Shared ownership is a scheme to help first-time buyers get a foot on the property ladder. You buy a share in the property, typically 50%, and pay a subsidised rent on the remainder. In the future you can buy further shares and eventually own the property outright.
Who can apply for new shared ownership properties?
New shared ownership properties are advertised when the building commences. You must be able to raise the purchase price of the share on offer (usually by mortgage) and be able to afford all the monthly payments – i.e. mortgage, rent and service charge.
Existing homeowners do not qualify for new properties and you must have indefinite leave to remain in the United Kingdom.
You would normally only be considered for the local council area in which you currently live or work. Priority is usually given to existing council and housing association tenants, key workers (essential public sector – e.g. teachers, NHS staff, police), and people registered on the Housing Register list.
Who can apply for shared ownership properties for resale?
Shared ownership properties that come up for resale are advertised for two weeks on the Home Options website on behalf of the vendor. If the advert doesn’t attract a suitable purchaser the property can be advertised on the open market using an estate agent.
How can I apply/receive more information about the scheme?
Our full guide to shared ownership is available by clicking the download below. Alternatively, you can be sent one by phoning 01508 532023.