First of all, for those of you who might not have heard of the concept before, when you buy a shared ownership property, you buy a share in a property, usually a new build, for a smaller sum than the whole value. For example, if a property was worth £200,000.00, you would buy a 25% to a 75% share, for between £50,000.00 and £150,000.00.
To be eligible to purchase a shared ownership property, you have to meet certain criteria, which our team of property solicitors Preston have set out below:-
You must be a first-time buyer, so you can’t own any property either abroad or anywhere else in the UK, whether that’s a buy-to-let, inherited property or a holiday home.
If you are a previous homeowner, you must now no longer be able to afford to purchase a property. For example, you may have divorced from your spouse, and you need to re-house yourself and your children. In this case, after taking some advice from your local family law solicitors, you may decide to enquire about shared ownership properties.
Your household’s income must be less than £80,000.00 per year – or £90,000.00 if you’re one of our clients living in the London area.