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Archive

What Does Shared Ownership Actually Mean?

Posted: 06 Sep 2017

Category: General

Hashtags: #New Home   #First Time Buyer   

Shared Ownership explained

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A common misconception among first time buyers is that Shared Ownership means sharing a property with someone else. However, the “Shared” in “Shared Ownership” actually refers to sharing the ownership of a property with a provider; typically a housing association such as Southern Home Ownership.

 

Indeed, you are in fact welcome to take on a Shared Ownership property by yourself, or with a partner, friend or family member.

 

When you purchase your first Shared Ownership home we support you in the financials. You own a share of the property (minimum 25%) and then pay rent to us on the share you don’t own.

 

This government-backed initiative is your route on to the property market. While you only purchase a share of the property, you can live in your home as if you own it outright. Shared Ownership is also often cheaper than renting privately and you can increase your share of the property over time.

 

Also, as prices are strictly regulated and homes are valued by an independent qualified surveyor from the Royal Institute of Chartered Surveyors (RICS), you can rest assured that you’re paying a fair price.

 

Are you looking for a stylish Shared Ownership home?

Southern Home Ownership is dedicated to providing stylish, high quality and modern new homes for sale on a shared ownership basis. If you're a first-time buyer and interested in owning a property in London and the South East then take a look at our latest Shared Ownership developments.