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People also ask
What is the maximum share you can own?
What is the minimum share you can buy?
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What is shared ownership & how does it work?
When you buy a home through shared ownership, you: buy a share between 10% and 75% of the home’s full market value. pay rent to the landlord for the share they own. usually pay monthly...
To be eligible for Shared Ownership you need to: be a first-time buyer, an existing shared ownership homeowner, or a former homeowner who can't afford to buy now. be over 18 years old. have an annual household income of less than £80,000 (£90,000 in London).
If buying a shared ownership resale property, the minimum share possible has to be greater than 25%. On a £300,000 property, a 10% share would be equivalent to £30,000, while a 25% share would be equivalent to £75,000. The maximum initial share you can buy is typically 75%.
Dec 22, 2022 · Your landlord must have your home valued as part of the Shared Ownership application process. This valuation will allow you to work out how much your equity stake in your home will cost.
Buying shares of 5% or more. You can usually buy additional shares at any time. For some homes though, you might need to wait for a certain amount of time after you buy the home. Check your...
All shared ownership homes (houses and flats) are leasehold properties. How does shared ownership work? Different providers will offer differing shares in their properties, but you’ll usually have the opportunity to buy a share between 10% and 75% of the home’s full market value.
Sep 2, 2024 · Summary. Shared ownership schemes are run by housing associations and are often open to first-time buyers. There are many criteria you need to meet in order to apply for shared ownership. Typically, a housing association will charge you 2.75% rent on their share.