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Shared Ownership.

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  • Shared Ownership.

    Hello.

    Can someone please explain to me how shared ownership of a house works please? Me and my boyfriend are looking to buy our first home within the next 2 years. We have come across a few homes that look lovely and around the £75,000 price mark. This is with 40% shared ownership so I just wondered what it meant.

    Thanks.

    Karen x

  • #2
    Shared Ownership

    Hi Karen,

    Im an estate agent so i can help you here, shared ownership and homebuy schemes are managed locally by housing association agents, this basically means you only get a mortgage for the require amount 70% or what ever they require but you pay rent on the remainder. This is determined by whoever you are buying the property through. There may be an option to purchase the whole property but you would have to pay at current valuation rather the 30% value when you bought it. If you dont purchase the remainder and wish to sell then you would have to pay the company you bought it from for example 30% of the selling price.

    They are a good idea if you cant afford the whole price but i would always reccommend that you if you have to move further out to buy a property 100% this is the best idea,

    Hope this makes sense!

    Gerard

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