What are the Disadvantages of Shared Ownership?

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What are the Disadvantages of Shared Ownership?

The shared ownership scheme has many advantages for those trying to get onto the property ladder, however before deciding on going down that route , you should be aware of the disadvantages of these shared ownership scheme.The first main disadvantage is the limitation of choice,there is only a very limited choice in terms of available properties which you can get under the shared ownership scheme There is a limited availability for properties too, it is very high demand for these and not enough homes to meet this demand. Thus you may not find a shared ownership scheme home in your preferred area. It is not available to all, there are strict criterias and it is quite difficult to to qualify for the shared ownership scheme, thus you may not be eligible if you do not meet these requirements. You will not own the full property, thus you will need the housing associations permissions to make alterations. Also the shares you dont own you will be paying rent for.etc. You may have restrictions when it comes to selling your shared ownership scheme home, as you can only sell the share you own, you will therefore have to find purchasers who will purchase your share.Each time you want to buy another share of the home you will incur valuation fees and additional legal costs, this can be quite expensive.

Shared Ownership Mortgages Frequently Asked Questions

What are the main Disadvantages ?	Can I make any changes to the property?
What percentage can I purchase ?	What are the different types?
What happens if I want to sell ?	How do I find a Shared Ownership property?
What are the main Advantages ?	Can I buy more share of the property?
Do I qualify for a shared ownership?	What are the up front costs ?

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