If you’ve been seriously considering buying a Shared Ownership home then no doubt, you’ll be Googling to see what experiences other people have had with the scheme. Hopefully by doing this, you’ll see some of the life changing stories about how Shared Ownership has changes people’s lives for the better, but you may also come across some negative opinions and myths.
To help you on your journey of discovery, we’ve put together this Shared Ownership myth busting page that debunks some common misconceptions.
Think we’ve missed out a big myth that you want to clear up? Email it to marketing@plumlife.co.uk and we’ll look at including it here.
REALITY: Anyone can buy a Shared Ownership home as long as they meet the eligibility criteria which you can view here. While first-time-buyers often benefit from the accessibility of the Shared Ownership scheme, people from all walks of life regularly decide that this type of home buying is right for them.
REALITY: You can sell your Shared Ownership home at any date that suits you. Because Shared Ownership is becoming a more popular scheme, there is often high demand for Shared Ownership homes which makes the process even easier.
Before you sell your home, you need to provide Plumlife Homes (or whichever registered provider you purchased from) the option to sell it first, this is known as ‘the nomination period’. After a short period of time, if a shared ownership buyer hasn’t been found, you can sell it on the open market with whoever you want.
REALITY: Often, the monthly payments for a Shared Ownership home, is cheaper than renting a property of the same size. Your will pay a mortgage on the share of the property you’ve purchased and a reasonable rent on the rest.
REALITY: This is true in a sense and false in another. Often the landlord for the other share of your home – be that Plumlife Homes or a different landlord you’ve bought from – will manage the area your house resides in, keeping it tidy, safe and secure. However, you can act as the owner of your property and we won’t turn up for inspection checks, plus you are able to redecorate or make any non-structural changes that you see fit. Permission will be required for any major structural changes to the property for Plumlife Home properties.
While it is true that despite what share of the home you own, you are responsible for all repairs – new Shared Ownership homes come with a new homes warranty to protect you and sometimes, depending on the home you have bought, your seller will offer support for any qualifying repairs for up to 10 years after your purchase. Find out more by clicking here.
REALITY: While not all banks offer Shared Ownership mortgages, many well-known high street lenders do. At Plumlife Homes, we’re proud to work with a range of Shared Ownership financial experts who make the process of finding the right lender an easy one.
