All About Shared Ownership Properties

If you are wondering what shared ownership properties are, you have come to the right place. In fact, shared ownership is an ideal way for anyone to take the first step to become a homeowner in the future. This tried and tested method has been supported by the United Kingdom government for the last 40 years. With this scheme, you can buy a share in a property – starting from 25% to 75% of the property value. You are free to buy as much as you can afford. You will be given the opportunity to pay subsidised rent on the remaining share. Over time, you can pay for the balance share and own 100% of the property. This article provides information on the advantages of shared ownership properties.


The local authorities have set a certain criterion that should be met by anyone who wants to qualify for this type of scheme. Here are some of the eligibility requirements to participate in this scheme.

. You should be over 18 years of age.
. You have no way of buying a home suitable for your needs on the open market. In fact, you need a good credit history and sufficient funds for a mortgage deposit to obtain a mortgage.
. You should be able to show that you live in the local area of development.
. You shouldn’t have any outstanding credit issues.
. You should meet the income criteria set by the authorities – such as in London the income should be less than £90,000 and outside London, the income should be less than £80,000.
. You should be a first-time buyer.

If you are eligible for the scheme, you should consult a shared ownership mortgage specialist to have a free financial assessment in order to find out what share you could afford to purchase. Most of the time, you may need to be registered with the local authorities in this regard. These are important things to consider when you want to buy a property through a shared ownership program in the United Kingdom.

Searching for shared ownership homes should be done with care. There are many such sites out there. But all of them are not created alike. Make sure that you do the necessary research before choosing the best scheme to participate in. That is the best way to take advantage of the shared ownership program and own a home over time.

The Benefits Of Shared Ownership Properties

Among all the challenges a real estate investor faces, a common one is skyrocketing prices of real estate, especially the luxury properties. Fractional real estate ownership appears as a saviour in

 

these cases. It is a method where multiple parties, which are unrelated, lessen the risk related to real estate investment by owning a fraction (instead of complete property). Ask any real estate expert, and you will come to know that it is one of the best forms of investment property.  Let’s have a look at benefits of this form of property investment in the UK.

 

Low cost of acquisition 

 

An investor has to pay only a fractional cost of the property. This is not the only form of saving. The buyer also shares additional costs, such as furnishing, renovation, and property outfitting. The buyers save the hassles and time-related outfitting of property. Rarely will you get this real estate benefit from any other form of investment property?

 

Low operating costs

 

There are various operating costs linked to owning a property, such as insurance, maintenance, repairs, property tax, etc. For some cases, the investor has to take the support of a property management company or a local manager for these purposes. But, if the ownership is shared, the individual has to pay a minimal amount for these purposes.

Diversification of portfolio

 

Shared ownership means you can invest your money into multiple properties, as an investment in each property does not cost you a fortune. Dividing your money over multiple properties also minimises investment-related risks. As you are exposed to different real estate markets, the chances of getting profits are magnified.

 

Minimise the requirement for rental tenants

Handling the tenants is one of the frustrating tasks; especially since you have a busy professional life. In some cases, the landlords hire tenant handling agencies for this purpose. In case of fractional ownership, this is not an issue. Even if the property, in which you have fractional ownership, has tenants, you need to worry about the managing them.  These factors encourage a lot of investors to invest in a fractional real estate. Various individuals from the UK prefer when looking for investment properties. This trust also helps the investors defer taxes on capital gains through 1031 exchange process.

If you, too, are interested in this form of property ownership, you can connect with the professionals from Exchange. This firm has specialisation properties, and the professionals from this company will also help in the 1031 exchange process.  When you find yourself able to accomplish that, you should purchase more shares, and soon you own your property outright; this procedure is termed ‘staircase.’   Shared and Home buy schemes are managed locally by Housing Association ‘Agents’. You should contact these agents because of your first choice if you are enthusiastic about registering for shared ownership schemes or searching for shared ownership properties locally.  Although properties options exist for people who find themselves not able to own a house if you are paying the complete cash price, not everybody will be entitled to consistent properties. Depending on your credit history, annual income and various debts, you possibly will not necessarily be eligible for everyday properties.

For people who have the need to own a property but are struggling to accomplish that through regular properties, the correct shared ownership properties are around to make buying much easier.  With shared ownership properties, people can part buy and part rent housing. These properties bring schemes known as shared ownership schemes, often set up from the Housing Association of the particular country. This shared ownership arrangement is in fact very well liked in the United Kingdom.

