Shared Ownership

Shared ownership is designed to support people unable to afford the outright purchase of a property suitable for their housing needs.

Shared Equity is part buying your home with the remaining percentage being owned by the Housing Association.  This is an alternative to shared ownership.

Please note this information is for general guidance only. You are advised to discuss your specific requirements with an independent financial adviser prior to entering into any binding contracts.

If you would like to discuss this option in more detail please contact the Neighbourhood Investment Team by telephone on 01709 334962

How it works

The initial share is purchased with a mortgage from a Bank or Lending Institute in the normal way. The size of the share will vary from scheme to scheme but tends to be a minimum of 25% or 50%. You may wish to consider purchasing a further share at a later date, or alternatively, you can remain a shared owner indefinitely. The choice is yours. You will pay rent on the remaining share to your Housing Association.

Who can apply?

• First time buyers
• Existing private sector tenants leaving rented accommodation
• People on the waiting list with a Registered Social Landlord, local authority or other public body

Selling your property

You can either sell your share and your Shared Ownership lease is assigned to the purchaser, or if you increased your share to 100% ownership, you can sell the property on the open market. (Please note: some properties may have restricted share options).

The Key Choices Property Shop can explain a variety of schemes.

Further Information:

For further advice and information on residential leasehold issues contact LEASE, an organisation funded by Government to give free advice on a wide range of residential leasehold issues.

The Leasehold Advisory Service (LEASE)
2nd floor, 31 Worship Street
London
EC2A 2DX

Tel: 020 7374 5380 (local rates: 0845 345 1993)
Email: info@lease-advice.org

Shared Ownership Opportunities