Shared ownership is what it says on the tin. Shared ownership homes offer a lower cost formula to get onto the property ladder. Shared ownership is where you own part of the interest in the property and you rent part of the interest in the property. There are several different shared ownership schemes and you can go to such sites as sharedownership.org.uk. Shared ownership schemes show that you buy a percentage stage in the property anywhere between 25% to 75% normally. Please note that of course that if your property does go up in price you miss out on some of the growth because you do not own all of the equity in the property.
Most shared ownerships use a term "staircase" which means that you are able to buy further portions of the interest in the property until you own 100%
Shared ownership can be a complicated area and you will need expert advice on stamp duty options, the contents of the lease document which will also contain the staircasing provisions and of course the mortgage offer.
Even though shared ownership can be a low cost alternative or appear to be a low cost alternative to buying outright you should also consider seriously your budgeting requirement and whether or not it is still a financial option. You must remember when entering into a mortgage and going onto the property ladder that this is a long term investment and there are financial penalties for not complying with your obligations that can be severe.
There are a range of schemes available to you in order to purchase your home including rescue packages to buy your own house where you are unable to afford your own mortgage.
You may be eligible for certain schemes if you are a key worker or are a council housing association tenant or even a first time buyer in certain instances.
When dealing with shared ownership the process is similar to buying your own property outright however there are further complications in respect of the part of the interest that you don't own. As there are various schemes and these are evolving you have to contact us direct for advice on a particular scheme.
Equity Release is an area which has expanded with numerous financial products being available and in the current climate is being considered more and more.
Although in most instances you will have already seen an independent financial advisor (IFA) it is imperative that you still consult your lawyer. Indeed it is so important that the lenders will require that you have a seperate independent lawyer to represent you and also to go over the same documents that you will have already received advice upon from your financial advisor.
You must consider why you are considering equity release and consider the various financial products that are available. You must speak to your financial advisor and your lawyer about the various products and not just consider the first one that is placed in front of you. You must consider your needs and also your financial planning for the future taking into consideration future government benefits, the children's inheritence, inheritance tax and your ability to pay if there is any requirement for monthly payments.
Your lawyer will need to consider the financial advice that has been given to you to ensure that you have understood the given advice and the impact upon you of your chosen product. There will be certain areas that you will require expert advice on in respect of the property and of course the product.
A complicated area of law and both the lender and yourself will require seperate independent legal advice. A face to face meeting is a must so that you are sure and confident in the decisions that you make. Please contact Toby Richmond if you have any further questions or queries.
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