As this year’s Shared Ownership week has kicked off do you know exactly how you can use the scheme to get on the property ladder?
Experts recommend this way to buy a home for people with limited means looking for affordable ways to ownership.
If you are wondering what shared ownership is, here are five questions about the scheme answered by the Notting Hill Housing association, which has over 30,000 properties under management.
1. What is Shared Ownership?
Shared Ownership is a government-funded scheme designed to help you get on the property ladder.
Shared Ownership enables you to buy a share of a property that you can afford – usually between 25% and 75% – and pay us rent at a level below market value on the rest.
We help you work out what share you can afford to buy so that you won’t be stretched financially. With shared ownership you can usually buy further shares of your home as and when you can afford to.
2. What sort of home can I buy with Shared Ownership?
From studio flats to four-bedroom houses. There’s a good choice because of the constant building or renovating of homes.
Notting Hill Housing also sells around 150 resales each year. These are homes currently owned by existing shared owners who want to move on.
3. What size of property can I buy?
Your salary will usually be the deciding factor in the size of the property you can buy.
Notting Hill Housing generally sets aside the larger properties for people with children or those with other dependants, although this isn’t always the case.
In your Shared Ownership application form you’ll be able to say what you would prefer in terms of the property size and borough. Notting Hill Housing can also help you set your budget.
4. How much will Shared Ownership cost?
We set prices according to open market valuations, so you can be confident you’re getting a fair deal. Read more about what you’ll pay for your home.
5. Are there any restrictions on Shared Ownership homes?
In most Shared Ownership homes, there are restrictions on:
- Keeping pets
- Having satellite dishes
- Laying wooden floors.
The Shared Ownership week is being held between 5 and 11 of October. Apart from tips, the event’s web page offers a number of real-life success stories of people who had purchased their new home using the scheme.
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