Shared ownership means that you own a share of the property but pay rent for the remaining share, you can buy a larger share of the property at a later date. It is a government backed initiative which allows people to get onto the property ladder. Moat is an association which employs over 300 people and provides homes in thriving communities in the South East of England. They have been oding this for over 40 years. Moat Homes is a leading housing association working in the south east of England. The provide quality homes across a range of tenures; they are very proud of this and enjoy doing this. You can use their search facility on their website to browse through homes available for shared ownership sale and intermediate market rent. They make sure to frequently up date details of homes available on their site, this is so they can make sure you get the best property for you.
They have properties available in counties such as Essex, Kent and South East London, as well as Boroughs such as Greenwich and Maidstone. It may work out that your rent and mortgage is cheaper for you rather than buying out right. You may want to work out comparisons with prices and other details, an independent mortgage advisor could help with this. You will be required to pay a deposit for your mortgage, plus other costs will include legal fees and mortgage arrangement fees. They don’t provide the mortgage this must be done from a high street lender. To be eligible for shared ownership with Moat Homes, you must be at least 18 years old, a first time buyer or existing shared owners; however there are some other circumstances depending on your situation. Also you mustn’t be able to buy a home suitable for your needs on the open market and must have a household income of less than £80,000, £90,000 in the London Borough. The process would begin with you registering your interest; this means you will be added to their mailing list for new homes, resales and lettings. Then if you find a home which you are interested in and it meets your needs then you will be able to view the property and from there if you choose to, reserve it. The last step of the process is the purchase process, this means if you’re successfully allocated a home to purchase, you should appoint a solicitor and arrange a mortgage. If you’re successfully allocated a home to rent, then you will be informed of your anticipated tenancy start date.
Shared ownership means that you do have the option to purchase further shares into the property. You can buy as little as a 10% share per transaction, the only problem is you’re limited to three transactions, this means that must achieve 100% ownership by your third transaction. You will purchase each share at the current market value. With each share that you purchase, the rent that you pay reduces according to the new percentage owned. When you reach 100% ownership, you will no longer have to pay any rent, however you will still be liable for service charges and ground rent if applicable.