If you can’t afford to buy your first home, there are government schemes which can help.
There are two types of home buy schemes to help you buy a new-build property:
Firstly an equity loan, where the government assist with a loan towards the purchase price and no fees are payable for five years.
Secondly, there is shared ownership. Here, you buy a share in the property (usually between 25% and 75% of the full value). The Housing Association owns the remaining share and you pay rent on that share. Shared ownership properties are always leasehold. As and when you can afford to buy more of the property (known as “Staircasing”) the share that you own goes up, and the rent that you pay goes down. There is no obligation to buy a further share at any time during your ownership.
Ellis Jones are pleased to be included on the approved solicitors panel for (i) Sovereign Housing Association which includes Spinnaker, Signpost, Medina and Western Challenge Housing Associations, (ii) Radian which includes Drum, Longwood Park, Portal, Swaythling and Windsor Housing Associations, (iii) Sovereign which includes Twynham and The Vale Housing Associations and (iv) Thames Valley Housing Association