Shared Ownership is one of the schemes offered under the Government’s Help to Buy initiative and provides an affordable route into home ownership offering an alternative to renting.
You buy* a share of a home and pay a rent on the part that you do not own.
The initial share purchased will normally be between 25% and 75%. This will be a share that is affordable now but also sustainable for the future ensuring that your costs remain manageable.
In the future you may choose to purchase more shares – a process known as ‘staircasing’ – or you can sell your share of the property based on its value at the time.
* You will be granted a lease
What are the benefits of Shared Ownership?
– Your monthly costs will often be lower than if you were to rent privately
– You own part of your home rather than paying rent with no return
– You will need a lower deposit than if you were buying a home outright
– You buy* a share that is affordable to you meaning that you do not stretch yourself financially
– You may be able to purchase up to 100% after your initial purchase. Please check at the time of reservation
– The rent you pay is a subsidised rent
– Shared Ownership is a Government scheme that has helped thousands of people find a place to call home
* A lease will be granted
Am I Eligible for Shared Ownership?
If the following statements apply to you then it is very likely that you will be eligible for Shared Ownership:
– You are 18 or over
– Your household income is less than £80,000 a year
– You do not currently own a home (unless you have a housing need. Please speak to our Sales Advisors)
– You have no outstanding credit problems
-Your eligibility will be confirmed by completing an application form with the relevant Help to Buy agent
To find which Help to Buy agent you should register with, visit the Help to Buy website.
Some developments may have their own criteria. For example, local residents may have priority.
Where do I start?
– Contact our sales team to discuss the home that you like and your eligibility.
– Have your affordability assessed by one of the Independent Financial Advisors on our panel.
– Provide your documentation (We will instruct you as to what is required).
– Reserve your home with a reservation fee.
– Place your reservation and pay your reservation fee. This fee will be deducted from the purchase price on the day of completion.
