Shared Ownership Guide

MSE_Kit

Hi

This is the discussion thread for the Shared Ownership guide.

If you haven't already, join the forum to reply.

Kazhove

Would anyone know if the shared ownership option would be suitable for my very elderly parents who want to move back to UK from France but won't have enough money from the sale of their French home to get back on the property ladder in the UK. They have been away from UK for 20 years. Mum is 89 and has signs of dementia and we really want them to be near the family so we can help dad out... we all lve in Southern England where prices have risen so much, and French property prices haven't, that they will only have around £150,000 to start again here

Sonny_Chasca

I have to sell my current property and am thinking about purchasing another property under the shared ownership scheme. If from the sale of my current property I will have the funds to purchase a share of a shared ownership property do I need to take out a mortgage.

e.g. Funds available - £170000 from sale of current property

a 25% share of a new property is £125000. Rent is £500 per month.

I don't need to take a mortgage in order to purchase the 25% share but is a mortgage a stipulation in order to buy a shared property?