Tag: Shared Ownership Essex

  • Shared Ownership Essex

    Try Shared Ownership Essex To Purchase Your First Home

    Shared ownership is a government backed initiative that helps individuals such as first time buyers to get onto the property ladder. Shared ownership Essex means that you can purchase a share of a property so you can begin owning a home, and rent the rest, however you will have the option of purchasing a larger share of the property at a later date once everything has been sorted. To be eligible for shared ownership you need to at least 18 years of age, and not able to purchase a property which is suitable to your needs on the open market and as well as you need to be a first time buyer or a shared owner, although there are some other circumstances which are accepted depending on your situation. Finally your household needs to be under £60,000.

    It may work out that the option of paying for your rent and mortgage is cheaper for you than purchasing a property outright, that is why it’s important that before deciding whether to go into shared ownership you should spend time working out all of the comparisons and other calculations. An independent mortgage advisor can help you withal of this as they have plenty of experience in this field and will be able to help you work out what’s best for you. When you’re doing this make sure that you consider other costs which will be included such as the deposit for your mortgage, legal fees and mortgage arrangement fess, as these can have a major impact when it comes to which is more cost effective and ideal for you. The process of getting a property with most housing associations can be done in three steps. The first step is usually to register your interest with them, this is so that they can send you homes which are available and that meet your requirements. Then you will go on to view the home as long as you meet the criteria and some may allow you to reserve the property. The final step is to appoint a solicitor and arrange a mortgage, however if you’re going to be renting the property you will be informed of your anticipated tenancy start date. When you’re purchasing shares of the property you can purchase as little as 10% per transaction, the problem with this is that with most housing associations you will only get three transactions and if you want to gain 100% ownership, you have to do it within those three transactions. The cost of your next share will all depend on how much your house is currently worth, at the time. If your property goes up in value then your share will cost more than your first share, but if the value has gone down then your share will be cheaper than your previous shares price. If you own all of your property you can sell it yourself, but once up for sale the housing association will have the right to buy it back first; however if you only own a share then the housing association will choose a buyer. The shares you purchase as part of the property will be purchased at current market value.

    The cost of your next share will all depend on how much your house is currently worth, at the time. If your property goes up in value then your share will cost more than your first share, but if the value has gone down then your share will be cheaper than your previous shares price. If you own all of your property you can sell it yourself, but once up for sale the housing association will have the right to buy it back first; however if you only own a share then the housing association will choose a buyer. The shares you purchase as part of the property will be purchased at current market value.…