What does shared ownership mean?
Asked on Dec 6 2010,
General in Chesham |
Shared ownership is when you buy a percentage stake in a property, usually 25 to 50 per cent from a housing association. Although this can be affordable, as you only own a percentage of the property, you will miss out on some of the equity growth if the housing market rises.
You can, however ‘staircase‘ which means buying another portion of the property later on.
Answered on Dec 6 2010,
Shared ownership is the most common way of purchasing affordable housing from a Housing Association or Registered Social Landlord (RSL).
It allows you to purchase a share in a property, which can be anywhere between 25% and 75% with 50% being the usual average.
Most Housing associations also look at Key worker schemes as well so if you are a Nurse, in the Police etc then to help you find a property in your local area which can then be affordable they help you purchase the property and keep say 25-50% of the property
There are currently over 2,000 Associations in England. RSLs are social landlords who are registered with the Housing Corporation.
The majority of RSLs are Housing Associations, but some are co-operatives, companies and trusts. Housing Associations are run as businesses
Answered on Dec 7 2010,
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