EXPERTS
Agony agent Readers put their property questions to our guest panel of experts: solicitors, mortgage advisers, property gurus and shared ownership providers
THIS MONTH’S PANEL OF EXPERTS
Stephanie Tilley, Operations Manager, The SO Hub
Rebecca Jones, Client Account Executive,
Edward Thomas Interiors
Where do I start? Q I am a first time buyer and I am interested in shared ownership, but it’s quite confusing, where do I start? Maddy Corby, Epping A It’s great to hear your interest in shared ownership! It’s a fabulous, affordable way to start your homeownership journey. However, I understand why it can seem confusing at first.The basic principle of shared ownership is that you buy a percentage of a home and rent the other part from a provider.This gives the security and most of the freedoms of being a homeowner, but with a smaller financial hurdle to overcome.We are all familiar with reports of record high house prices, and the difficulty for first time buyers saving a deposit. Being able to buy as little as a 10% share in a home makes that initial cost more accessible, allowing over 80% of shared ownership buyers to purchase a home sooner than expected. If you’re interested in beginning your shared ownership journey, then start by looking at the shared ownership homes available near you. Like most new build developments, you will be able to find listings online and can speak to the agents involved. If you like what you see, then you should find out the details of the deal, like what shares are available to buy, and how the lease would work. Specialist shared ownership agents like us at The SO Hub, can answer your initial questions, provide free advice, and point you towards a specialist shared ownership mortgage adviser. With a mortgage adviser, you can talk finances, get qualified on the minimum share you could buy, and complete the rent stress test to work out exactly what you can afford. From there, agents like myself can help to guide you through the purchasing journey. My experience has shown me first hand how shared ownership can profoundly impact people, I regularly see people overcome with emotion as they achieve their homeownership dreams, and statistically, nine out of 10 shared ownership buyers say it has improved their quality of life. Shared ownership enables people to live in a new home that fits their needs and wants, with the security of tenure that provides a foundation going forward. It’s a journey I highly recommend starting.
Stefan St Hilaire-Brown, Assistant Director of Property Services, Newlon Housing Trust
TEST THE PANEL
We need your questions... If you have any queries, or difficulties in understanding the property buying process, our panel of experts is waiting to help. Send our team your questions on buying property, shared ownership, legal issues, or your financial problems and we’ll find the best person from the panel to give the advice you need.
Email your questions to: lynda@ rsttimebuyermag.co.uk
Stephanie Tilley
102 First Time Buyer October/November 2024
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