Of all our purchasing options, Shared Ownership is consistently the most popular. Here you can learn more about how Shared Ownership works and discover whether it’s a suitable option for you.
All first time buyers may apply. Tenants in council or housing association homes will be given top priority. We can also help people who have previously owned properties but are now unable to buy without assistance, for example, relationship breakdown or families who suffer over-crowding in their current part-buy, part-rent homes. If you have a home already, you will need to have sold it or removed your name from the deeds before you can purchase one of our properties.
The annual minimum income is £18,000 but it can be less if you have substantial savings. The maximum annual household income allowed is £60,000. You also need access to (or savings) of £3,500 to cover the initial costs of buying a home and you will probably need a deposit if you are raising a mortgage. In addition, you must not be in mortgage or rent arrears (at time of application or in the past year); not have CCJs; had a home repossessed or been declared bankrupt. You must be able to obtain a mortgage from a 'high street' or other reputable lender and you will have to demonstrate that you can afford the mortgage payments, rent and service charges.
The lease entitles you to live in the property as owner-occupier for the length of the lease. It allows you to buy further shares in the property and sets out how you can do this. It also outlines how you can sell your share. The lease also outlines your responsibility for repair and maintenance of the property and for payment of rent and service charges.
You will need money for:
- Survey - you may wish to have an independent survey that you must pay for.
- Legal Fees - you will need a solicitor or conveyancer to undertake the legal work. Find a solicitor
- Mortgage deposit Stamp Duty Land Tax - ask your solicitor for further details as Stamp Duty rates vary from time to time.
- Removal costs Furnishing costs - if this is your first home.
- Mortgage repayments – repayments will vary according to the lender and the interest rate.
- Rent – the monthly rent will be based on the share you do not own. The amount paid is reviewed each year.
- Council Tax – you will have to pay council tax to the local authority.
- Repairs – if you have purchased a house, you will be responsible for all repairs and redecoration, both inside and out. If your home is a flat, you will be responsible for all repairs and redecoration internally. Your landlord will undertake to keep the external building in good repair and will maintain communal areas. You will have to pay a share of the costs involved. This is called a 'service charge'.
- Insurance – your landlord will insure the structure of your home (buildings insurance) but you will need your own contents insurance.
- Heating, lighting and water bills – you are responsible for your own bills.
- Fittings and furniture – you are responsible for supplying your own fittings and furniture.