Exactly what property for shared ownership does is allows first-time buyers to have an important a part of a selected property through providing these with the borrowed funds amount. This can be of particular interest to first-time buyers given that they only need a part of the deposit as well as the properties amount they would typically have to purchase a similar property around the open market.  Many lenders offer first-time buyers 100% loan to value on the purchased share. This means that should you be thinking about purchasing 50% of the shares within the property; many lenders provide you with 100% of this value. It’s no surprise that shared properties are particularly appealing to first-time homeowners or people who find themselves fresh away from school and possess just started working.   It is now crucial that you remember that even though it is reasonable to enter an ownership sharing arrangement in places you obtain a percentage stake within the property, you’ll own that area of it. Consequently, you will lose out on some of the equity development in the event the housing market improves as well as the price of homes rises. You won’t benefit around in the event you owned 100% with the property or had regular properties that facilitated you owning the complete property. For a few people, that is the least of their concerns because normally they would not have access to the opportunity to own any kind of a house, to begin with.

The web is filled with a lot of resources that can calculate rates and offer quotes for shared ownership properties. These resources could also allow comparisons between properties brokers and determine what one gets the best rates and payment terms for you. Because you continue your shared ownership properties arrangement, you could be capable of finding another way of needs to acquire more shares until the house is 100% yours.  Shared ownership properties are useful and great for individuals who have hardly any other solution when it comes to having a home. Few people could get it carried out one shot. Unless you have that ability, then you should look at properties with joint ownership when getting it done in stages. So why wait? Take advantage of these shared ownership properties model today if leave in the UK to help you own home comfortably, to avoid all the challenges you experience while trying to buy a new home especially for the first time buyers who do not have enough money to spend at once.

Pine Bedroom Furniture

Reasons To Choose Pine Bedroom Furniture

There are many different reasons why you should choose pine bedroom furniture when you are ready to buy new pine bedroom furniture for your house. Pine has long been considered by master craftsmen to be an excellent choice for use in building beautiful furniture. Any furniture made from pine can spruce up a room no matter what style or colour it is decorated in.

Of course, if you don’t have one and you start doing research, you’ll be overwhelmed pretty quickly. You’ll find something to fit your needs no matter your style. Collect antiques and vintage decor? An antique gold fireplace may fit your style. Looking for something a bit more modern? Once you’ve decided on the fireplace, you can dress it up with fireplace grates and screens that will perfectly compliment whichever room you put it in.

You can add a fireplace in any room, and it’s surprisingly not as expensive as you might think, whether you are starting from the ground up or simply trying to rebuild or repair an existing unit.
How do you choose the right heating source for your fireplace? There are several questions you need to ask yourself, but in the end, only you can make the decision.
Do you have a fireplace you are trying to spruce up? If you already have an existing fireplace, especially one that you don’t use very often or is inefficient, you’d be surprised at how easy it is to convert it to a new gas fireplace. A fireplace insert is another option that might fit as well.
What is the goal of the fireplace? Are you looking for something you can use on a nightly basis while you sit in a cosy chair and read a book, or are you simply looking for a way to improve the appearance of your room?
Choosing the right heat source is also something you have to consider. Pellets, for example, burn clean, renewable energy. Coal is another great choice if you’re looking for a clean burning option, and it doesn’t leave creosote, that black soot that builds up in a wood burning fireplace. If you’re looking for something, you can control, a gas or electric fireplace is a realistic option, although not truly authentic.
Once you’ve decided on the fireplace itself, the next step is to dress it up and make it your style. You’ll have several areas to play with, from the stone surrounding the fireplace to the mantle and even grates, which are inexpensive options to add a certain feel to your fireplace. You can do pretty much any metal for a look that compliments instead of detracts from your room. Bronze fireplace screens are becoming more popular, but if you’re looking for something more modern you can try stainless steel. Once you start looking, you’ll see you have such a wide variety of options that it will be hard to choose.
No matter what the reason you decide to add a fireplace, once you have it up and working, you’ll be amazed at the difference, it adds to your room and your home.

Why choose pine for your bedroom furniture?

When furnishing your home pine is a great choice for your bedroom furniture. Pine is a softwood that is light in colour with a warm feel. The wood is easily treated during the manufacturing process to give a wide variety of finishes so whether you’re looking for a darker antique finish or unfinished furniture which you can paint pine is the ideal choice for you.

