Shared ownership is a government backed scheme. It enables first time buyers to get on the mortgage ladder by buying part of the house or flat and financing the balance by renting from a Housing Association or other provider. Most buyers require a minimum of 25% but some buy up to 75% at the outset. This purchase is normally funded from a purchaser's own resources or with a mortgage from a bank or building society.
In every shared ownership lease, a buyer is entitled to purchase additional shares of the property after he or she has owned it for 1 year. The property does have to be revalued and the share is calculated at current market values. This is known as 'staircasing'. In most circumstances, if additional shares are purchased, the rent to the housing association or other provider is reduced, to reflect the increased ownership of the purchaser.
Most shared ownership schemes allow purchasers to purchase up to 100% of the property, so that in time, they become full owners of the whole interest in the house.
Sarginsons Law have been dealing with shared ownership acquisitions from the time they were first introduced by the Government in the 1970's.
For a comphrensive guide to our pricing for conveyancing costs, please click here.
If you would like an no obligation quote for your Shared Ownership purchase please contact us via;-
Telephone: 02476 55 31 81