What does part ownership mean?
Asked on Mar 2 2013,
New Homes in Manchester |
Part ownership or shared ownership is a scheme put in place by the government and operated by housing associations to allow those with ownership aspirations, but no means to be able to afford a home in the open market, a chance to buy.
Typically it will involve purchasing around 25 per cent of a home initially, with the other 75 per cent being funded by a housing association. From there you will pay rent on a monthly basis, dependent on what proportion of the home you own.
From there, you can purchase increments of the home over time to eventually take your share up to 100 per cent, with rent decreasing as ownership goes up.
You move up the ladder on a share-by-share basis, and you can eventually become the full owner of the home.
Answered on Mar 5 2013,
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