By Can I do remortgage on shared ownership?
Remortgaging a shared ownership property can enable you to increase your shares to 100% until you own the property outright. This is known as shared ownership staircasing. Shared ownership remortgage: By switching to a new lender, you may be able to apply for a larger loan.
Can I make changes to my shared ownership property?
Alterations to your property Your Shared Ownership property is your rightful home which means that you can decorate it however you wish, which you usually wouldn’t be able to do in a rented property, but there are restrictions on major, structural, alterations.
Can you take equity out of a shared ownership property?
Doing this on a Shared Ownership property is entirely possible but often you will get less of a payout depending on the amount of the property share you actually own. There are 2 types of Equity Release Scheme “Lifetime Mortgage” and “Home Reversion Scheme”.
Can you move out of shared ownership?
Once you own 100 per cent of your home, you are no longer a shared owner and instead own the property outright. Once you own your property outright, you are also free to sell your home on the open market, using an estate agent of your choice.
Is it worth Staircasing Shared Ownership?
No. You don’t have to staircase and increase your shares if you don’t want to. In 2018 a study by housing association Aster found that only 10% of those in shared ownership chose to staircase. Many find the hassle and financial costs of doing so outweigh the benefits.
Who pays for repairs in shared ownership?
Be aware that even though you own a share of the property, say 30%, you are responsible for paying the full maintenance and repair costs. There are also likely to be restrictions on whether you can rent the property out. In the great majority of cases, sub-letting is not allowed.
Are shared ownership properties hard to sell?
And according to Ms Nettleton, selling a shared ownership property isn’t as hard as people have been led to believe. “Normally, there is a nomination period where the home is offered to other shared ownership buyers first, but, if one can’t be found it can then be sold on the open market.”