What are the pitfalls of Shared Ownership?
What are the downsides to shared ownership?
- Maintenance charges.
- No renting allowed.
- Buying up increased shares in your property can be expensive.
- Restrictions on what you can do.
- The risk of negative equity.
- Issues around selling your share when moving home.
- You don’t have greater protection under shared ownership.
Can you renovate a Shared Ownership property?
Can I decorate my Shared Ownership home? You are free to decorate your Shared Ownership property as you wish, however, the housing association will not contribute to decorative improvements.
What happens when you buy 100 of Shared Ownership property?
When you staircase to 100 per cent, you will own your property outright and will not need to pay rent to the housing association any more. You may, however, need to start to pay ground rent. The property will either be a new Shared Ownership property or an existing Shared Ownership property, also known as a “resale”.
Is it hard to sell a Shared Ownership property?
And according to Ms Nettleton, selling a shared ownership property isn’t as hard as people have been led to believe. “Normally, there is a nomination period where the home is offered to other shared ownership buyers first, but, if one can’t be found it can then be sold on the open market.”
Is Shared Ownership a good idea 2021?
However, the experts have stated that shared ownership is still a good decision in 2021. Ms Mitchell added: “Shared ownership is a great way for first time buyers to get onto the property ladder and a way of taking the steps to own your first home without the need for a hefty deposit upfront.
Can I have pets in shared ownership?
Can I have pets in a Shared Ownership home? Your lease will tell you if you can keep pets in your home. If you live in a house then there aren’t usually any restrictions. However, if you live in an apartment you are unlikely to be able to keep a pet.
Can you have pets in shared ownership properties?
Your lease will tell you if you can keep pets in your home. If you live in a house there are not usually any restrictions. If you live in an apartment you are unlikely to be able to keep a pet.
Can you ever own 100 of Shared Ownership?
How can I buy 100% of Shared Ownership property? You can gain full ownership of your Shared Ownership property through a process called ‘staircasing’. Once you’ve bought your initial stake in your home you can staircase to 100% Ownership in batches of 10% or larger.
Do you pay rent and mortgage on Shared Ownership?
Shared Ownership Basics Also referred to as part buy/part rent, Shared Ownership allows buyers to purchase a share of a property; they will pay a mortgage on the share they own, and a below-market-value rent on the remainder.