Being a very versatile wood, it can be easily made into many different types of bedroom furniture from bedside tables and cabinets to wardrobes and dressing tables. The wood is also used for beds and can give a very natural look to your bedroom. Pine furniture is also generally much cheaper than other types of wooden furniture so it will not stretch your budget.
It’s easy to mix and match different styles without it looking out of place or disjointed. Unlike some other types of wood where it is often necessary to match the finish exactly to avoid the result looking like a mismatch of different furniture types, the wood can be easily matched together. It usually doesn’t look out of place so you could match an antique finish wardrobe with a natural finish bed and rustic finish bedside cabinets without the result looking out of place.
Pine is a type of wood that is readily available, so the price is quite low. Add to this that pine is a softwood that can be easily worked and you soon realise why pine furniture is so popular throughout the world.

3 Important Benefits Of Property Booking

Are you planning to sell your residential property? Or maybe you are thinking about renting it out in order to generate a steady stream of income? Regardless of what you want to do, there are numerous reasons why you should avoid exclusively relying on traditional marketing techniques. Sending out flyers and posting banners may still work, but there is a much more effective technique to increase the exposure of your property. In this resource, you will learn the three most important benefits of property booking and why you should consider it right now.

Laser Targeted Traffic

The first thing you need to understand is that online listing websites already enjoy a stable stream of targeted visitors each month. Some of the biggest websites get hundreds of thousands of online visitors. Just imagine how much this can benefit you, whether you plan on selling or renting your property.

Even if you have already taken the time to set up a website for your property, it’s still worth using listing websites as they make things so much easier. You no longer have to worry about your own traffic generation methods. You simply have to list your property on their site and benefit from instant exposure to potential buyers.

Ease of Use

There is also no learning curve involved when using these websites. Even a complete beginner can use these platforms to list any property, whether for rent or for sale. In general, most of these websites function the same. All you have to do is to list your property and fill in the necessary information. You need to verify this information with the website. You also get the option of uploading photos of your property, which helps in engaging potential investors or tenants.

Small Investment

You need to understand that there is a small price to pay when using listing websites. In most cases, you will pay a small commission when somebody finds your listing and buys or rents your property. This might sound costly, but in reality, it is well worth the money. It’s similar to asking a real estate agent to deal with everything for you, only this time, you are using a powerful online platform to get the job done.

Property booking offers a lot of benefits whether you want to rent your property or sell it. Take your time in researching the best platforms to use, focusing on ones that attract the highest number of local traffic.

Shared Ownership Greenwich

Want To Learn About Shared Ownership Greenwich

Shared ownership means that you get to own a share of the property but will pay rent for the remaining share; you will be able to buy a larger share of the property at a later date. Shared ownership Greenwich is a government-backed initiative which allows people to get onto the property ladder, it is mostly aimed at first time buyers. Moat Homes is a leading housing association which employs over 300 people and provides homes in communities throughout South East England and has been doing this for over forty years. They have properties available in many different counties such as Essex, Kent and South East London, and also Boroughs such as Greenwich and Maidstone. Shared ownership Greenwich means that you do have the option to purchase further shares into the property. You can buy as little as a 10% share per transaction, the only problem is you’re limited to no more than three transactions, this means that must achieve 100% ownership by your third transaction. You will purchase each share at the current market value. With each share that you purchase, the rent that you pay reduces according to the new percentage owned. When you reach 100% ownership, you will no longer have to pay any rent on the property. You will need to contact your mortgage advisor, if you’re increasing your mortgage by stair casing.

It may work out that your rent and mortgage is cheaper for you rather than buying out right. You may want to spend some time working out comparisons with prices and any other details, an independent mortgage advisor could help with this. You will be required to pay a deposit for your mortgage, as well as other costs will include legal fees and mortgage arrangement fees, make sure to consider these when working out costs. To be eligible for shared ownership, you will have to be at least 18 years old, a first time buyer; although there are some other circumstances which housing associations will allow depending on your situation. Also you mustn’t be able to purchase a home which is suitable for your needs on the open market and you must have a household income of less than £80,000 or £90,000 in the London Borough..

The process of shared ownership Greenwich would start with you registering your interest with a housing association. This means you will be added to their mailing list so they can notify you of any properties that you may be interested in which have recently become available. Then if you manage to find a property which you’re interested in and it meets your needs then you will go on to view the property and from there if you choose if you would like to reserve it. The final step of this process is the purchase process; this means that if you manage to successfully be allocated with a home to purchase, then you should appoint a solicitor to arrange a mortgage. If you’re successfully allocated a home to rent, then you will be notified of your tenancy start date.

