Some answers to those burning questions?
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What is shared ownership housing?
Shared Ownership is a way of buying your main residential home and is an affordable housing scheme. If you can’t afford to buy outright on the open market ~ with Shared Ownership you purchase a share / percentage of the property and you rent the remainder from the housing association! Simple!
We have put together some commonly asked questions, as a guide:
What percentage can I purchase?
Typically, you can purchase between 25% and 75% share (normally) in 5% tranches.
How much do I need to earn?
The household income should not earn more than £66,000 for a one or two bed or £80,000 for a three bed. At the opposite end of the scale, the minimum is £20,000. The over-riding concern is that your purchase is affordable each month!
Can I get a mortgage from any lender?
No. Shared Ownership mortgages are not every lenders “cup of tea”. This is specialist lending and is available from a number of lenders. Consult a Whole of Market Mortgage Consultant who can give you advice.
What about help with the legal process?
An experienced shared ownership conveyancer / solicitor is a must. This will ensure that the process goes smoothly and meet with the Housing Associations expectations for exchange and completion.
Many clients have “tried & tested” the following companies:
Cavendish Legal Group in Walthamstow (London) T: 0208 509 6892.
Lawcomm Solicitors in Whiteley (Portsmouth) T: 01489 864173.
Direction Law in Canterbury (Kent) T: 01227 812733.