Frequently asked questions about shared ownership
What is shared ownership? Shared ownership is for people who can not afford to but their own home. Through shared ownership you buy a share of the property and pay rent on the share you don't own. Gradually, when you can afford it, you may buy further shares and eventually own your home outright.
Can I buy a shared ownership home with someone else?
Up to four people can become joint owners. All joint applicants must individually and jointly meet the eligibility criteria. Ask your solicitor or licensed conveyancer to advise you.
Am I eligible for shared ownership?
In order to qualify you must meet the following criteria:
• You must have been employed on a permanent contract for at least six months.
• If you are self-employed you will need at least two years audited accounts.
• If you have ever had a County Court Judgement against you it must be satisfied.
• You must be a UK resident or have the 'right to remain' clearly established and shown in your passport.
• You will need to meet the minimum income requirements. These vary from scheme to scheme. We will also take into account any financial commitments you have, such as bank loans, to make sure you can afford the property. You can use the affordability calculator on the FSA website.
• You must have sufficient savings to cover legal fees and moving costs.
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What are the initial costs on buying a shared ownership property?
In order to buy your home you must have savings or access to sufficient funds to cover the following:
• Legal fees. We can supply a list of reputable solicitors who are familiar with shared ownership. It is advisable to ask for an estimate before engaging with a representative as fees vary.
• A deposit of £500. This is refundable on completion
• £500 reservation fee. This is not refundable but goes towards the total share purchased
• Removal costs. You will need to consider the cost of moving as they can sometimes be quite high.
We estimate that you will need pproximately £3,000..
What are resale properties?
If someone moves out of their shared ownership home, SBHG will advertise it on our new homes page for sale as shared ownership. These can be bought by anyone eligible for shared ownership.
See our resale properties
How do I register with housing options?
In order to buy any shared ownership property you must register with Housing Options.
Housing Options |