Shared ownership schemes are provided through housing associations. You can buy a share of your home, between a quarter and three quarters, and rent the remaining share. You’ll need to take out a mortgage for your share of the homes purchase price. These properties are always leasehold. You can buy more shares in your home any time once you’ve become the owner of your home. It’s a way to buy a share in a home now and the option of buying more in the future.
If you decide one you’re the owner to buy more shares in your home, the cost will depend on home much your home is worth at the time when you decide to buy the share. If the price of properties goes up in the area then you will pay more than for your first share, however if the price goes down then the share will be cheaper. If you own all 100% of your home then you can sell it yourself. When put up for sale, the housing association has the right to buy it back first. However, if you just own a share of your home, the housing association have the right to find a buyer for it.
If you decide you want to go into shared ownership the n its best to talk to your Independent Mortgage Advisor as they help you with calculations such as would it be cheaper to buy upfront or if it would be better private renting.
This is mostly aimed at first time buyers and those looking to buy again, who are previous buyers. Most of the homes will be newly built although some are being resold by housing associations.
One company who do shared ownership are Marine Wharf, the properties are located in Surrey Quays near London. There are excellent transport links in the area such as a 12 minute walk to the train station and the Thames clipper river bus. They do a range of one, two and three bedroom apartments which are wheel chair accessible. These apartments are available to those who live or work in Bexley, Bromley, Greenwich, Lewisham and Southwark. There’s plenty to do nearby for the whole family such as a shopping centre, Gala bingo, a Hollywood Bowl bowling alley and an Odeon cinema. The kitchens are already integrated with Zanussi fridge freezers and already fitted with Zanussi Washers and dryers.