Getting on the property ladder can be a difficult task for prospective first time buyers.As a result of this, many people are constantly seeking for cheaper alternative methods to help them in purchasing their first home.One method that has become quite popular is shared ownership, so in our latest article we discuss the benefits that can proceed as a result of adopting the shared ownership method.If you would like to discuss shared ownership or any other conveyancing requirements that you may have with a member of our expert team, just give us a call today on 01282 695 400.

Soâ?¦what is shared ownership?

Shared Ownership is a government backed initiative that gives you the chance to purchase a percentage of a property from a housing association or financial institution.Normally, you are required to pay for anywhere between 25%-75% of the property in question. The remaining share will then be paid in rent.

How you can benefit from the Shared Ownership Scheme

One of the key advantages of deciding to go down the route of Shared Ownership is that it alleviates your financial restrictions, and subsequently gives you a greater chance of getting onto the property ladder.Raising a 10% deposit is usually the main financial hurdle that first time buyers have to overcome.However with Shared Ownership, the 10% deposit that you have to pay is based on the share that you are willing to purchase, as oppose to the overall value of the property.Subsequently, this means that raising the funds for a deposit are much more of an undemanding feat.On top of this, all Shared Ownership houses and flats are leasehold properties. This means that in most cases a landlord will be responsible for any maintenance or repairs that the property needs.Although, it is important to note that once you have paid for the full 100% of the property, you will then be financially responsible for your homes maintenance and repairs.

Increasing your shares of the property

If you are currently living in a Shared Ownership home and would be interested in increasing your current share percentage of the property, then you can usually do so after you have lived there for a certain period of time.The ways in which you can increase your share are as follows:

• Paying for your new shares in cash
• Borrowing additional funds from your lender
• Paying off your current mortgage, taking out a bigger mortgage from a new lender and using the remaining funds to increase your share

It is important to note that when buying additional shares, the costs will be based on the properties current market value.To learn what the current value of your Shared Ownership property is, you will need to seek a valuation from a Royal Institution of Chartered Surveyors accredited surveyor.

Get advice from a conveyancing specialist

For many, the Shared Ownership scheme can be very complicated which is why it is crucial that you seek expert advice before making the decision to enter a Shared Ownership agreement.By speaking to one of our dedicated residential conveyancing experts, you will have a specialist in your corner to assist you with your move and with any changes that you wish to make in the future.Se receive the expert advice that you deserve today, by calling the Farnworth Rose team now on 01282 695 400.Or if you can even get your conveyancing quote online today by clicking the button below and completing the quick form.