If you’re looking at buying a property in Oxfordshire, you may be considering shared ownership. Here are 5 things to be aware of if you’re thinking of going down this route:
1. You’ll need a smaller deposit than for a traditional mortgage.
2. You’ll have to pay rent on the portion of the property that you don’t own.
3. Shared ownership properties are usually leasehold, so you’ll need to factor in the cost of renewing the lease when you come to sell.
4. You may have restrictions on who can live in the property with you.
5. There may be limits on how much you can borrow if you want to buy more shares in the future.
Owning property doesn’t have to be an impossible dream when you consider shared ownership! It is essential, however, that all potential costs and implications are taken into account before committing. If you need assistance understanding this process or have any questions at all, experts like the team at Aster would love to help guide the way.
You’ll need a smaller deposit than for a traditional mortgage.
Navigating the mortgage process can be overwhelming. You want to ensure you secure a competitive rate while also managing your payments responsibly. But with small deposit mortgages, that’s far simpler! By requiring only a smaller sum up front, this loan option is advantageous for both novice and experienced homeowners alike – providing an attractive solution without needing large initial investment. Time is of the essence and now more than ever you want to conserve your resources. That’s why researching a smaller deposit mortgage could be the perfect solution for getting into your dream home quickly but without breaking the bank. Don’t miss out on this opportunity – take advantage today!
You’ll have to pay rent on the portion of the property that you don’t own.
When purchasing a divided property, it is important to bear in mind that you will be required to rent out the portion of which you do not own. This imposes an extra financial burden apart from any loan taken out for your house’s purchase.
Investigate every detail before selecting your rental property, as the amount and duration of rent will depend on several factors such where it is located, its size, condition and length of stay. Careful research into these elements will help you plan for all potential costs associated with renting – so be sure to budget accordingly!
Shared ownership properties are usually leasehold
A lot of shared ownership properties are leasehold. This means that you may need to factor in the cost of renewing the lease to ensure that you can put the property on the market fully legally and without issue. Additionally, be sure to budget for any other associated costs that may occur with selling a shared ownership leasehold home; there could be a hefty service charge in addition to your rent payments which should also be taken into consideration.
You may have restrictions on who can live in the property with you.
Before committing to any shared ownership property, it is important to note that some schemes may limit who can live in the home with you. For example, many providers will only allow close family members and not just friends or relatives. Additionally, since most of these properties are leaseholds, make sure you read up on your obligations when it comes to subletting and taking in lodgers before signing anything.
It is essential to ensure you and your landlord are on the same page when it comes to occupancy before making any decisions. Generally, permission from your landlord must be sought in order for additional housemates or family members to reside with you for extended periods of time. Be sure that all expectations regarding occupants living on the property have been made clear prior to finalizing a decision.
There may be limits on how much you can borrow if you want to buy more shares in the future.
Before investing in a shared ownership property, it’s essential to research all your available options for lenders. Each lender has different regulations when it comes to borrowing limits if you want to purchase additional shares of the property later on. Therefore, make sure you are aware of these guidelines and restrictions before taking out any loan or committing yourself with one particular lender.
To guarantee that you don’t overextend your financial resources, it’s helpful to have a clear understanding of the details before beginning. Additionally, make sure to contact your lender in order to determine any related costs or penalties associated with acquiring extra shares when buying an ownership property – this will provide you insight into what is ahead should you move forward with the purchase.
Where can I buy shared ownership properties in Oxfordshire?
Oxfordshire new homes are available in some of the most desirable locations in the county including Witney and Banbury. They represent an affordable way to purchase your first home on a shared ownership basis. Oxfordshire is fast becoming one of the top areas in the country for shared ownership, and there are plenty of options available.
Oxfordshire is home to a variety of housing developments, ranging from new builds to older properties. No matter your budget or style preference, you’re sure to find something that suits your needs. We highly suggest browsing the county’s significant property sites and consulting an experienced estate agent who specializes in shared ownership homes for more information about available options and how best to proceed with the process.
Shared ownership is an incredible way of owning a property – but make sure you consider all the implications before taking the plunge. In addition to putting down a substantial upfront deposit for your shared ownership home, keep in mind that you will also be paying rent on the portion not owned by you.
Before you invest in shared ownership property in Oxfordshire, take the time to learn about all of the rules and regulations associated with sharing a residence. You should seek out housing association resales as well as specialised websites that provide additional information on this type of purchase. As long as you arm yourself with the right knowledge, hopefully deciding if buying into shared ownership is suitable for your situation becomes an easier task!