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Shared Ownership
What are the downsides of shared ownership?
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There are fewer properties available under shared ownership schemes than in the general market.
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There may be no properties in the area in which you wish to live.
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You have to fulfil the criteria specified by Registered Social Landlords (RSLs).
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You still have the responsibilities of a homeowner but the home does not belong only to you.
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You have to ask permission to make improvements.
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If you want to increase your share of the property, you will have to pay a valuer's fee.
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In rural areas, RSLs may restrict your ability to buy further shares or may retain the right to buy back the property when you sell.
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Even if you own your home outright, you may still have to pay some service costs to the RSL.
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If you purchase the local authority share, this could leave you with high repayments at the end of the loan period. You should carefully consider the length of the repayment period for both your first share and then the local authority share of the property.
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 FirstRungNow has been set up to help first time buyers.
With prices so high in the UK, many need to be shown what the financing and ownership options are. FirstRungNow is the place to go.
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The Key Worker Living scheme was launched in the spring of 2004. Are you entitled?
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Buy a share of a property, and pay rent on the rest to make it affordable.
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If you are thinking of buying a first home, it is important you find out how much you can borrow and you understand the costs and how much deposit you will be able to put towards it.
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