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.