Posted: 04 Jul 2017
#New Home #First Time Buyer
A guide to owning your shared ownership property in full
A common misconception about shared ownership is that once you buy a share in your first home, you can never own 100% of your property. However, this couldn’t be further from the truth.
In actual fact, shared ownership gives you the opportunity to buy an increased share in your property, at a convenient time for you. This option is called “staircasing”.
When you buy an additional share of your shared ownership property via staircasing, your shared ownership rent will decrease. You can eventually get to the stage where you own 100% of your property, and you’ll be entirely rent free. You will just need to pay your monthly mortgage fee, if applicable.
Plus, if you decide that you want to move from your shared ownership home, we can help sell your property. We proactively contact all of our applicants who are waiting for a shared ownership home, and also publish your property on our own website. If you’re interested in reading more about resales, you can find out more here.
Are you looking for a stylish affordable home?
Southern Home Ownership is dedicated to providing stylish, high quality and affordable new homes for sale on a shared ownership basis.
If you're a first time buyer and interested in owning a shared ownership property in London and the South East then click on the link to take a look at our latest developments.