Перегляд вихідного коду сторінки A Guide to Shared Ownership

It is particularly suitable for people with a regular income who want to buy their personal home but can't afford to do so via conventional techniques. Find out how shared ownership works and if you qualify.

Who is eligible for shared ownership property?

The scheme is intended for people who cannot afford to buy a suitable home in any other way. It is supplied through "HomeBuy agents", who will determine if you can buy a home this way. HomeBuy agents are housing associations that have been authorised to run schemes for people who have difficulty buying a home.

You can only buy a home through shared ownership if:

your household earns £60,000 a year or less,
you can't otherwise afford to buy a home in your area.

A household is the number of people who are purchasing the home. For example, a household might be you alone or you and your companion.

Shared ownership is open to:

    individuals who rent council or housing association properties,
    first-time buyers (you are a first time purchaser if you have not owned a home before)

You can also get help via shared ownership if you used to own a home, but cannot afford to buy one now.

How does it work?

You may buy 25%, 50% or 75% share in your home. You will need to obtain a mortgage to fund the share that you own. You pay a rent on the share that you don't buy - usually up to 3 percent of the share's worth. The bigger the share that you buy, the much less rent you have to spend. The other share is generally owned by a housing association. Your income will need to be high sufficient that you can reasonably afford the rent and mortgage payments but low sufficient that you do require assistance.

Shared ownership properties are always leasehold. This indicates that you personal them for a fixed period of time, usually 99 years.

When you buy your home, you turn out to be the owner of the lease. The housing association will grant you a lease for the fixed period. Even though you do not buy outright, shared ownership indicates that you will have sole correct of occupancy. You have the normal rights and responsibilities of a full owner-occupier as set out in your lease.

Gradually you may buy further shares in the property, recognized as staircasing, and eventually own your home outright. If you wish to buy additional shares you'll need to serve notice on the housing association who will than have the property valued. The price you pay will be the percentage of the market value as per the valuation which relates to the percentage you are buying.

How to apply for the shared ownership scheme

If you are interested in buying a home although shared ownership, you will require to get in touch with the HomeBuy agent in the region that you wish to live. Every HomeBuy agent will have an online application form which you will require to submit for approval.

How do I sell my shared ownership property?

Occasionally you'll want to sell the shared ownership property. Did you discover our [https://docs.google.com/document/d/1jcMuoVW-CF7Pmg8aX2sl_vd3BiA11oFFlQqmiPrUSKQ/edit real estate] details useful, please allow us recognize