Shared Ownership And Other Schemes
Are you struggling to get on the housing ladder?
Take a look at some of the other options to buying your home outright. Schemes such as shared ownership, shared equity and right to buy are increasingly common. By reducing costs they can make home ownership a possibility. So how do they work?
You own a share of the property and pay rent for the remaining part. You can usually purchase more shares until you own the property outright. This is known as staircasing.
We are experienced in helping our clients through the shared ownership process and with staircasing. There is more information on shared ownership in the video guide on our Conveyancing Resources page.
If you have a small deposit, you may still be able to buy a home using a shared equity scheme. You take out a second “equity” mortgage or claim a discount which is repayable to the developer or housing association. These usually have a very attractive interest rate and do not require monthly repayments. However, they do require full repayment within 10 years.
Again, we have experience in helping our clients with shared equity purchases.
Right To Buy
If you are a tenant renting from a Local Authority or Housing Association you may be able to buy the property you are living in. This is normally at a discounted price. The discount schemes vary from authority to authority but you can usually buy your home for a very beneficial rate.
We regularly handle Right To Buy transactions for our clients and will be happy to help you through the process. There is more information on Right To Buy in the video guide on our Conveyancing Resources page.
Have a question about any of these schemes? Just give us a call on 0114 249 6926 and we’ll be happy to answer them.