A-Z of Shared Ownership

If you're new to shared ownership or want to find out more about some of the finer details this page has the answers.

What is Shared Ownership?

Shared Ownership is a government backed Part Buy/Part Rent scheme designed to help you take that first step on the property ladder. The properties sold under this scheme are usually new build apartments or houses; you can purchase shares from 25% up to a maximum of 75% on the initial purchase.

As this scheme is designed to be the first step onto the property ladder you cannot own another property or land in the UK or abroad.

All applicants are expected to purchase the maximum share they can afford; this will be dependent on your income and savings which you will need for your deposit, and any financial commitments you may already have. You will need to use some of your savings for legal fees and the rest of your savings will be required for your deposit.


You will need to arrange a mortgage for the share you want to buy you will also have to pay a discounted rent to your landlord on the share you don’t own and a service charge

Your Questions Answered

Am I eligible?

If the following statements apply to you then it is very likely that you will be eligible:

 

  • Your annual gross household income is less than £80,000, £90, 000 in London
  • You do not currently own a home
  • You have no outstanding credit problems
  • The monthly mortgage, rent and service charge payments on the property are less than 45% of your household income after tax

Some other restrictions may apply on certain properties such as a local residency requirement or minimum household size.

 

Your general eligibility can be confirmed once you have filled in the application form and you have a specific scheme in mind. You will also need to register with your local Help to Buy Agent.

Financial assessment and property suitability
What is leasehold?
What is a shared ownership lease?
What are the differences between a shared ownership lease and an ordinary long residential lease?
HCA approved shared ownership leases must contain core clauses.
How much stamp duty will I need to pay?
What is specified rent and gross rent?
Why does the Housing Association need to approve my mortgage?
Buying Extra Shares
Rent and ongoing costs

Address

Croydon Office. 4th Floor, Davis House, Robert Street, Croydon, CR0 1QQ

Contact Info

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