What does 50% shared ownership with the local council mean, financially?
Asked on Jul 26 2011,
Home Finance in Weymouth |
It means you will own half of the property with the council owning the other half.
Answered on Jul 27 2011,
This means that you own 50% of your property and are therefore paying for 50% of the total payment whereas the council own the other half.
This sounds like a shared equity property and therefore after a certain period of time you could be liable to pay for the additional 50%of the property.
Shared equity plans allows buyers to afford homes at a quicker pace than they usually would with the ownus of over a period of time the buyer to take on board the rest of the equity.
We hope this helps.
Answered on Sep 13 2013,
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