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.
We will typically advertise new shared ownership properties when the building commences. In order to buy one, you must be able to raise the purchase price of the share on offer (usually by mortgage). You will also be responsible for 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.
Typically, the local authority will only consider you for shared ownership if you currently live or work in the area. However, there may be exceptions to this. We advertise all of our available new build shared ownership properties through the Help to Buy website.
You can find the Help To Buy agents for the East of England at the following website. https://www.helptobuyese.org.uk
The Help to Buy website is also where you can get information, register and apply for properties.
Shared ownership properties that come up for resale are advertised for two weeks on the Home Options website on behalf of the vendor. Once this period has passed, if the advert hasn’t attracted a suitable purchaser, you can advertise the property 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.
Please contact us on 01508 535669 for more information.
Please see our Shared Ownership brochure for a guide on Shared Ownership.