of 18. However, there is a shared ownership scheme directly for those over the age of 55. This scheme makes it possible for those over the age of 55 to still be able to have a shared ownership home but they can only own up to 75% of the property.

Question 13

Can you have a pet in a Shared Ownership property?

Accepted Answer

This is something which you will have to consult individually with your housing provider.

Question 14

Can rent increase on Shared Ownership?

Accepted Answer

Yes, your rent can increase. This is usually by 0.5-2% in line with any increases in Retail Price Index periodically, usually each year.

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