Shared Ownership is a government supported home-purchasing scheme. With its assistance, you can buy a portion of property from a housing association. The buyer is simply required to pay the home loan on his share of the home. He pays the rest of the expense as lease to the housing association. For this situation, the amount of the home loan is altogether lower.
|Shared Ownership available on properties until 2023||Shared Ownership available on properties from 2022|
|Minimum deposit||5% of the share in the property||5% of the share in the property|
|Minimum share of property for sale||25%||10%|
|Minimum ‘Staircasing’||10% share annually||1% share annually, with reduced fees|
|Who pays for repairs||The buyer||The buyer receive support from his landowner for necessary repairs for 10 years|
|Exclusivity period for landowner to sell||8 weeks||4 to 8 weeks|
According to the Shared Ownership scheme, purchasers decide how much of the property they can afford. Then they pay a deposit of at least 5% of the share they buy. To cover the rest, the buyer needs to get a mortgage. Upon request, the buyer can increase their share according to staircasing. As a rule, this process can last until the resident owns 75% of the real estate. Sometimes it is 100%. However, not all housing associations give permits for this, so if you want to staircase to 100%, you must first check the details with the developer.
Manchester Shared Ownership gives many people the opportunities to become the owner of their desired property. But before choosing this scheme, you need to make sure that you match the established criteria.
*Eligibility criteria may vary per housing association and therefore you should always check the exact criteria with the developer or housing association responsible for the exploitation of the property.