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Archive

10 Facts & Features of Shared Ownership

Posted: 13 Sep 2017

Category: General

Hashtags: #New Home   #First Time Buyer   

There are many aspects of Shared Ownership that pleasantly surprise people looking to get on the property ladder. We’ve compiled a round up of the 10 most interesting facts & features of Shared Ownership.

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There are many aspects of Shared Ownership that pleasantly surprise people looking to get on the property ladder. We’ve compiled a round up of the 10 most interesting facts & features of Shared Ownership.

 

1. You don’t need to purchase a large share

In order to purchase your Shared Ownership home, you don’t need to secure a large initial share of the property. You can buy as much of the property as you can afford. In general, your share can be as little as 25%, up to a maximum of 75%.

 

2. You only need a deposit and mortgage for your share of the property.

You only need a deposit and a mortgage for the share that you’re purchasing. The deposit amount can be as little as 5-10% of your share of the property (not the overall property value). This means that the required deposit amount can in fact be significantly smaller in comparison with buying a home on the open market.

 

3. You can own 100% of your Shared Ownership property

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. In actual fact, Shared Ownership gives you the opportunity to buy an increased share in your property, at a convenient time for you. This is called “staircasing”. You can eventually get to the stage where you own 100% of your property, and you’ll be entirely rent free. 

 

4. You can purchase a property with a friend

A common misconception about Shared Ownership is that you need to purchase a home on your own. However, this couldn’t be further from the truth. In fact, Shared Ownership was created to be as flexible as possible to help you get on the property ladder. With this in mind, you can purchase a property with your partner, a friend, brother, sister, cousin or anyone else you deem to be of housemate material. 

 

5. There are a wide range of Shared Ownership properties to choose from

We have a wide variety of properties within our Shared Ownership portfolio. You can find anything from one-bedroom apartment to a four-bedroom house, and everything in between. Our portfolio also includes a range of urban, country or coastal locations.

 

6. Prices are strictly regulated

Pricing for Shared Ownership properties is strictly regulated so you can be sure that the price you pay accurately reflects the market value at the time. All of our Share Ownership homes are valued by an independent qualified surveyor from the Royal Institute of Chartered Surveyors (RICS).

 

7. Shared Ownership is often cheaper than renting

Owning a property through Shared Ownership is kind to your bank balance. The monthly mortgage cost and low rent charged by us usually adds up to less than the rental payments to a private landlord for a similar property.

 

8. First time buyers and existing home owners

It’s worth noting that we don’t just cater to first time buyers. We also consider applications from existing homeowners. Applicants must have sold their home or have it on the market to be eligible. 

 

9. Shared Ownership properties aren’t just new builds

There’s a common misconception that all Shared Ownership properties are new builds. This isn’t the case at all. We have a variety of homes on the market at any given time, many of which are resales. Resales are available to first time buyers and can be found here. 

 

10. Reselling your home is a straightforward process

If you’re looking to sell your share, then it’s simple. You notify us and we’ll look for a buyer to purchase your share in your Shared Ownership home. You can sell your share at any time. As per your lease, we’re given a period of time in which to find you a buyer for your share.

 

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.