Frequently Asked Questions

If you’re interested in finding out more about Shared Ownership and our available homes, the easiest way is to either email us, register against your chosen development or submit an enquiry through the contact form on our website

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When you’ve seen a home that’s right for you, we will ask you to put down a reservation fee which will vary depending on the development, complete a reservation form and make an application. For some properties and schemes where there is high demand there may be a selection process or further approval from the Local Authority or Borough.

When buying a new home we need to check how much you can afford with a Financial Advisor.  They will carry out a financial assessment to look at how much you can afford and how much your monthly payments will be taking into account household salary; monthly outgoings (such as utility and grocery bills) and any outstanding balances on credit cards, loans or purchases.

Your solicitor will carry out legal searches on the property, review and explain your lease, liaise with our legal team and your mortgage lender, and ensure all contracts and paperwork are completed so your purchase proceeds to completion.

A mortgage adviser will assess your affordability, identify suitable mortgage products, explain the buying process and outline the costs associated with your purchase. Once Sales has agreed, they will work with you to help submit the mortgage application.

The team can provide details of solicitors and mortgage advisers experienced in Shared Ownership. You may also appoint your own adviser if preferred.

All new build homes are covered by a 10-year structural warranty and insurance protection, such as NHBC or LABC from point of construction. The team will advise on the remainder of warranty your own will benefit from.

Yes. You will have the opportunity to measure your home before completion takes place. We will also send you electronically, a residents’ manual to make sure you are familiar with key features such as kitchen appliances, the heating and hot water instructions.

For Shared Ownership homes, buildings insurance is normally included within the service charge. Leaseholders are responsible for arranging contents insurance.
For Outright Sale homes, homeowners are responsible for arranging both buildings and contents insurance.

You will pay for water, electricity and other utilities. Where developments have communal heating systems, the appointed energy provider will supply heating and hot water. Our team will confirm utility details on completion.

You pay rent on the share you do not own, plus a service charge covering building insurance, management, cleaning and maintenance of communal areas.

An estimated service charge is displayed on each property listing. The final charge may vary and the team will provide guidance before purchase.

Service charges typically cover:

• Maintenance of buildings and grounds
• Upkeep and cleaning of communal areas
• Lift and safety system maintenance
• Door entry and fire safety systems
• Buildings insurance
• Long-term reserve funds for future refurbishment

Service charges are reviewed annually and you will be given notice of any changes.
Service charges are separate from any ground rent payable.

Ground rent is separate from service charges and is an annual fee paid by leaseholders. Whether this is required will depend on your lease conditions and whether you own 100% of your home.

A lease is a legal document that proves that you own part of your home and sets out conditions such as how often your rent and service charges go up and by how much.

Help to Buy has now closed to new applications.

The deadline to open a Help to Buy ISA closed on 30 November 2019. If you opened an account before this date, you can claim the government bonus until 1 December 2030

You are responsible for internal repairs. Structural and communal maintenance is covered through the service charge.

Shared Ownership is a government-backed scheme that helps people buy a home who cannot afford to purchase outright. You buy a share of the property and pay rent on the remaining share owned by a housing provider.

Guide to Shared Ownership

You typically buy between 10% and 75% of the property value, depending on affordability and the development. You pay a mortgage on your share, rent on the remaining share, and a service charge for building management and communal maintenance.

A resale property is a home previously purchased through Shared Ownership that is now being sold by the current shared owner. The buying process is similar to purchasing a new Shared Ownership home, although you will need to buy at least the share currently owned by the seller.

Guide to Shared Ownership Resale

Find Resale homes

The scheme is designed for people who cannot afford to buy a suitable home on the open market. Many shared owners are first-time buyers, although this is not a requirement. Applicants must be able to afford the mortgage, rent and service charges.

Find more about eligibility

Once you’ve found a property you’re interested in, register your interest. The team will then keep you updated on the development, including expected launch dates, viewing opportunities, and updates on pricing and availability.

Find homes

• You buy a share of your home based on what you can afford, with the option to purchase more shares in the future through staircasing.
• Your combined mortgage and rent payments may be lower than renting a similar home on the open market.
• Rather than fully renting with no long-term return, you start to build equity in your own home.
• Unlike rented properties you are an owner-occupier and can decorate to your taste.
• A smaller deposit is required, as you only pay a deposit on the share you purchase rather than the full market value.
• If you sell your home and its value has increased, the value of your owned share will increase accordingly.

