Part Buy Part Rent with Shared Ownership
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What does shared ownership mean? Learn how you can part buy part rent a home with shared ownership
What does shared ownership mean? If you are a first time buyer, or you have owned a property before but no longer do so, you could be eligible to get your foot on the property ladder. Part buy part rent your home with shared ownership.
Are there shared ownership houses for sale near me? Let MovingSoon help you find your shared ownership part buy part rent home
MovingSoon have seen some incredible shared ownership properties in our time. Believe us when we say that shared ownership really does mean being able to part buy part rent a beautiful, hassle free home.
You may have heard about shared ownership, or part buy part rent, but perhaps you’re not quite sure how it all works?
Put simply, shared ownership means that you are buying a share of between 25-75% of a property. The remaining share will be owned by a housing association. Thus you are part buying part renting your home. Each month you pay a combination of mortgage and rent. You will have the option to purchase more of the property as your finances increase over time meaning you could eventually own the property outright.
Many people find that their combined mortgage and rent for their shared ownership property is less than the rent they are currently paying.
To be eligible to part buy part rent your own home your our combined household income must be less than £80,000 (in London, it’s less than £90,000). The shared ownership scheme is aimed at first time buyers, last time buyers called older people’s shared ownership as well as those who may have had a relationship breakdown looking to get their own place.
Many of the homes are purpose built new build properties. So there is no need for large renovation costs or repairs. You will honestly be pleasantly surprised by what is on offer.
Ready to start your search? What are you waiting for??! Click here to be stunned by the housing association shared ownership part buy part rent properties available.
If you would like a bit more info about the part buy part rent option before heading off, have a read below…
- As with any property purchase, you will need to take out a mortgage to pay for your share of the home’s purchase price. Shared ownership mortgages are a specialist mortgage product and not always available from the high street banks.
- You will most likely need a 5% deposit on your share of the property.
- The rent charged is usually less than rent on the open market and usually calculated at 2.75% of the property value per annum.
- You will still be liable for all the normal house buying administrative costs such as stamp duty, solicitors fees and moving fees etc should you proceed to part buy part rent one of these homes. However, Stamp Duty tax can generally be deferred until your share reaches 80%.
- You can increase the shares that you own as you can afford to do so, a process known as ‘staircasing’. In most cases you can buy 100% and own the property outright. Please be aware that valuation fees occur when buying additional shares.
- Shared Ownership part buy part rent properties are always leasehold.
If you still need more information, take a look at our detailed ‘Shared Ownership: All you need to know’ page, we also have a dedicated Help section. If you can’t find what you are looking for get in touch and one of our helpful team members will be in touch.