What does shared ownership mean?
What exactly does "shared ownership mean"?
Asked on Apr 9 2013,
General in Ellesmere Port |
Shared ownership refers to schemes that are provided through housing associations. You will buy a share of your home (between 25% and 75% of the home’s value) and pay rent on the remaining share.
You’ll need to take out a mortgage to pay for your share of the home’s purchase price.
Answered on Apr 9 2013,
As mentioned in the answer above, shared ownership is essentially a scheme operated through housing associations that allows people to get onto the property ladder when they may not have been able to in the past.
There are a number of criteria you must fulfill to be eligible for this, such as not being able to afford a home through the conventional channels. If you are able to buy through the schemes, then shared ownership allows you and the association to enter a deal whereby you will purchase a portion of the house (between 25 and 75 per cent typically), and they buy the rest.
From this point, you will pay proportional rent based on how much of the property you own. Crucially though, you can buy the rest of the house on a stepping stone system where you purchase shares at different times to eventually take you to full 100 per cent ownership.
Answered on Apr 10 2013,
Didn't find what you were looking for? Ask a question
More General in Ellesmere Port questions on AskMe
See more AskMe Q&A about General