The shared ownership scheme is a first-time buyer scheme provided by the Government to help you get on the property ladder quicker. With Southern home ownership shared ownership properties you will essentially own part of the home and pay rent on the side you don’t own.
You can then increase your ownership in the shared ownership property by buying more shares with a shared ownership mortgage or with cash.
As with all shared ownership, there are some issues but in general, we weren’t able to find any negative review in regards to the Southern home ownership shared ownership team.
Here are some things you should watch out for with the Southern home ownership shared ownership.
- What restrictions are there on your Southern home ownership shared ownership property?
- Is the rent fair market value on your Southern home ownership shared ownership property
- Selling your Southern home ownership shared ownership property might be very hard
- What are the conditions for staircasing on your Southern home ownership shared ownership property? Are there any costs involved?
- Is your shared ownership property located amongst other housing association properties?
- What is the rate and service charge on your Southern home ownership shared ownership property and how often will it increase and by how much?
- To have an annual maximum household income of £80,000 outside London
- To have an annual income of £90,000 in London
- Be a first-time buyer
- Be a UK resident
- To have a monthly income which is at least 65% more than the monthly cost of the shared ownership property you intend to purchase. This, of course, depends on the price of the property and how much you want to purchase(which will directly affect the rent you pay)
If you need financial advice and you live in the UK then you could contact the Money Advice service over the phone or via chat for impartial advice.
You can also contact the debt charity “Step Change” if you are in debt and need help.