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Shared Ownership

Our guide to Shared Ownership

What is Shared Ownership

Shared Ownership is an opportunity for those who don’t think they can afford to own their own home, to take the plunge and make a home their own. Deposits and mortgages are smaller, because you only buy part of the home and pay rent on the rest. If you want to, you can buy more shares in your home, when you're ready.

Sam's Shared Ownership journey

Shared Ownership Explained

How does it work?

With Shared Ownership you buy a share of an affordable home, you can choose how big a share to buy, but there is usually a minimum. You then pay rent to Alliance Homes on the remaining share. Later, you can choose to buy more shares and your rent will go down accordingly, this is known as staircasing. To get a Shared Ownership home you must fit certain criteria and go through a process. At Alliance Homes we want to help you, so this is your guide through that process.

Who is eligible for Shared Ownership

Shared Ownership is aimed at first-time buyers and those who currently don’t own their own home. Here’s the basic criteria to check before you start the process.

Can you say yes to the following statements?

  • Your household earns less than £80,000 a year.
  • You don't already own a home at the time of buying. 
  • You’re unable to afford to buy a property on the open market that meets your housing needs?
  • You can cover the initial purchase costs of around £2,500 plus a deposit of at least 5% of the share price.
  • You've got a good credit history and kept up payments for rent, loans or other credit agreements.
  • You may also need a local connection to the area you are looking to buy in, but this isn’t necessary for all developments.

How to get started with Shared Ownership

If you’ve been able to say yes to all of the above statements, then you’re ready to begin.

1. Register for our updates

Register for updates with us, if you're interested in a home at one of our developments, we'll send you a message to make sure you're one of the first to know. Click here to register.

2. Apply for a property

Once you've found the home you want, you can apply for it by completing a financial assessment. The full details about this process are shown on our 'Apply Now' page, but essentially you'll need to have a mortgage agreement in principle and you'll need to show that you're in a financial position to be able to buy it. It's often the case that we get more than one application for a property. In these situations, applications are processed on a first come first served basis. 

3. Reserve your plot

If you're successful at the financial arrangement stage, we can arrange for you to view your property or go through plans with you if your property has yet to be completed. If you're happy with your property you can place a reservation by paying a fee of £250. Your reservation will hold the property within the timescales that we have agreed in order for you to obtain your mortgage and exchange contracts.

4. Instruct your solicitor

We can provide you with a list of solicitors who are experienced in dealing with shared ownership, or you can choose your own. We will then send a memorandum of sale to your solicitor which covers all the details of your purchase.

5. Exchange contracts

Once your solicitor has read through the contract and lease for your purchase and are happy with the documentation, we will then be able to exchange contracts. You will sign a contract to buy a home and we will sign another to sell it. Your solicitor will ask for funds. On exchanging contracts, a date for completion will be agreed. If your house is still being built we will keep you updated with the progress.

6. Congratulations! Move in

When the completion date has arrived, we will hand over the keys, check the meter readings, and give you the utility provider’s details so that you can register your occupancy. We will give you with a welcome pack, warranty information (if applicable) and product manuals for your home.