Shared Ownership

A HELPING HAND FOR YOUR FIRST STEP ONTO THE PROPERTY LADDER

WHAT IS SHARED OWNERSHIP?

Shared Ownership allows you to buy an affordable share of your home (between 25% and 75% of its value). You will then pay rent on the remaining share, with the option of buying larger shares of the property as you can afford it, with the prospect of owning your home outright.

WHO IS IT FOR?

Shared Ownership is for those who are in work but are unable to obtain a mortgage for the full value of your desired property type in a location where you want to live.

AM I ELIGIBLE?

To be eligible for Shared Ownership you must meet the following criteria:

Be at least 18 years old
Do not currently own a home
Have a household income under £80,000, or under £90,000 in London
Be able to demonstrate that you can afford a deposit and keep up to regular mortgage payments

WHAT ARE THE COSTS?

We recommend you budget approximately £3000 - £4000 as well as your deposit to cover the house purchase costs. These include:

Mortgage arrangement fee
Valuation fee
Legal fees
Stamp Duty

ARE THERE ONGOING COSTS?

As the homeowner you will be responsible for the maintenance and repairs to your property. If you live in a flat/apartment you will be responsible for any repairs and maintenance inside the property, but your landlord (our partner, who is a Registered Provider and regulated by Homes England) will be responsible for communal areas – these costs will be included in your service charges. You will need to make sure you allow a sufficient budget for the upkeep of your property.

CAN I BUY MORE SHARES?

Absolutely! This is called 'staircasing'. Staircasing is simply a step closer to becoming a full property owner. The greater share in your property you buy, the less rent you pay. When you staircase to 100 per cent, you will own your property outright.

CONTACT

TO CONTACT OUR RENTAL OR SALES TEAMS,

PLEASE CALL OR EMAIL US:

Tel: 0113 4333 224

[email protected]

ALTERNATIVELY, PLEASE FILL IN THE FOLLOWING CONTACT FORM: