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What does shared ownership mean and how do I find shared ownership houses near me? Learn how you can part buy part rent a property with shared ownership
Shared ownership is a home ownership scheme. If you are first time buyers, 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 with a shared ownership home.
Are there shared ownership houses for sale near me?
Let MovingSoon help you find your shared ownership home to part buy part rent
MovingSoon have seen some incredible shared ownership properties in our time. Believe us when we say that it really does mean being able to part buy part rent a beautiful, hassle free shared ownership home. Like help to buy it’s a tenure that helps people buy a home affordably.
You are probably aware of help to buy. You may also have heard about shared ownership, or part buy part rent, but perhaps you’re not quite sure how it all works? Perhaps you’ve landed on this page because you are thinking about a part ownership property, but want to know more.
Shared ownership is a different type of scheme to help to buy. Housing associations typically offer shared ownership. Put simply, shared ownership means that you are buying a share of between 25-75% of a property. You pay rent on the remaining share which is usually owned by a housing association. Thus you are part buying part renting your shared ownership 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 home is less than the rent they are currently paying. It is an affordable option to buy a home.
To be eligible to part buy a 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 are new homes and 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??! Start your search and prepare to be stunned by the housing association shared ownership part buy part rent properties available. Find your shared ownership new home or resale properties today.
If you would like to learn more about how to buy a home with shared from housing associations and other affordable housing providers before heading off, have a read below…
Do I need a shared ownership mortgage?
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.
Will I need a deposit for a shared ownership mortgage?
You will most likely need a 5% deposit on your share of the property. However, this will depend on the shared ownership lender.
Is the rent paid on shared ownership expensive?
The rent charged is usually less than rent on the open market and usually calculated at 2.75% of the property value per annum.
Do I need to pay stamp duty and solicitors fees for a shared ownership house?
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%.
Can I buy a bigger share of my shared ownership house?
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.
Are shared ownership properties freehold or leasehold?
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.