Shared ownership Greenwich means that you will own a share of the property in Greenwich and then pay rent for the remaining share of the property, which you don’t own, however you can purchase more shares in the future allowing you to own it. It is a government scheme that helps people to get onto the property ladder. Most of the homes will be newly built although some are being resold by housing associations. These properties are usually leasehold. You can buy more shares in your home any time once you’ve become the owner of your home. It’s a way to buy a share in a home now so you know you already own part of it and the option of buying more in the future.
To be eligible for shared ownership Greenwich, you need to be at least 18 years of age; you will need to be a first time buyer, someone who has previously purchased a home but can no longer afford to purchase one or a shared owner already; although there are some other circumstances depending on your current situation that may still allow you to be eligible for shared ownership Greenwich. Also you mustn’t be able to purchase a home which is suitable for your needs on the open market and you must have a household income of less than £60,000.
Paying for your rent and mortgage may work out to be cheaper for you rather than purchasing a property outright. You may want to spend time working out comparisons of prices and any other costs which may be included before you decide what to do; an independent mortgage advisor could help you with this. Shared ownership Greenwich means that you can begin by only owning a percentage of the property and purchasing further shares in the property later on. You will be able to buy a minimum of 10% per transaction; the problem is that you are limited to a maximum of three transactions with most housing associations; this means that within those three transactions you will need to gain complete ownership. If you own all 100% of your home then you can sell it yourself. When put up for sale, the housing association has the right to buy it back first. However, if you just own a share of your home, the housing association have the right to find a buyer for it. Each share which you purchase means that the amount of rent you have to pay will decrease.
If you decide one you’re the owner to buy more shares in your home, the cost will depend on home much your home is worth at the time when you decide to buy the share. If the price of properties goes up in the area then you will pay more than for your first share, however if the price goes down then the share will be cheaper; usually each share is purchased at the current market value.