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How much deposit do you need for co-ownership?
When buying a Shared Ownership home, you will need to put down a deposit on the share you are purchasing, rather than the full market value of the property. The amount required for a deposit will vary from property to property, but the typical Shared Ownership deposit is 5% or 10% of your share.
What is co-ownership scheme?
Co-Own. Shared ownership means you buy a share of a house and we buy the rest. You pay the mortgage on your bit and pay us rent on our bit, and you may not need a deposit. When you’re able to, you can increase your share in the house bit-by-bit until you own it all.
Is Shared Ownership good or bad?
Shared ownership is a great way to get a stake in a property when you can’t afford or can’t borrow enough to buy outright on the open market. There are however common complaints from people in shared ownership schemes.
What are the benefits of co-ownership?
The main advantage to Co-Ownership is that you, as a first time buyer, can get a foot up on the property ladder without breaking the bank. Also you get the opportunity as time passes to buy more of your home or none at all depending on how your finances stack up.
Is it hard to sell Shared Ownership?
If you don’t own 100% of the property and you wish to sell, then you will ultimately find selling a much more challenging experience, with selling Shared Ownership property described as ‘doable’ but more complicated than selling a ‘normal house’.
Do I qualify for co-ownership?
The general eligibility criteria for Shared Ownership is as follows: You must be at least 18 years old. Outside of London your annual household income must be less than £80,000. In London, your annual household income must be less than £90,000.
Is it hard to sell shared ownership?
Do I qualify for co ownership?
How does shared ownership work in the UK?
You can get a shared ownership home through a housing association. You buy a share of your home (between 25% and 75%) and pay rent on the rest.
How does an authorised co-ownership fund work?
Authorised co-ownership funds. In a co-ownership fund the investors have interests in the scheme property as tenants-in-common (if formed under English law or as common property of the participants if Scots law applies), although it is held on their behalf by a depositary.
How can I get a shared ownership home in Wales?
You can get a shared ownership home through a housing association. You buy a share of your home (between 25% and 75%) and pay rent on the rest. There are different rules in Northern Ireland and Scotland. Contact your local authority to find out about buying a shared ownership home in Wales.
What do you need to know about co ownership?
Co-Ownership assesses your financial circumstances to check you’re eligible for co-owning your home. The application fee isn’t refundable. If you’re successful, Co-Ownership will ask you to upload information about the property you want to co-own.