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Shared ownership Q&A for mums and dads

IS shared ownership just for key workers? How much rent will our daughter pay as part of her part buy-part rent deal? Can we help our son pay the rental part of his monthly shared ownership costs?

These are just a few of the typical questions posed by the mums and dads of many first-time buyers who are thinking about Help to Buy shared ownership as a way of getting on to the property ladder.

Parents often play a key part when aspiring homebuyers consider the best way to make their property-owning dream come true. Like many mums and dads, they could be helping with the deposit or just offering their children the benefit of their advice − based on their own homebuying experiences.

That's why we decided to create a special pocket-sized leaflet, Shared ownership questions − from the parents' perspective, that answers some of the most frequently-asked questions about our part buy-part rent scheme.

Bromford Homes Sales and Marketing Director Bev Hall encourages mums, dads and other family members to read the Q&A before helping young first-time buyers to make a decision.

SO parents and daughter

"Shared ownership is a real success story − a truly affordable way to get onto the property ladder if, like many people these days, you can't afford to buy on the open market," says Bev.

"We've got many hundreds of examples here at Bromford Homes where first-time buyers have got on to the property ladder through shared ownership. In fact you've only got to look at one of our current developments like Fortuna in Cirencester, where nearly 80 customers have realised their homeowning dream.

"That said, we've found that many people − especially older homeowners − either don't know about shared ownership or misunderstand what it is and how it works. In fact, you could call it one of the property world's best-kept secrets.

"That's why we've produced this user-friendly leaflet that covers ten of the most frequently-asked questions − and the answers. We hope this will help parents and their children to understand shared ownership and how it works − from who's eligible to what happens when you want to move on.

"Of course, we can't cover every question in a pocket-sized leaflet but we're always happy to talk to people about shared ownership and answer any questions they may have."

Want to know more? You can read the Q&A online or download the leaflet. To buy a home or talk to a shared ownership expert call 0845 60 10 878.

23 May 2013