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. There are certain things that will make you eligible for shared ownership and you must meet all of these requirements. You need to be either a first time buyer or already a shared owner, although some other circumstances are accepted, 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 and your household income needs to be less than £80,000, £90,000 in the London Borough.

Moat is a leading housing association that currently employs over 300 people and provides homes in communities throughout South East England and they have been doing this for over forty years. They are proud to be able to provide quality homes across different tenures. They have a search facility which you can use to browse through different homes that are available for shared ownership, sale and market rent. They frequently make sure to update any details on properties, so they can make sure you get the right home. 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 means that you will have the option to purchase more shares into the property. You are able to purchase as little as a 10% share per transaction, the only problem is you’re limited to three transactions, this means that must achieve 100% ownership within your three transactions; this is if you want complete ownership. You will buy each share at the current market value. With each share that you purchase, the rent which you pay will decrease; this is according to the new percentage owned. Once you reach 100% ownership, you won’t have to pay rent anymore; although you will still be liable for service charges and ground rent if applicable.

Paying for your rent and mortgage could work out cheaper than purchasing a property, this is why it’s ideal for you to spend time working out different costs, an independent mortgage advisor could help you with this as they have plenty of experience. When you are working out calculations make sure that you pay attention to other costs which will be included such as the deposit for your mortgage, legal fees and mortgage arrangement fees. Moat will only provide you with the property not the mortgage; you have to do this with a high street lender. The process is made up of three different steps. The first step is to register your interest this so that they can mail you homes that are available for letting, resales and new home. Then you would view the home and if it’s what you’re looking for you can reserve it. Then the final step is to appoint a solicitor and arrange a mortgage, although if you’re renting at this time you will find out the anticipated tenancy start date.