Shared Ownership Key Terms To Know
Whether you’re a first-time buyer, or you don’t currently own a property, Shared Ownership is a great way to get onto the property ladder. However, we know it can be daunting when beginning the home buying process and coming up against a dictionary’s worth of jargon that you may not understand. We’ve defined a few of the key terms you will need to know when beginning your Shared Ownership journey:
Shared Ownership: Shared Ownership is a type of affordable home ownership when a purchaser takes out a mortgage on a share of a property and pays rent to a landlord on the remaining share.
Staircasing: Staircasing is the process of buying further shares in your Shared Ownership home.
Stamp Duty: Stamp duty is the tax levied on property purchases. The tax applies to both freehold and leasehold properties. It is calculated on the part of the property purchase price falling within each band.
Second Steps: If you own a Shared Ownership home and have outgrown the property, Second Steps allows you to sell the property and purchase a new home within London on the open market.
Mortgage: A mortgage is a loan typically used to buy a home or other piece of real estate, for which that property then serves as collateral.
Deposit: A deposit is the amount of money you pay upfront towards the full cost of a property whilst your mortgage covers the rest.
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