Part Buy Part Rent Essex

Part Buy Part Rent Essex

Shared ownership Essex is a government-backed initiative which helps individual, usually first time buyers to get onto the property ladder. Shared ownership allows individuals to purchase a share of a property in Essex and pay rent on the remaining share, this means they will own a percentage of the property. This is ideal for first-time buyers and those who are no longer able to purchase a property but have in the past, as they may aren’t able to purchase a home outright. Doing it this way they can purchase further shares of the property at a later date when they can afford to do so and this can result in them owning the whole property. There are certain requirements which will make you eligible for shared ownership and you must meet all if not most of these requirements. You need to be either a first time buyer or someone who has previously owned a property, although there are some other circumstances that are accepted depending on the situation, also you mustn’t be able to purchase a property which is suitable for your needs on the open market. You need to be a minimum of 18 years old, this is very important and your household income needs to be less than £60,000. Read more about Part Buy Part Rent Essex here.

Thanks to the HelptoBuy scheme, shared ownership means that you will have the chance to purchase more shares into the property in the future. You are able to purchase as little as a 10% share per transaction, the only problem with this is that with most housing associations you’re normally limited to three transactions, this means that if you want to you must achieve 100% ownership within your three transactions. Each share you buy will be bought at the current market value. With each share that you purchase, the rent that you have to pay will decrease according to the new percentage owned. Once you reach 100% ownership, you will no longer have to pay any rent on the property. Paying for your rent and mortgage could even work out to be cheaper than purchasing a property. This is why it’s important that you to spend time working out different costs before making a decision, an independent mortgage advisor could help you with this. When you are working out calculations and costs of this, make sure that you pay attention to other costs which will be included for example the deposit for your mortgage and legal fees. You will have to sort your mortgage with a high street lender. The process is made up of three easy steps. The first step is to register your interest with a housing association; this is so that they can mail you homes which are have recently come available and are what you’re looking for. Then you would go on to view the property. Then the final step is to appoint a solicitor so that you can arrange a mortgage,

You will have to sort your mortgage with a high street lender. The process is made up of three easy steps. The first step is to register your interest with a housing association; this is so that they can mail you homes which are have recently come available and are what you’re looking for. Then you would go on to view the property. Then the final step is to appoint a solicitor so that you can arrange a mortgage, however if you’re renting at this time you will be notified of the tenancy start date.

 

Property for sale in South East London

Property for sale in South East London

South East London contains 5 boroughs; these boroughs are Southwark, Lewisham, Greenwich, Bexley, and Bromley. If you’re looking to purchase one of the property for sale in South East London, then there are many fantastic ones to choose from such as small bungalows and cottages, larger family homes, and also your more traditional 3 bedroom family homes. A selection of these homes come with fantastic gardens and pieces of land offering stunning views, then if you choose to purchase one of apartments or penthouses rather than one of the houses for sale south east London, you will still have a stunning view. There is plenty of things to do around the houses in south east London, meaning you’ll never be bored and can have plenty of days out with family and friends.

There are some outstanding houses in south east London which are available through shared ownership. Shared ownership means you will get to own a share of the property and you will need to pay rent for the remaining share of the property. Shared ownership helps individuals to get onto the property ladder; it is mostly aimed at first time buyers. Many people will choose the option of stair casing, this is because it will reduce the rent that they have to pay on a property, another reason is because when it comes to selling your home, the bigger the percentages that you own, the more profit that you will make if the value of your home increases. You can purchase as little as a 10% share per transaction, the downside of this is that with most housing associations you are limited to three transactions. This means that if you want to have complete ownership of your home at some point in the future then you need to gain 100% ownership by your third transaction. Each share that you purchase will mean that the rent that you pay will decrease according to the new percentage which you own. Once you reach 100% ownership, you will no longer have to pay any rent on the property although with some housing associations you may still be eligible for service charges and ground rent if applicable. To be eligible for shared ownership, you will need to be at least 18 years old, a first time buyer or previous home owner who can no longer afford to purchase a property, however there are some other circumstances with certain housing associations that will allow you to go through with shared ownership depending on your situation. Also your current household income must be less than £60,000.

It can work out that paying for your rent and mortgage is cheaper for you rather than purchasing a home outright, this is why it’s important for you to spend time working out all of the separate costs and comparisons. When you’re working out the cost makes sure that you include all of the other costs such as the deposit for your mortgage, legal fees and mortgage arrangement fees.

