You may have come across the term 'shared ownership' when searching for affordable housing in Cheshire, and it may have left you with some questions. Here at Cerris Homes, we want to make sure you're fully informed before you make any decisions and that you completely understand the options available. What follows is a simple guide into the world of shared ownership, answering some of the most commonly asked questions.
What is shared ownership?
Shared ownership is a flexible, low cost way of establishing a foothold on the property ladder for those who may be struggling to afford to buy on their own. The concept works by allowing you as a new house buyer to own between 25% to 75% of your home, while renting the rest of a property developer, typically at a subsidised rate. Shared ownership also allows you to slowly purchase more shares in your house until you own 100% of the property, with rent prices reducing as you buy more shares. This process is often referred to as 'stair casing'. Shared ownership is a great way to make that first important step into house ownership, especially if you've found yourself looking at new homes in Cheshire.
Who is shared ownership for?
Shared ownership in Cheshire has become increasingly popular, partially thanks to just how many people qualify for the scheme! In order to qualify for shared ownership, buyers must:
• Be a UK or EU citizen • Own no other property either in the UK, or abroad • Be a first time buyer, or forming a new household (after a divorce or separation, for instance) • Have sufficient funds to cover any legal fees and the arrangement of the mortgage, alongside a deposit • Use the shared ownership property as a primary residence, meaning it must not be used to sublet
Benefits of shared ownership
There are many benefits to owning a home through shared ownership. Firstly, the mortgage on the property will be much smaller than if the property was bought through traditional means. This also means that the initial deposit will be much smaller, making the whole process much more affordable!
Another benefit of shared ownership is the ability to purchase more shares. As mentioned before, this is called stair casing and allows you to purchase more shares in the house, reducing your rent accordingly. This is a great way to slowly invest in your home, until you eventually own it outright!
Finally, owning a property through shared ownership allows you the ability to fully customise and personalise your home. Unlike rental properties, where renters are restricted on how much they can decorate, a shared ownership property can be fully painted, carpeted and wallpapered however you like! This gives you the opportunity to turn your house into a warm and loving home.
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