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 however there may be exceptions to this. All of our available new build shared ownership properties are advertised through the Help to Buy website.
The Help To Buy agents for the East of England can be found at the following website. https://www.helptobuyese.org.uk
The Help to Buy website is where you can get information, register and apply for properties.
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.
It is no longer necessary to register with the Local Authority Home Options if it is only shared ownership which you are interested in, although you can still log into Home Options and view any available properties through South Norfolk Council’s Home Options website http://www.snhomeoptions.org.uk this will show rented properties as well as any resale shared ownership properties available.
How can I apply/receive more information about the scheme?
Please contact us on 01508 532031 or 01508 532038 for more information.