Shared Ownership

Learn More About Shared Ownership

Want to get on to the property ladder but struggling to stack it up financially Shared Ownership could be the answer.

Shared Ownership is where you buy just a share of a property (between 25% and 75%) from one of the UK’s housing associations. You then pay the housing association an ‘affordable rent’ on whatever part you don’t own.

What kind of property can I buy?

This will vary according to the specific housing association. But generally, Shared Ownership schemes can be applied to new-build and existing properties – all of which will be leasehold.

Am I eligible?

You can qualify for the shared ownership scheme if:

  • You are a first-time buyer or non-homeowner (although you may have owned in the past) who cannot afford to buy a home outright.
  • Your household earns £60,000 a year or less. This rises to £71,000 if you’re buying a one or two-bedroom property in London and to £85,000 if you’re buying a three or more bedroom property in London. (Note – from April 2016, these household earnings thresholds will be raised to £90,000 a year in the capital and £80,000 for the rest of the country.)

If you are aged over 55, you may qualify for the Older People’s Shared Ownership scheme. But, unlike the wider Shared Ownership, here you can only ever own a maximum of 75% of your home.

If you have a long-term disability, you can apply for another Shared Ownership scheme, known as Home Ownership for People with Long-Term Disabilities (HOLD).

If you already live in a local authority property, you may be able to apply for Social HomeBuy. This works in the same way as Shared Ownership but offers a discount on the value of your property on the first and any further shares you purchase.

What costs should I expect?

  • Deposit: Typically, you’ll need to raise a deposit of at least 10% of the share of property you are buying. You’ll also need to secure a mortgage for the remainder of that share from a bank or building society.
  • Rent: You’ll then have to pay rent to the respective housing association on whatever the share of the home you don’t own.
  • Fees: All normal house-buying costs will still apply such as mortgage and legal fees, surveys and Stamp Duty.
  • Annual charges: As Shared Ownership properties are leasehold, there will probably be annual service charges to pay to maintain common areas and grounds.

How do I buy more of the property?

Once you’re in, you can buy more shares of the property from the housing association until you own it outright, a process known as ‘staircasing’.

The cost of your additional shares will depend on the value of your home at the time you choose to buy them. So if the value of your property goes up, so will the price of your shares. Likewise, if the value of your home falls, the price of your shares will be cheaper.

Each time you want to buy another share, the housing association will value the property – and you’ll be charged the valuer’s fee.

The greater the share of the property you own, the less you will pay in rent. And once you own the property outright, you will no longer need to pay any rent at all.

What happens when I want to sell?

When it comes to selling, the process will depend on how much of the home you own. If you still own just a share of your home, the housing association has the right to find a buyer for it. The property will be known as a ‘Shared Ownership resale property’.

If you have staircased and now own 100% of your home, you will be able to sell it yourself. However, for 21 years from the date the home became 100% yours, the housing association may have the right to buy it back first – known as ‘first refusal’.

How do I buy a Shared Ownership resale property?

The buying process is almost exactly the same for existing resale properties and new-build Shared Ownership homes. The only difference is that the minimum share a new buyer can purchase will have to be the same or more than the one the current seller owns. Beyond that, buyers can purchase up to 75% of the home, or just whatever share they can afford.

What are the advantages of buying a Shared Ownership property?

It can be a good way (or the only way) to get on to the property ladder – or live in a much bigger home than if you bought outright.

And because you are only buying a share, the mortgage you will need to secure against the home will be significantly smaller than if you were to buy without the scheme.

You may also be able to save extra cash after you’ve paid your rent, which you can invest later on in further shares of your home. You can find out more as part of the government’s affordable housing schemes.

What are the main disadvantages of buying a shared ownership property?

Even if you are eligible for Shared Ownership, not all lenders offer mortgages for Shared Ownership homes.

Once moved in, you won’t be able to make any major changes or improvements unless it’s stated you can in the lease and you have permission from the landlord.

If you decide to sell before owning 100% of a Shared Ownership home, the housing association has the right to find you the buyer. And even once you own 100% of it, you may have to give the housing association first refusal when you come to sell.

Find out more here.

A Leading Housing Association In South East England

Shared ownership is a government scheme which helps individuals such as first time buyers to get onto the property ladder. Shared ownership allows people to purchase a share of a property, so that they own part of it but pay rent for the remaining share. This is ideal for first time buyers as they may not be able to purchase a home outright and this way they can purchase further shares of the property at a later date to result in possibly owning the whole property. (more…)