The Shared Ownership scheme is also know as part buy, part rent because purchasers buy a share in their home and pay rent on the remainder.Shared owners do not share their homes with someone else, they share the ownership of it with a housing association.
In most instances, existing council and housing association tenants and people registered for housing with their local authority are given priority, but other people can also benefit from shared ownership.Most shared owners are first time buyers; others are people who have had to leave their existing owner-occupied home because of a relationship breakdown. To be considered you must be able to afford the cost of the shared ownership rent and mortgage and any service charges.
To be eligible for shared ownership you must be a British or EU citizen, or have ‘indefinite leave to remain' stamped in your passport, or have appropriate documentation to cover the eligibility of your application.If you do not have indefinite leave to remain in the UK but can provide evidence of mortgagability from a prime lender, we may be able to help you.
We will be unable to help you if you have had any arrears of rent in the last six months, or are already named on an existing mortgage or property deeds. Applicants receiving Housing Benefit will need to be assessed on a case by case basis before a decision can be made.
We will normally be able to accept your application to purchase a Shared Ownership property if you fulfill the following criteria:Your income
We believe it's important not to encourage people to take on Shared Ownership if they cannot realistically afford it. For this reason, we have set minimum income levels for as a guide for applicants as shown below:
If you are able to put a large cash sum towards a purchase you may qualify with a lower income. Please remember that these figures are a guide to the minimum income levels required to apply to purchase through the Shared Ownership scheme. For most of the new properties that we develop, buyers will need incomes in excess of the minimum levels stated above.Your savings
If you want to purchase a Shared Ownership home you will need savings. This money will be required to cover legal fees, other professional fees and any stamp duty.The minimum amount required is between £3,000 - £4,000.
You will also need to be registered with your local HomeBuy Agent.Information on how to apply can be found at www.homebuy.co.uk
Shared owners pay a monthly rent on the share that has not been purchased. There will usually also be a monthly service charge
to cover items such as buildings insurance, management and cleaning and maintenance of communal areas.