The path to owning your own home can seem daunting, especially with rising property prices. Many people wonder, “Can You Get Freehold Shared Ownership?” While traditional shared ownership schemes typically involve leasehold properties, the possibility of freehold shared ownership is emerging as an intriguing alternative, offering a different kind of security and control. Let’s delve into this topic to understand what it entails.
Understanding Freehold Shared Ownership
The core concept behind shared ownership is straightforward: you purchase a share of a property, typically between 25% and 75%, and pay rent on the remaining portion to a housing association or landlord. Traditionally, this arrangement involves leasehold ownership, where you own the right to live in the property for a fixed term (the lease), but the land and building remain owned by the freeholder. Freehold shared ownership, however, presents a different scenario where you own your share of the property outright, including the land it sits on.
So, can you actually get freehold shared ownership? The answer is not always straightforward. While less common than leasehold shared ownership, freehold shared ownership schemes do exist, although they are often subject to specific conditions and eligibility criteria. These schemes aim to provide more security and long-term investment potential for the homeowner. Here’s what sets it apart:
- Direct Ownership: You own a share of the freehold, meaning you’re a direct owner of the land and property.
- Reduced Ground Rent: Since you’re a freeholder, you typically avoid the ongoing ground rent payments associated with leasehold properties.
- Increased Control: As a part-owner of the freehold, you may have more say in the management and maintenance of the property and its surrounding land.
The rise of this type of scheme reflects a growing desire for greater control and security among shared ownership buyers. Imagine the advantages:
- Potential for long-term capital growth in both the property and the land.
- Simplified process for selling your share or purchasing further shares (staircasing).
- Greater peace of mind knowing you have a more substantial stake in your home.
The key advantage of freehold shared ownership is the enhanced security and potential long-term value it offers compared to traditional leasehold shared ownership. However, availability can be limited, so thorough research is essential.
Want to explore freehold shared ownership options further? For more in-depth information and current availability, please refer to resources provided by reputable housing associations and shared ownership scheme providers.