Shared ownership is the one such scheme where in the first time buyers feel more beneficial as they can buy a portion of a property and pay the rent for the rest with some discounts. Usually, the share would be somewhere between twenty five percent to seventy five percent. This offers stability for the long term and purchasers will have the option of buying the entire property with the process of stair casing. However, the mortgage is a must when you want to buy a house with shared ownership. The city of London has introduced this scheme for first time buyers who have low family income.
There are many companies that offer shared ownership valuation services to help these families to decide on the shares.
An RICS registered surveyor will visit the house and inspect every aspect like the condition of the house, size, what type of materials are used for building, etc, Though it will not be in detail, this will provide an approximate value. This valuation will be based on the observer, local opinions and also by comparing with recent sales of similar houses in the area.
This type of ownership is easily accessible to lower income households. Whenever possible, an additional percentage of shares can be purchased. You have the flexibility of selling the house whenever you want to and shared ownership is comparatively cheaper than renting. The best thing is that it is cheaper than renting the same property. You can also personalize the property which is not acceptable in case you rent a property.