Shared Ownership explained

It's only natural to have a few questions about the Shared Ownership process, so we've put together our list of the most common questions.

Who is eligible for shared ownership?

To be eligible for a shared ownership property you must:

• Have a household income of less than £80,000 per annum
• Be unable to afford to buy a property on the open market that meets your housing needs
• Not already own a home, or you will have sold your current home before you complete the purchase
• Have enough money to cover the costs of buying the home i.e legal fees
• Not be in mortgage or rent arrears (at the time of the application, in the past year)

What are the costs?

Before deciding if shared ownership is for you, you need to think about the initial and ongoing costs of owning your own home.

Initial costs:

• A deposit
• Legal fees
• Reservation fee
• Removal costs
• Stamp duty (if applicable)

Ongoing costs:

• Mortgage
• Rent
• Service charge
• Utilities
• Council tax
• Repairs and maintenance

What am I buying? 

Buying a shared ownership property means that you are an owner-occupier. You will have a lease which is a legal documentation that outlines rights, responsibilities and what both parties are responsible for.

Can I improve or alter the property? 

Before making any changes you'll need to get written approval from us, and in some instances, your mortgage lender as well.

Who looks after repairs and maintenance?

You are responsible for all repairs and maintenance to the property like other homeowners. If the property you’ve purchased is brand new, you may be covered by a guarantee. We will advise you if this is the case and what that guarantee covers.

Can I buy more shares?

Yes, you can buy more shares this is known as “staircasing”. You may need to wait 12 months and there may be a few restrictions, but in most cases you can staircase until you own your property outright. We've put together a guide and you can find it by clicking here.

What happens when I want to sell? 

You can sell your home at any time, but you must let us know. You can follow our step by step guide by clicking here.

What’s included in your new build Shared Ownership home?

The standard specification of our Shared Ownership homes includes stainless steel integrated hobs, extractor fans and ovens. We don’t provide white goods or furniture. Most of our homes come with vinyl flooring in wet areas, this includes bathroom(s) and kitchen areas. You are responsible for providing floor coverings to the remainder of the property at your on expense. We provide turf to all of our Shared Ownership home gardens. 

Please note that some variations may apply depending on the development.