Buying a property for the first time is one of the biggest financial commitments you will ever make. You may be considering purchasing a property through a shared ownership scheme.
Shared ownership schemes are usually run through a housing association and involve acquiring an initial share in the property, normally 20 or 50 per cent with the purchaser then paying rent on the part of the property that still belongs to the Housing Association. Those who cannot afford to buy a property outright should consider such schemes.
The purchaser then has the option to buy further shares in their property as and when they are able, eventually acquiring full ownership.
This enables first time buyers to get on the property ladder and provide them with them merits of ownership rather than renting and the headaches of constantly needing to vacate a property possibly every twelve months.
There are, however, as always pros and cons to such a Scheme. There is a limited supply and they are subject to qualification to the scheme. As the property is not owned outright permissions for any alterations etc. to the property are likely to be needed from the Housing Association with associated costs.
Help and guidance as to whether this is for you should be sought from a specialist legal advisor. Contact us today on 0191 284 0363.