Copacaba apartament for Sale Rio de Janeiro Real Estate,Sell of properties in Rio de Janeiro, houses and apartments. Properties in Rio de Janeiro (BRAZIL). Venda de propriedades no Rio ...

 
   

  Real Estate Investors - Red Alert

Shared Ownership

The concept of shared ownership was introduced to help people with low income purchase own property. Owing to the current economic crisis, banks and mortgage lenders have drastically cut down on their lending for property purchases or re mortgages. Shared home ownership could be the only way for some people to scale the property ladder. Shared ownership enables people to purchase property jointly. A shared ownership program combines buying with renting. The buyer purchases a stake in a property for the amount that he can afford and the housing association pays for the remainder. Each housing association has its own terms and conditions for shared ownership.

Shared Ownership is available to anyone who is not able to raise finance himself. Priority is however given to first time buyers, people on rent, and those who have suffered a relationship breakdown. Under the shared ownership scheme, the co-owner is responsible for all fees that are associated with the purchase of the property like the legal fee, valuation fees, mortgage payments, rent payments, deposit, council tax, repairs and maintenance, utility bills, and insurance. It a person feels that there is an improvement in his monetary condition, he can even increase his stake in the property. The advantage of shared home ownership is that even people with limited budget can think of building their own assets. Another advantage is that since you are only required to raise a shared ownership mortgage for the value of the property, your loan application is more likely to be acceptable with the mortgage lender. One thing to keep in mind is that you will also be required to pay monthly rent to the shared ownership housing association in addition to the shared ownership mortgage. And so, these two factors must also be kept in mind while looking into the affordability aspect.

 

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