Introduction to Shared Ownership
Shared ownership properties are a fantastic opportunity if you want to get a foot on the property ladder but can’t afford to buy a home on the open market. It allows you to buy a share in a brand new leasehold property on a part buy/part rent basis and pay rent on the part that you do not own; we also deal with shared ownership resales
You can buy an initial share of between 25% and 75% of the property and pay rent on the remaining share. The bigger the share you buy, the less rent you have to pay. You will need to be able to raise a mortgage for the share you want to purchase unless you have sufficient money of your own.
In most cases, as you become able to afford it, you can buy additional shares until you own the property outright. This is known as staircasing.
Shared ownership products are designed for key workers and other priority groups such as local authority or housing association tenants, and those identified as being in priority need.
Most people assisted under the shared ownership programme are first time buyers; however, we can also help if you need to buy a property in a situation such as a relationship breakdown or where your household has outgrown existing arrangements.
All applicants that are interested in shared ownership schemes must be registered with the local authority that the properties are being advertised in.
For further information contact our Customer Services Team on: