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Property Buying Guide

Can I buy a shared ownership property with someone and what about finance and legal issues?

It is possible to buy a property through shared ownership as joint owners. Up to four people can buy together but you will each have to apply individually and meet the eligibility criteria jointly.

For comprehensive advice about joint ownership visit our Joint Ownership section.

Some banks and building societies are happy to lend on shared ownership properties and some may lend you up to 100% of the share you are buying. You will also need to budget for all the usual costs associated with buying a home. You should seek mortgage advice about shared ownership mortgages.

If you are buying a property that is part of a block you will probably be charged an annual management fee.

To ask about the legal aspects of purchasing a house, joint or shared ownership ask for a quote for legal advice.
 
More about shared ownership: 

What is New Build HomeBuy and how does it work?  Who is eligible and what are the selection criteria?  Special features and how to apply  What is involved with shared ownership and who can apply?  How do I increase my share and how much do properties cost?  What rights and responsibilities do I have?  Are there restrictions on resale?  Where do I start and what happens next?  What questions should I ask?  Will shared ownership really enable more first time buyers to buy a home?  Shared Ownership Mortgage basics  Benefits and pitfalls of shared ownership  Shared ownership schemes run by house-builders  The First Time Buyers Initiative/English Partnerships

Useful links

www.communities.gov.uk
www.englishpartnerships.co.uk
www.housingcorp.gov.uk
www.direct.gov.uk

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ADVICE TO READERS
The contents of this site are for general information only and do not constitute financial advice. FirstRungNow Ltd is not responsible for any dealings or communications between its site visitors and other websites featured on www.FirstRungNow.com. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured against it. While this website is checked for accuracy, we are not liable for any incorrect information included. We recommend that you make enquiries based on your own circumstances and, if necessary, take professional advice before entering into transactions. Property values can go down as well as up.

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