What is the Government Shared Ownership scheme
A Shared Ownership property is essentially a combination of buying and renting. You will own a share of the property and pay rent to a Housing Association on the part you don’t own. Shared ownership properties are always leasehold. This applies irrespective of whether the property is a house or a flat. The lease will contain restrictions which you will need to follow. The rent on the share you don’t own will be reviewed every year and will usually increase.
Some properties which are Shared Ownership can be located in what is known as a ‘designated protected area’ – These properties can only be bought by buyers who have a connection to the local area and in some cases you will only be able to purchase up to 80% of the property. When you come to sell, you may also be limited to selling back to the landlord, or another eligible person the landlord nominates.
Your Local Housing Association will be able to provide more detailed information or you can visit: www.gov.uk/affordable-home-ownership-schemes/shared-ownership-scheme
Please note that all information provided in this FAQ is for general reference only. It should not be used as a sole or definitive source, nor is it intended to be used for decision making in place of appropriate advice from a qualified legal professional. As such the information is provided as-is and Brevis cannot accept any responsibility or liability for any loss or damage resulting from any errors or ommission in, or any reliance on, information contained in this guide.