During the conservative elections PM Boris Johnson pledged to give millions of young people the chance to own their own homes whilst vowing not to build on green belts. Today we may now have the details to how Mr Johnson plans to deliver on his promise, with the new Housing Secretary Mr Robert Jenrick announcing an overhaul of the shared ownership system.
The proposed changes will enable people to increase the share they have in their home by 1% instead of the current minimum of 10%.
Additional reports have also suggested MPs are looking into giving a 20% discount to first-time buyers who purchase a new home in the area they grew up in, with the cost being absorbed by the building developer.
What is a shared ownership?
A shared ownership allows you to purchase a percentage of a property, whilst paying rent on the remaining percentage. This enables you to borrow less and overall makes it easier to obtain a mortgage. The remaining percentage of the property that you pay rent on is normally owned by a housing association. The minimum percentage you are required to buy is currently 25%.
Buying or selling a shared ownership property?
If you are buying or selling an ownership property your conveyancing fees will be based upon a leasehold fee scale due to how the property is owned. On our website we provide a conveyancing calculator to calculate your conveyancing fees. Unlike other online conveyancing quote providers Attwells gives you a breakdown of all costs associated with your purchase or sell.
For more information regarding share ownerships please click on the links within the article or email Laura Catania.