Buying a UK Property with Shared Ownership in Surrey

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Just about a 45-minute journey to London while being tucked in scenic countryside, Surrey is basically an idyllic rural country to settle down and call home.

With quirky countryside villages and varieties of protected green spaces, shared ownership in Surrey is a perfect balance between charming natural landscapes and exciting city life.

Whether you enjoy the bustling vibrance of Surrey or rambling through quaint country pubs in Mickleham/Ripley and farmer’s markets, experts at Sage Homes in Surrey say that the area is well-known for offering a range of leisure activities.

With historical sites and whimsical Tudor architecture, Surrey’s endless rolling hills are decorated with National Trust sites that inspire wanderlust.

The county as well as more wooded areas when compared to other parts of England, and it boasts a designated place of natural beauty, making it suitable for people looking to buy UK properties with shared ownership.

What is Shared Ownership?

Shared ownership normally gives every first-time buyer or people who don’t own a house currently a chance to buy a share in a resale property or new build.

Buyers will need to pay a mortgage on a share they own and pay rent on one of the housing associations on the remaining shares. Since buyers only need mortgages for the share they buy, the money needed for a deposit is much lower than the amount you would have required when buying outright.

Purchasers have an option to increase their shares through a process that is called staircasing. And in many cases, purchasers may staircase all the way to around 100%. In this case, shared owners won’t have to pay rent anymore. They will only need to pay for a mortgage, ground rent, and any service charges.

Who is Eligible for a Shared Ownership?

There are many myths surrounding shared ownership. This includes that shared ownership is only meant for key workers or first-time buyers.

While this is a fat lie, there are several shared ownership rules. Some of these rules are not limited to the following:

  • You must show you are not in rent arrears
  • It should be your only house
  • You can buy a shared ownership house if you can’t afford to purchase a similar one outright
  • You will require a deposit – normally between 5% and 10% of the share you are purchasing

What Are the Benefits of Shared Ownership?

The main benefit of shared ownership homes is that they might be much easier to achieve than full ownership.

Since you only require a small mortgage amount, the deposit will also be smaller. But your mortgage repayment plus rent can be as much as repayments on full mortgages.

Shared ownership homes are also more preferred to renting because the portion of the house you own will increase in value if the property’s cost goes up.

The Bottom Line!

Surrey is not just known for its history and natural beauty. It is as well an amazing cultural country, with great art and music.

This might come as a great surprise to some people, but this country is popular for its contributions to metal and folk music scenes, making it a perfect place to set the roots and call your home through a shared ownership option.

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