Shared Ownership in Kent – Is It for You?
By TOI Staff October 5, 2022 Update on : October 5, 2022
Kent is a British county bordering the capital city on one side and the sea on the other. It is an excellent place to call home, full of natural beauty and a pleasant atmosphere. Due to its unique location, it has a robust public transportation system. It is also home to many impressive opportunities.
Many people are trying to move to Kent for its opportunities and beauty. Its proximity to the Capital city makes it even more popular. We all know that London is the home to Britain’s best education and work opportunities.
Living in Kent is a good option for anyone working or studying in London. After all, commuting to London only takes an hour or so. And Kent’s robust and advanced public transport system makes it easy to travel to and from London daily.
Whether you work in London or Kent, buying a house in Kent (moathomes.co.uk/county/Shared-Ownership-Kent) is a good choice. The property prices and rent are considerably lower than in London. If you can’t afford to buy a house upfront, don’t rent a house that is not ideal.
Instead, take advantage of Kent’s Shared ownership schemes.
What does shared ownership mean?
Many property and real estate companies offer these schemes. In Shared ownership, you buy some percentage of a house from a real estate company and start living in it. You may have purchased 20%, 30%, or 70%, but regardless of how many shares you buy, you can move into the house and start your life.
But there is a catch; you will have to pay the rent for the percentage of the house you don’t own. For example, if you own 60% of the house, you will have to pay 40% of the rent.
Shared ownership in Kent – is it for you?
From the description, it would be best if you understood that shared ownership is an excellent deal. Now the main question is, can anyone benefit from this scheme, or are there any restrictions? No, this scheme is not for everyone; you need to be able to fulfill specific criteria. The following are the main criteria you need to meet.
Shared ownership is a government-sponsored program. It is there to facilitate people who can’t usually afford a house. So, if you have a particularly high-income job, you aren’t eligible for this scheme.
You can only buy a house through share ownership if your income is less than 80,000 pounds. And you cannot afford the home you want to buy the usual way, through the mortgage loan payment.
You are only eligible to buy this car if you don’t currently own a house. If you have a home in the UK or abroad, you are not qualified for the shared ownership scheme. You must fulfill the following conditions to be eligible for the Shared ownership scheme.
- You don’t own a house yet and want to buy your first house
- You had a house, but you sold it. But you can’t afford the new home you are planning to buy.
- You had a house on shared ownership before, but you exited it and what to buy a new house.
You must be a legal adult to be able to buy a home through a Shared ownership scheme. You must be more than 18 years old to be eligible for this scheme in Britain.