Shared Ownership Essex - Find New Homes for Sale
Shared Ownership Essex - Find New Homes for Sale
Shared Ownership, sometimes known as part-buy part-rent, is a Government-backed scheme which enables you to buy a share of a new property. The share you buy is usually between 25% and 75%, but could be as low as 10% with some homes. You then pay a low, subsidised rent on the remaining share you don’t own.
This means that the amounts you need for a deposit and for your mortgage repayments are significantly lower than if you were buying outright. You borrow only what you can afford to repay.
We showcase a large variety of properties available for shared ownership in Essex, including properties for sale in the boroughs of Benfleet, Brentwood, Buckhurst Hill, Dunmow, Grays, Harlow, Harwich, Maldon, Newport, Saffron Walden, Shoeburyness, Southend-on-Sea, Stanford Le Hope and Wickford. With all this variety you are sure to find something to your taste.
The steps to find your new Shared Ownership home
- Determine Your Eligibility: First and foremost, assess whether you meet the Shared Ownership criteria.
- Consult with our Team: Engage with the Keaze team to get an understanding of the process, and we can help answer any questions.
- Review Available Properties: Browse our listings in Essex to find a property that suits your needs and budget.
- Check your Affordability: A financial assessment completed by an independent mortgage broker will help you establish your affordability and the best mortgage for you.
- Complete the Paperwork: Once you've chosen your property and it’s been offered, there’s some paperwork to finalise. The provider of Shared Ownership will help you with this buying process.
Move In and Celebrate: Once everything is settled, all that's left is to move in and make the space your own!
Commuter links to London
One of the great things about living in Essex is that our amazing capital is right on the doorstep. The county is served by an outstanding rail network and local bus routes. It has accessible travel options from all over the UK and Europe, and is well served by major roads including the M25 and M11. The A12 has a number of key roads that connect you to a variety of towns in Essex including Colchester, Chelmsford and Brentwood.
The main-line rail links provide fast and frequent services into Central London, getting you from Newport to London Liverpool Street in a little over and hour. The Stansted Express, which is the quickest route between Stansted Airport and Central London takes around 47 minutes, perfect for professionals working in London. In addition the county is also home to the local airports of Stansted and Southend.
Who can buy a Shared Ownership home in Essex?
The eligibility criteria for shared ownership in Essex is simple; as long as you don’t currently own, or won’t own another property when you move in to a new home, you’re likely to qualify.
Your annual household income (that’s both yours and your partners’ if buying together) for shared ownership in Essex can’t exceed £80,000.
There are currently no age restrictions. It doesn’t matter what you do for a living. Buying on your own, with a partner or friend or you have children, there could be a home just for you.
How much in savings will I need to buy with Shared Ownership?
Shared ownership in Essex is much more affordable than buying outright, however you’ll still need a mortgage deposit. This is usually a minimum of 5 or 10%, based on the value of the share, not the full market value.
So, if you were buying a 25% share of a £250,000 home for £75,000, you’ll need to have a minimum of £3,750 (5% of £75,000) for your mortgage deposit.
You’ll also need savings to cover initial purchase costs such as mortgage and solicitors fees; this is normally around £3,000.
To reserve your chosen home, you’ll also need to pay a reservation fee. This is usually between £250 and £500.
What are the eligibility criteria for Shared Ownership Essex?
Shared Ownership in Essex offers an excellent stepping stone for individuals and families looking to own a piece of the property market. Here are the general eligibility criteria:
- Age: You must be at least 18 years old.
- Income: Your household earns £80,000 a year or less outside London, or £90,000 a year or less in London.
- First-time Buyer: Ideally, you should be a first-time buyer. If not, you must be a former homeowner but cannot currently afford to buy.
- No Outstanding Debts: Ensure that any outstanding debts are manageable, and you have a good credit history.
- Enough Savings: For associated costs like the deposit and other charges related to the purchase.
It's always best to get a financial assessment done to determine your specific eligibility.
Can I increase my share of my Shared Ownership property to 100%?
Absolutely! This process is known as "staircasing." Over time, as your financial circumstances change, you can buy larger shares of your property. Eventually, you can own the property outright by purchasing 100% of the shares. However, there might be some terms and conditions attached to your specific property, so it's always good to review the details in your lease agreement and consult with your solicitor.
Helping you along the buying process
At Keaze, we understand that buying a property, especially through Shared Ownership, can seem overwhelming. That’s why we’re committed to guiding you every step of the way. From understanding the ins and outs of Shared Ownership, assessing your eligibility, to finalising the paperwork, our experienced team is here to ensure the process is as smooth and hassle-free as possible.
Discover the beauty and opportunities of Shared Ownership in Essex with Keaze. Your dream home awaits.