Locating Shared Ownership Property
Shared ownership property is becoming increasingly popular and as such, locating property that is available as part of a shared ownership is much easier than it was several years ago. In fact, shared ownership properties are now commonly advertised as part of the local property papers. Housing associations also have their own regular advertisements, making locating a shared ownership property a reasonably easy task.
Locating Housing Association Shared Ownership Properties
For those looking to purchase a shared ownership property from a housing association, the best initial step is to contact the council in question to ask about which properties are currently available and which properties are likely to become available, in the near future.
Remember, councils and government associations are required to plan their shared ownership activity, at least a year or two in advance, which means that by making enquiries it may be possible to obtain information on properties that are likely to become available in the next few years. This approach allows you to be first in line and to plan financing, in advance.
Commercial Companies Offering Shared Ownership
Aside from the standard property post advertisements for shared ownership properties, there are other ways of locating potential shared ownership options. Many larger developers will offer shared ownership as an option for potential purchasers, but will not necessarily advertise heavily; therefore, it may be necessary to make a few specific enquiries to ensure that you do not miss any opportunities.
brokers also exist who specialise in locating properties that are available from a wide range of suppliers and developers. This can be a great way to begin your research into which developers are offering shared ownership deals and in which areas properties are commonly available.
Resale Shared Ownership Property
Apart from the increasing number of new properties that are being offered for shared ownership, there is always the possibility of purchasing a shared ownership property from another owner who has already purchased a property as a shared owner. These properties can be located through traditional estate agent routes as well through shared ownership brokers and are treated in a similar way to any other purchase. Bear in mind, however, that you will have to consider the lease terms, as this will also pass with the sale and purchase of the shared ownership property.
There is no real magic formula for locating a shared ownership property; try developers and estate agents in the areas in which you are interested;
it is also worth bearing in mind that housing associations will plan their shared ownership schemes substantially in advance and, therefore, it is possible to plan several years ahead of time;
consider purchasing a shared ownership property from a previous shared property owner, which will require you to consider other issues such as the terms of the lease when putting in an offer.