Is shared ownership the key to your first home?
Many people from across the UK are finding it increasingly difficult to get their foot on the property ladder. Danielle Audoire, Head of Residential Management at Redwing Living, explains how a shared ownership scheme could be the perfect answer.
What is shared ownership?
Buying your first home can be a daunting prospect, with high deposits making buying a property an expensive idea. However, shared ownership can be a more affordable route.
Shared ownership allows you to buy a share of your home, usually between 25% and 75% and pay rent on the remaining share.
Is it affordable?
Shared ownership is perfect for first time buyers or former homeowners who want to buy a home but cannot afford to buy outright. You must have a combined household income of £80,000 or less to buy a home through a shared ownership scheme. Shared ownership is designed to be affordable, but we will discuss your circumstances with you.
What if I want to buy my house outright?
You have the option of buying more shares as and when you can afford them, meaning you can eventually own your home outright at a time that is right for you.
Can I decorate the property?
Yes, you can decorate your home. However, you’ll need approval for any large scale alterations.
What if I want to sell my property?
Selling your shared ownership property is pretty straightforward. The main difference is that you are selling your share, rather than the entire home.
When selling your home, the company you bought your home through has the right to buy your share first - this is known as first refusal. If this is not taken up, you can sell your share on the open market, to a buyer who is eligible for the shared ownership scheme. We can also support you with this process.
Redwing Living has a number of shared ownership properties available across the North West, from city centre apartments to family homes in rural areas. Find out more at redwingliving.co.uk
"Shared ownership is helping many people across the UK get on the housing ladder and fulfil their dream of owning their own home."
Danielle Audoire, Head of Residential Management
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