You can’t be a homeowner. When you come to sell up, the value of the home could have gone up or down since you first bought it. Find out more Remortgaging. 810 posts 25 April 2017 at 11:33AM. Our Terms of Use | Privacy Policy | Cookie Policy, © SHARE TO BUY 2004 - 2021 All rights reserved, Advertise your property with Share to Buy, Documents required for mortgage application, Step by step guide to buying a Shared Ownership home, Share to Buy Expert Sessions: Webinar with Clarion Housing, Share to Buy Expert Sessions: Webinar with Catalyst, Share to Buy Expert Sessions: Webinar with Savills, Share to Buy Expert Sessions: Webinar with Peabody, Share to Buy Expert Sessions: Webinar with JLL, Share to Buy Expert Sessions: Webinar with Southern Home Ownership, Share to Buy Expert Sessions: Webinar with SO Resi, Share to Buy Expert Sessions: Webinar with L and Q, Share to Buy Expert Sessions: Your Questions Answered, Shared Ownership and Help To Buy Locations. Instruct Valuation . You can buy a bigger share of your home any time after you join Co-Ownership. The buyer will need to meet all relevant eligibility criteria, and will be required to purchase a share equal to or higher than what you currently own. You can do so in chunks of 5% of your home's value right up to full ownership. The housing association owns part of it — but you’re living there, you decorate it, and you decide when to sell. Shared Ownership - Wales is a Welsh Government scheme to support buying a home for those who are unable to afford the full market value for a home. Selling a Shared Ownership home is known as a resale, and you are able to sell at any time. Although most schemes allow you to purchase up to 100% of shares, for some schemes you may only be able to purchase up to 80%. 1. Financing your buy out. When a housing association buys back shared and allows you to rent the property this is known as flexible tenure. Buying Co-Ownership out fully; Selling your home; Buying Out. He and his partner bought 45% of a two-bedroom end terrace with a garden. Shared ownership properties never sell for as much as private houses so when you come to sell a shared ownership property you could make a huge loss. If you know you can finance your increase share and you are ready to buy a greater share then tell us by completing a valuations request and Co-Ownership have an external RICS registered valuer carry out a valuation of your home at a cost of £50. Q We are currently in the process of selling our 40% share in a shared ownership property.. Once your housing provider is in receipt of your valuation report they will arrange for you to sign a contract to agree the fee and details of how your home will be sold. Search and compare mortgages online or speak to a specialist Shared Ownership mortgage broker. Shared Ownership is a popular part-buy, part-rent scheme for people who can’t afford to buy a home with a commercially-available mortgage. Once you have owned your shared ownership property for a certain period of time – set in the terms of your lease but usually one to two years – you can purchase further shares in your home. Eligibility for shared ownership. You can sell your home (or your share in the home) at any time, but you have to tell the housing association in writing that you want to move. It is better to avoid shared ownership if you can. You are allowed to sell for more than your valuation amount, however not less, unless you are prepared to cover the shortfall. Once a buyer has been found and your housing provider has instructed solicitors, your housing provider does not have any direct involvement with the sale, however they are happy to assist if required. This is called a Force Sale. This therefore means a low deposit – typically one of 5% of the share and not of the whole property value. 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