Can you buy 100% of shared ownership flat? or choose the minimum?

mickael28

Hello,

I've been researching about this scheme but cannot find the answer, basically I was wondering if you could buy 100% of a shared ownership flat straight away, without stair casing? (the reason for this would be that sometimes the price of the whole shared ownership flat is slightly less than those offered in the opened market)

And on the other extreme, could we choose for example buying just 25% even if we could afford a higher %? or can they just offer you the flat if you buy the maximum you can afford?

Many thanks...

Riobhca

The simple answer is that each site is different so if you find a shared ownership property that you would like to buy, speak to the social landlord that is involved as they will be able to provide you with the details. I think some sites have a stated % and some let you choose.

If you wish to proceed, I would stronly recommend using a conveyancer that is experienced in shared ownership properties. I didn't and it came back to haunt me, specifically around staircasing!

lvm

Hello,

I could be wrong but I thought a certain % of new properties had to be allocated to these types of buyers (shared ownership, equity etc).

You (or you and partner) would need to have less than the maximum income allowed for shared ownership so if you can afford 100% you may not qualify for SO anyway.

Definitely speak to whoever is marketing it!

kingstreet

You have to remember, this is primarily social housing, so the RSL, being the housing association in the case of a "resale" may allow the property to be staircased to 100% by the current owner as it is sold to you.

On a new property, it is unlikely you will be able to purchase 100% on day one. You would then have to staircase at a later date.