FAQs

When you buy a share in a property through an approved Shared Ownership scheme you may have to pay Stamp Duty Land Tax.

You can find more information of Stamp Duty for Shared Ownership properties on the HM Revenue and Customs website at https://www.gov.uk/guidance/sdlt-shared-ownership-property

No there is no age restriction on eligibility. 

However, if you require a mortgage you will need to be over 18 years old and mortgage lenders will assess your age in respect of the amount of mortgage years you have available to you.  The older you are, the mortgage company may require a higher deposit.

Shared Owners do not have a Statutory right to extend their lease.  However, Hyde will grant its Shared Owners a Voluntary lease extension.  To be eligible the following must apply:

• There must be an initial lease term of over 21 years on the lease.
• No existing breaches of the lease
• All conditions under the headlease can be met (eg where Hyde are not the Freeholder).

Housing Associations may offer leases of varying lengths, therefore, it is always best to enquire of your sales consultant what the terms of the lease are.

Yes, that is fine.

No, you may not rent the property out.

No, you may not sublet unless you are given permission by the Housing Association in question for special circumstances.

Shared ownership is a product that benefits from government funds to make homes affordable for those unable to buy on the open market, therefore, it is not permitted to make commercial gain from it. Additionally, if you have a mortgage, your lender may also not be in accordance with your letting it to someone else.

Yes, you can take in a paying guest or lodger, as long as you are still living in the property and do not sign a tenancy agreement.

It would make good financial sense, however, to verify through an Independent Financial Advisor IFA that the costs of home ownership are affordable to you prior to purchase. I would also advise you to double check the lease with the HA you are dealing with beforehand.

There is no bedroom size restriction and you can apply for any size of property.

The minimum share of the equity you can purchase is determined by the Housing Association and you will be required to pay a subsidized monthly rent on the unsold share of the equity to the Housing Association.

However, you may choose to purchase additional shares if that is affordable to you. You may also choose to staircase (buy more shares), as that option becomes affordable to you at a later stage. We have a team of in-house specialist who are able to advise and assist you with this.