Shared Ownership: The Process of Affordable Home Ownership
Looking to step onto the property ladder but struggling with affordability? Shared Ownership could be the solution for you. With Shared Ownership, you can purchase a share of your home and pay rent on the remaining share, making homeownership more accessible and affordable.
There are many reasons to be interested, but before you start visiting properties and packing boxes, you’ll need to make sure you meet the eligibility criteria. Read on to learn more about what the process of owning a home via Shared Ownership entails.
· Financial Assessment: Before you start your property search, it's crucial to complete a financial assessment. This step helps determine your eligibility and affordability, ensuring you can comfortably manage the costs associated with homeownership.
· Find Your Home: Once you've completed your financial assessment and have been deemed eligible, you can begin exploring available properties within the Shared Ownership scheme. Look for homes that match your requirements and budget, and developments in areas that suit you.
· Application: When you find the right home, you can proceed with the application process. This typically involves completing an application form and providing the necessary documentation for assessment.
· Mortgage and Deposit: If your application is successful, you'll need to secure a mortgage for the share of the property you're purchasing. A deposit may also be required, typically ranging from 5-10% of the share's value.
· Conveyancing (the legal process): Upon securing your mortgage, conveyancing begins, which involves solicitors (or conveyancers) processing the transaction of your property purchase. They’ll handle all the necessary legal documentation and ensure a smooth transition to your new home.
· Monthly Payments: After moving in, you'll be responsible for monthly mortgage payments on the share you own, as well as rent on the remaining portion, plus service charges. Shared Ownership makes getting on the property ladder more manageable and allows you to gradually increase your ownership over time.
Shared Ownership opens doors to homeownership for those who may not have been able to afford a home on the open market. Remember, getting a financial assessment before your property search is crucial to ensure a smooth and successful application process and avoid disappointment.
Want to know more? Explore our FAQs and have a look at our range of Shared Ownership homes.