Who is LQ housing association?

L&Q (London & Quadrant Housing Trust) is a housing association operating in Greater London, the South East, East Anglia, and parts of the North West (under its subsidiary company Trafford Housing Trust). As of 2021, the company owns/manages in excess of 120,000 homes, housing c250,000 residents.

Is it harder to get a shared ownership mortgage?

Do lenders make it hard to get a Shared Ownership mortgage? It’s no harder to get a mortgage for a Shared Ownership property than any other property. The Mortgage Market Review laid down guidelines covering anybody getting any sort of mortgage, to try to make sure that they can comfortably make their repayments.

Can you ever fully own a shared ownership house?

Yes, you can still by a Shared Ownership home. However, the property you purchase would be available through the ‘Over 55’s Shared Ownership’ scheme which has some differences.

How does shared ownership work with L and Q?

How does shared ownership work? With an L&Q shared ownership property, you start off by buying a share in your new home on a 125-year lease (although this may vary). A lease is a legal document that proves you own part of your home and sets out conditions such as how often your rent and service charge goes up and by how much.

Is it possible to own your home with L & Q?

L&Q Shared Ownership makes it possible to own your home – even if you feel priced out of the property market. Under the Shared Ownership scheme you part-own and part-rent your home, making it possible for first-time buyers and families to get on the property ladder.

Do you pay rent on share you own with L & Q?

You will pay a mortgage on the share you own and a subsidised rent to L&Q on the share you don’t own You can increase the share you own until you own 100% of your home and no longer pay any rent to L&Q. This process is known as ‘staircasing’ Watch informative videos, hear from other home buyers and learn All About Shared Ownership here.

How does shared ownership work in real estate?

Shared ownership is part buy, part rent. This means you will have a mortgage on the share you own, and pay rent on the remaining share. For instance, if you buy a 25% share of the property, you’ll pay a mortgage on the 25% share, and rent on the remaining 75% share.