Frequently Asked Questions

What is shared ownership?

Shared ownership is a fantastic way to get on the property ladder when you’re unable to purchase a home on the open market. It allows you to buy a share in a property on a part buy/part rent basis and pay a subsidised rent on the part that you don’t own. Because you only need a mortgage for the share you are purchasing, you won’t need such a big deposit. Over time you can purchase more shares, in your property, known as ‘staircasing’ This can be done at any time after initial purchase and it will reduce the amount of rent you pay.

Am I eligible for shared ownership?

You can buy a home through shared ownership if:

Your household income is £80,000 a year or less

You cannot afford all of the deposit and mortgage payments for a home that meets your needs

You don’t need to be a first time buyer, but you can’t own another home at the same time. If you already own a property you must have a sale agreed on it.

How much does it cost to buy a shared ownership property?

Just like buying outright, there are extra costs when buying a home. Your purchase costs will include:

• A reservation fee of up to £300
• A home valuation
• Your deposit
• Any mortgage fees
• Your solicitor’s fees
• Stamp duty(where applicable)

When you register interest in a home, we will give you a ‘summary of costs’ known as a Key Information Document. This sets out the purchase costs, the monthly payments, and any future costs if you choose to buy more shares or sell the home.

What percentage of the property can I buy?

The initial share you buy will be between 10% and 75% of the full purchase price, dependent upon which model lease you’ve purchased. The amount will be dependent on your circumstances, meaning it is not only affordable for you now, but in the future too.

Does shared ownership mean sharing with another person?

No, shared ownership means you own part of your home and pay us rent on the remaining shares. It isn’t a house share scheme, so only you will live there.

What happens if I want to sell?

You can sell your shared ownership home at any time. If you have less than a 100% share, you must inform us as we have the first option to buy back your home. If we can’t find a buyer for your home within a set period of time, you are able to sell your share on the open market through an estate agent.

Can I purchase a 100% share straight away?

No. The initial share you buy will be between 10% and 75%. Over time you can increase your share of your home. You can usually buy additional shares up to 100% of the value of your home. However, some of our homes in rural areas or specifically for older people are restricted so you can only buy up to 75% or 80% of the property. This is to help keep sufficient affordable housing in the area.

Who is responsible for maintenance and repairs of my shared ownership property?

As the leaseholder, you are responsible for the cost of repairs and maintenance of the home. If your home is a new build, you’ll be in a defects period for the first year which means the contractor who built your home will be responsible for repairs. If your home has been purchased under the new model lease, you may be able to claim towards general repairs that affect your heating (and hot water provision) and domestic services such as electrics, plumbing and sanitary.