For most of us, buying a house in London is about as likely as winning the lottery. But things could be about to change with a little help from L&Q, and their shared ownership properties across London and the South East. Shared ownership?! We hear you scream. Yes it’s time to learn the facts and realise shared ownership is not the devil, but probably the helping hand you need. It will help you get on the property ladder with a much smaller deposit than you’d need to buy on the open market, and although at the beginning you might only own 25% of your home and pay a discounted rent to L&Q, you could eventually own the entire thing through a process known as stair staircasing – buying more shares in your home when you can afford them.
You might say yes that’s all great, but I’ll never be eligible? Well the maximum income to qualify has been increased in London to £90,000 per household and you don’t even have to be a first time buyer to join the scheme (as long as you’ve sold your previous property). Furthermore, it can work out cheaper than renting privately and you won’t have the worry of your landlord selling.
Shared ownership is flexible and could help you achieve the unthinkable or if your circumstances change you can just sell the shares. Sounds like a win win situation to us and it’s definitely not as scary as we all thought.