What is Shared Ownership?
Shared Ownership enables you to buy a share of the value of a property and pay rent for the rest. You may, when you can afford it, buy the whole of the value of your home, and become a full owner-occupier. If you decide to sell your share of the property, any increase or decrease in its value will be passed on to you in proportion to the share you hold.
Can you afford the property?
You need to work out what you can afford to pay for a mortgage and rent per month in advance.
You should ask yourself the following:
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Are you in a permanent job, and is it reasonably secure?
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Do you earn enough to pay off the mortgage, rent and any other responsibilities that you have (such as unexpected repairs, insurances, bills and council tax)? Don't include overtime in this calculation of earnings.
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Would you be able to meet any increases in your monthly payments if mortgage interest rates and your rent were to go up?
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How much will you have to pay for your legal fees, disconnection and re-connection charges and removal costs (if any)?
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How would you pay your rent or mortgage if you fell sick and were unable to work?
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Are there any hidden costs that you are unaware of (such as service charges)?
Buying a property is a serious financial undertaking and anyone considering Shared Ownership should seek professional financial advice.
How do I apply for a property?
To qualify for Shared Ownership you need to register with Choice Based Lettings via the Gloucestershire Homeseeker website| or Gloucester City Council on (01452) 396396. .
What are the rights and responsibilities of a shared owner?
For information on rights and responsibilites of a shared owner please visit our Shared Owner web page or download our Shared Ownership Handbook|.
For further information
If you cannot afford to buy your current property through the Right to Buy or you do not have the right to buy, you may be eligible for the Homebuy Scheme.
Follow the links to find out more:
In Gloucestershire the nominated agent for HomeBuy is South West Homes. For further information follow this link to the South West Homes website|.
To help people in the South West of England understand the options that are available and give more general information on opportunities elsewhere in the region and beyond the Government have set up a separate website. For further information follow this link to the Home2Own| website.
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