opening opportunities with Shared property Ownership
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Shared Property Ownership
Giving first time buyers and those that do or do not currently own a home the opportunity to purchase a share in a new build or resale property.
Shared Ownership takes you one closer to owning your first property. When choosing a shared ownership property, the purchaser pays a mortgage on the share of the house they own and pays a subsidised rent to a housing association on the remaining share. Because the purchaser only needs a mortgage for the share they are purchasing, the amount of money required for a deposit is usually lower when compared to the amount that would be required when purchasing outright. The purchaser has the option to increase their share during their time in the property via a process known as ‘staircasing’ and in most cases it is possible to staircase all the way to 100%. This will remove the requirement to pay rent, leaving just the requirement to pay the mortgage along with any relevant service charges and ground rent.
At AmicusLaw we understand the unique dynamics of shared property ownership and the importance of ensuring a smooth and efficient experience for our clients. We are well versed in all areas of shared property ownership, whether you’re looking to purchase a shared ownership property, explore the options for additional staircasing, or looking to sell your shared ownership property, our team are here to support you every step of the way.
Whether you are a first-time buyer or a shared property owner looking to explore different ownership options, we will work closely with you to navigate the whole process, answering your questions and ensuring that your interests are protected.
With our expertise and dedication, you can trust that we will handle your shared property ownership matters with the utmost professionalism and care.