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Bristol Houses - Shared Ownership

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                            Bristol Houses – Shared Ownership

 

It has always been difficult for many first time buyers to get onto the first step of the housing ladder, no more so than today. Together with the economic difficulties with banks and building societies failing to lend, high deposits required by said banks and not to mention the high price of housing, even though prices have dipped slightly of late, all these factors have contributed to the collapse of the housing market. An excellent way to step on that first rung is with shared ownership, whether through a housing association, a home buy agent or buying with friends or family,  bearing in mind the latter could be a little more risky since friends and family can fall out.

 

The Housing Association and Home Buy has many advantages with flexibility being the greatest but   there are other advantages such as –

 

The deposit required will be less than for an outright purchase.

 

Your mortgage will only need to be between 25-50% of the purchase price of the property

 

The monthly costs will be less than an outright purchase, up to 50%.

 

You should be eligible for this form of shared ownership i.e. part rent, part buy if the household income is less than £60,000 pa.

 

As your income grows you have the choice of purchasing a greater percentage of your property up to 100%.

 

The schemes differ so your property choice, depending on income and location, can range from a 1 bed apartment to a 5 bedroom house or even a penthouse apartment.

 

These shared ownership schemes are available in Bristol and all over England.

 

Shared ownership where you buy the whole property with either friends or family can be a more difficult prospect such as finding the right mix of people with secure incomes and good credit ratings. It may a good idea to rent with them first to see if you can live with them.

 

Deciding if one of you will be the owner of the property with the others having financial shares or opts for joint ownership which can include up to 4 persons. It is very important to access professional advice from your solicitor before doing anything; discuss the options of joint tenancy and tenants in common and what happens if someone wants to leave or dies. All relationships go through sticky patches and many breakdown not only in marriage so without formal agreements formulated by a legal expert you could all end up in court and the only winner would be your legal council and the fees they charge.

 

Many people have bought properties jointly and for them it has been a successful route onto the property ladder especially in the major cities such as London and Bristol where property prices are so high. Beware though as many have also failed for a variety of reasons and without formal legal documentation many have descended onto acrimony and fisticuffs.

 

As one can see there are great possibilities for house purchase using shared ownership as long as the proper procedure is followed.

 

 


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