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Buying a property in London can be difficult for many people due to the high housing prices. Shared ownership is increasingly popular, particularly for first time buyers in London, as it enables low to medium income households to get on the property ladder. Shared ownership properties are generally run by housing associations (HA) and/or registered social landlords (RSL).
The process involves buying a share of a property (between 25% and 75% of the home’s total value) and paying rent on the remaining share. In order to pay for your share of the home’s purchase price, you will need to take out a loan. First Steps is the official housing programme introduced by the Mayor of London in order to assist low and modest income households in London to buy or rent at a price that is comfortable for them.
In order to be eligible to buy or rent through First Steps, you must meet a list of eligibility criteria. However, in addition to the general eligibility criteria, additional criteria may be detailed by local planning authorities for specific developments.
You are eligible to buy or rent through First Steps if:
If you meet the above criteria, shared ownership through First Steps works on a first-come-first-served basis, following the priority of Armed Forces personnel.
When registering with First Steps, you must provide the following information:
Following registration, you will be able to browse all properties that are currently available in London through First Steps. There are a wide range of properties available at various prices, including houses and flats across the London boroughs.
If you are interested in buying a property in London through First Steps, or you simply would like to find out more about shared ownership and where to begin, contact Stephensons today. One of our specialist London conveyancing solicitors will be happy to talk you through the process and answer any questions you might have.
If you decide to choose Stephensons to help with the process of buying a property, you will also have the added benefit of being able to stay in touch with your transaction 24 hours a day through the use of our case tracking system. Call us today on 01616 966 229 for a free, no obligation initial chat with one of our legal advisors and to find out more information about how Stephensons solicitors can help.
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