Shared Ownership
Have you thought of shared ownership?
Shared ownership is a really good option for people who want to buy their own home but cannot afford to because of high property prices. It allows people to part-buy and part-rent their home.
- How does it work?
- What are the benefits?
- What would you pay?
- Are you eligible?
- Shared Ownership Events
- Interested?
How does it work?
You buy a share of the property with a mortgage. The other share is owned by the housing association or the council. You pay an affordable rent to the housing association or the council to cover the share you do not own.
What are the benefits?
- It’s more affordable than buying on the open market
- You get the added security of owning a part of your home
- It helps you get on the property ladder
- You can choose to increase the share you own
- You can sell your share if you want to
What would you pay?
One-off costs
- The deposit on the mortgage for your share of the property
- Any legal, valuation and survey fees
- Stamp duty, where applicable
- The costs of moving in
Once a month
- The mortgage payments for the share you own
- The rent for the share you don’t own
Once a year
- A service charge, to cover maintenance of the communal areas. This charge might vary from year to year, depending on what maintenance needs to be done, but the amount will not depend on the size of your share in the property.
Are you eligible?
To qualify for shared ownership schemes you need to:
- be a first-time buyer who cannot afford to buy a suitable home on the open market
- have a household income less than £66,000 if you want to buy a one or two bedroom home, or less than £80,000 for a home with three bedrooms or more (the minimum income you need to earn depends on the type and size of home)
- have access to savings or funds to cover the cost of the mortgage deposit, mortgage valuation or survey, legal fees and stamp duty (where applicable)
Haringey Council will give first priority for shared ownership homes to current council and housing association tenants living in Haringey, and then to people who live or work in the borough.
- For further information see the First Steps website (external link)
Shared Ownership Events
If you're a first time buyer looking for help to get on the property ladder, come along to the London Home Show. The event hosts the major providers of Shared Ownership and Help to Buy in London. Next Home Show's details are below:
- Date: Saturday, 18 March 2017
- Venue: Queen Elizabeth II Conference Centre, Westminster, SW1P 3EE
- Free admission
- For futher information see the London Home Show Spring 2017 web page (external link)
Interested?
See our Shared Ownership page to see current and planned schemes in Haringey.
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