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Shared ownership
Charlie_and_Sam
Posts: 1 Newbie
If you can only afford shared ownership can you choose which freehold house you would like to purchase and get a mortgage for part of that house and have the rest on shared ownership, or, would you only be able to purchase a house that’s already offered as shared ownership?
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Comments
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Your generally restricted by plot on new builds. I.E the house builder will have selected plots 1,3,4,6 for shared ownership, the others for outright to buy.
If your answer is can you find any house and make it shared ownership, I dont think so.0 -
The point is, shared ownership means shared between you and someone else. Who else?
If you decide it's my house you want to buy, and you want to buy only half of it, who's going to buy the other half? I'm not selling you half the house and keeping half for myself, sorry
Traditionally, shared ownership is offered by housing associations, who have a mandate to house people who struggle to afford their own homes, and one of the ways they achieve that is by selling part of a property they own, and keeping (and charging rent on) the rest. Or property developers, who convince the council to give them planning permission for a development by promising to sell some proportion of the development as shared ownership. So traditional shared ownership is only available on houses that are specifically being offered that way by a seller who's willing to keep some of the ownership and charge corresponding rent.
There are schemes like Unmortgage, where a private company will join you in fully buying the house, and the proportion of the price not contributed by you is then owned by them, and they'll charge you rent on it.0 -
Don't forget resale shared ownership properties are available, it doesn't always have to be a brand new property; unless you are looking at help to buy as well.Mortgage started 2020, aiming to clear 31/12/2029.0
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Shared Ownership on new estates are all pre-defined. The house type that they are are often very different from other houses sold on the estate. For example, a back door instead of french doors, celiling pendants instead of downlighters etc. All these changes mean that the registered social landlord can buy at a lower price.0
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