Shared ownership, sometimes known as part buy, part rent, was launched by the government to support first-time buyers hoping to purchase their own home. The scheme is a low-cost route to home ownership and can provide an easier way to get onto the housing ladder. The scheme is aimed at people who would like to have ownership of their home but who are unable to buy it outright at present. At LWR, we have years of experience of supporting clients with a wide range of shared ownership and shared equity schemes. Therefore we are able to anticipate the full gamut of possible implications for our clients.
The benefits of shared ownership include:
- Owning part of your home, rather than paying rent to a landlord with no return on your investment
- It may work out cheaper than buying a property outright and can sometimes cost not much more than renting
- You are able to buy more shares in your property if you would like to
- You are able to move if you would like
- You only purchase what you can afford, so you don’t run the risk of overstretching your budget.
Shared ownership is typically with a Housing Association or other social landlord. LWR have dealt with numerous local schemes and a vast array of shared ownership applications. We appreciate that mortgage lenders have stricter requirements for such purchases and we therefore know what to look for to ensure we comply with your lender’s requirements We will advise you fully as to the terms of your shared ownership and what it means for you living in the property. The team can also advise you about future possibilities should you wish to increase the percentage you own in future, or should you later decide to move.
Contact us if you would like to discuss shared ownership purchases by completing our no obligation online enquiry form or call us on 0191 5666 500.