What is Shared Ownership?
Shared ownership gives first time buyers the opportunity to purchase a share in a new build or resale property. The initial share can usually range from 25-75% or in some cases buyers can purchase an initial 10% share.
Is Shared Ownership suitable for me?
You can buy a home through shared ownership if both of the following are true:
your household income is £80,000 a year or less (£90,000 a year or less in London)
you cannot afford all of the deposit and mortgage payments for a home that meets your needs
One of the following must also be true:
you're a first-time buyer
you used to own a home but cannot afford to buy one now
you're forming a new household - for example, after a relationship breakdown
you're an existing shared owner, and you want to move
you own a home and want to move but cannot afford a new home that meets your needs
For some homes you may have to show that you live in, work in, or have a connection to the area where you want to buy the home.
Get in touch
If you have any questions about shared ownership please get in touch.
What is 'Staircasing'?
Staircasing is the process of purchasing additional shares in your shared ownership property. Through purchasing additional shares and increasing your equity in the property, your monthly rental amount will decrease.
Most shared ownership leases will allow you to staircase up to 100% you can then apply to obtain the freehold.
Certain leases will allow you to gradually staircase by 1% for the first 15 years after becoming a shared owner. The price of a 1% share will be based off the initial market value of your home increased/decreased in line with HPI (Housing Price Index).
Looking to Sell Your Property?
1. Get a valuation
Once you have informed us of your intention to sell, you will need to obtain a valuation to determine how much you can market your share for. The valuation must be carried out by a RICS qualified surveyor, not an estate agent.
2. Market your property
Following our approval of your valuation, you are free to market your property on the open market. If you would like us to market your property on our website please let us know.
We will also require your chosen estate agent to provide us with the potential new purchaser’s details so we can assess their eligibility for shared ownership.
3. New purchaser is approved
Once we have approved the purchaser of your shared ownership property and an offer has been agreed upon, we will require the details of both solicitors acting for you and the buyer.
Resales
If you are looking to sell your shared ownership property you will need to let us know in writing or fill in our online form. Any potential purchaser of your share would need to meet the government's eligibility criteria which you can find using this link below.
Shared Ownership Repairs
Certain shared ownership leases will come with a £500 per year repairs allowance for the first 10 years. This is designed to cover the cost of repairs identified as eligible in your lease. This would include;
Installations in the flat or house for making use of the supply of water, gas and electricity and for sanitation (including basins, sinks, baths and sanitary conveniences, but not other fixtures, fittings and appliances for making use of the supply of water, gas or electricity)
Installations in the flat or house for space heating and heating water
The repairs allowance cannot be used for the installation of fittings such as cabinets, lights, mirrors, furniture etc. The allowance cannot be claimed for anything covered under warranty, insurance policies or guarantees.
Please refer to the documents given to you upon completion for further information, such as the guarantees/warranties. If you feel that your repair does fulfil the repairs criteria, please fill in the form and attach any pictures and any cost of work if available.
If you feel a fault or repair that falls under the repairs allowance requirements is needed, please fill in the form below and attach relevant pictures and cost quotes if available.