Shared ownership means that you will own a share of the property but you will have to pay rent for the remaining share of the property, you will however be able to purchase a larger share of the property in the future. It is a government backed initiative which helps individuals such as first time buyers to get onto the property ladder. There are several benefits of shared ownership such as it is a much more affordable way of getting onto the property ladder, you will be able to sell your share whenever you want and the housing association is responsible for the maintenance and repairs of the property. Learn more about shared ownership Greenwich.
Moat is a fantastic association which currently employs over 300 people and provides individuals with homes in thriving communities in the South East of England. They have been doing this for over forty years and are now seen as a leading housing association and take pride in what they do. They have a search facility on their website which you can use to browse through the homes which are available for shared ownership Greenwich sale and rent. They always make sure to frequently up date details of properties available on their website, so you will have all the information you need to find the home that’s right for you. They have properties which are available in counties such as Essex, Kent and South East London, plus Boroughs such as Greenwich and Maidstone. Choosing to go with shared ownership Greenwich means you will begin by only owning a percentage of the property, although you do have the option of increasing your share of the property at a later date. You will be able to buy a minimum of 10% per transaction, although you’re limited to three transactions, therefore you only have three transactions to gain complete ownership.
It could work out that paying for rent and mortgage is cheaper than buying a property outright. You may want to spend some of your time working out all of the different costs which will be included; you could get an independent mortgage advisor to help you with this. Some of the other costs which will be included will be the deposit for your mortgage, legal fees and mortgage arrangement fees. They don’t provide the mortgage only the property; you will have to sort this with a high street lender. To be eligible for shared ownership Greenwich, you need to be at least 18 years of age, you need to be a first time buyer or already be a shared owner; however there are certain circumstances which depending on your situation will allow you to still be eligible for shared ownership Greenwich. You mustn’t be able to purchase a home which is suitable for your needs on the open market and you’re household income must be less than £80,000 or £90,000 if you’re in the London Borough. The process will begin with you registering your interest with them, this is so you can be added to their mailing list where they will send you properties that are available. Once you find a home that you’re interested in and meet your needs then you will be able to view the property. The final step is the purchase process; this means that if you manage to successfully be allocated a home to purchase, then you will need to appoint a solicitor to arrange a mortgage. If you’re successfully allocated a home to rent, then you will be informed of your anticipated tenancy start date.