Shared ownership is an affordable housing option which enables you to purchase a share percentage of a property from 25% up to 75% initially. The portion of the property the shared owner does not purchase is owned by Rotherham Council as a landlord, and the shared owner is responsible for paying rent on the unowned share.
Shared ownership assists people who would usually be unable to purchase a property on the open market to get their first step on the property ladder.
Shared ownership properties have similarities to full home ownership, for example you are responsible for its repair and maintenance, and all associated bills and costs, and if you decide to move you can sell the property on the open market. However, there are a number of differences. For example, you have a Landlord, you may have service charges to contribute towards, and you are obliged to meet the terms set out in your lease.
You can purchase your share outright with existing savings, or you can take out a mortgage, however you will still need a deposit of at least 5% of the share purchase price.