Shared Ownership is often known as equity sharing and it is a very useful and novel way of getting a start on the property ladder for first time buyers. Through the shared ownership scheme you generally buy a share in the home of between 25% and 75% of the full value and in effect rent the rest of the property until you have the money in place to buy the outstanding share.
There are a great many benefits to buying a home this way including low deposits which are ideal for first time buyers but also for families with low incomes to take the step towards owning their own home as opposed to renting a property.
Shared ownership housing schemes are mainly intended for individuals and families who cannot otherwise afford to buy a suitable home and some of these schemes are subject to local restrictions such as they may only be available to residents of specific counties and boroughs, whilst other schemes state that the applicants must be certain types of people such as first time buyers or serving military people.
The conveyancers at our firm have dealt with many types of shared ownership schemes and can provide full advice as to whether or not these schemes are open to you and the pro’s and con’s of these schemes moving forwards in what is often a new, exciting time of your life, such as buying your first home.