Buying
Options

Our handy Buying Option section has all the vital information you need to begin your journey to owning your own dream home with BE WEST.

Shared Ownership gives first time buyers and those that do not currently own a home the opportunity to purchase a share in a new build or resales property.

The purchaser pays a mortgage on the share they own, and pays rent to a housing association on the remaining share. Because the purchaser only needs a mortgage for the share they are purchasing, the amount of money required for a deposit is usually a lot lower when compared to the amount that would be required when purchasing outright.

The purchaser has the option to increase their share during their time in the property via a process known as ‘staircasing’, and in most cases can staircase all the way to 100%. In this instance, the shared owner will no longer pay any rent, just their mortgage along with any service charges and ground rent.

Why buy a Shared Ownership home?

Shared Ownership is essentially for people who would like to own their own home but can’t afford to buy on the open market. Shared Ownership costs are usually lower than other housing options for a number of reasons:

• The rent is less than the rate charged on the open market and usually charged at 2.75% of the property value per annum.
• You can start with a little as 25% share in many cases.
• Your deposit will be 5-10% of the price of the share, not of the full market value of the whole property.
• Stamp Duty Land Tax (SDLT or simply ‘stamp duty’) can generally be deferred until your share reaches 80%.

Explore the options below to discover more about the buying and selling process and key information