Once you’ve purchased your new home and moved in, you have the choice of buying a larger share when the time is right.  This is called staircasing and the Resales team can help you get started.  The price you pay for any additional shares is based on the market value at the time you wish to staircase.  The value will be set by an independent RICS valuation and there will be some costs involved such as a valuation fee and solicitor’s costs.

Maximum household income limits are set by government guidance. These are currently:

• Up to £90,000 per year in London
• Up to £80,000 per year outside London

Local authority criteria may also apply on certain developments.

Some developments require a local connection. This may mean living or working in the borough, or having close family living there. Any local criteria will be stated on the property listing.

There is no upper age limit. If applying for a mortgage, you must be over 18. Mortgage lenders will assess age when determining loan terms and deposit requirements.

Your credit history may affect your ability to secure a mortgage, which is required to purchase a Shared Ownership home. If you are unsure about your credit position, it is advisable to speak with an independent mortgage adviser before arranging a viewing.

Upfront costs
As with any home purchase, you will need funds in place at the outset. This typically includes:

• Savings to cover legal fees, mortgage fees and other professional costs (usually at least £5,000)
• A mortgage deposit. The minimum deposit required will depend on your lender and the eligibility requirements for the development you are applying for

Ongoing monthly costs
Your regular monthly outgoings will usually include:

• Mortgage repayments on the share you own
• Rent on the remaining share of the property
• A service charge covering the upkeep and maintenance of the building and communal areas
• Usual household bills such as utilities and council tax

A deposit is required for the share you are purchasing. The amount depends on your lender and financial circumstances.

It is recommended that buyers have savings available to cover the costs associated with purchasing and moving into a new home.

These costs may include:

• A reservation fee (where applicable)
• Solicitors’ fees
• Mortgage lender fees
• Property valuation fees
• Removal and moving costs
• Stamp Duty Land Tax (SDLT), if applicable. Your solicitor will advise whether SDLT is payable and how much you may need to pay

The amount required can vary depending on the property, mortgage lender and individual circumstances.

If you already own a property, you must be in the process of selling it, as you cannot own another home at the point of completing a Shared Ownership purchase.

Yes. Priority is often given to first-time buyers, but others who cannot afford to buy on the open market may also be eligible.

The minimum initial share is set within the lease (normally 10-25% depending on scheme). You will normally be encouraged to purchase the largest share affordable to suit your financial circumstances at financial qualification, although in some instances a lower share for purchase may be possible. You can also buy further shares later through staircasing.

There is no bedroom-size restriction. You may apply for any size of property, subject to affordability and local allocation policies.

Changes such as adding window furnishings or decorating your home would not need approval from the managing agent or housing provider before work begins.  However, if changes are structural or alter the specification such as removing walls, changing windows, replacing the kitchen or bathroom or building extensions you will need these to be approved.  We would advise checking before you make any changes, however small.

There are no restrictions on your partner moving into your Shared ownership home. You should notify your housing provider so records can be updated. You may also be able to add your partner to the lease which will require a solicitor.

On certain developments only, subject to lease conditions and approval from Hyde New Homes or the managing agent.  There may also be further restrictions on the type and number of pets allowed so ask the sales team before reservation.

Yes, provided you continue to live in the property, do not earn more from lodgings than you pay in rent, and do not grant a tenancy agreement. You should always check the conditions of your lease.

Subletting and short-term holiday letting are not permitted, except in rare circumstances where written permission is granted.

Subletting is generally not permitted. Shared Ownership homes are supported by government funding and cannot be used for commercial letting.

Most housing providers have a Resales team and they are on hand to help you sell your home at any time after purchase.  As part of the property lease we ask that you allow us an agreed period, from receipt of valuation, to sell your home.  If we do sell within this period we will charge you a fee on the share value of your property.  After this period,  you will be able to sell on the open market with an estate agent.

The eligibility criteria and legal process are similar. The main difference is that you buy from an existing shared owner rather than directly from the developer.

No. You can choose to sell your Shared Ownership home at any time, even if you have not staircased to 100% ownership. If you already own 100% of your home at the time of sale, you are free to advertise on the open market.

Like homes on the open market, you will benefit from any increase in the value of the property on the share you own. This is particularly important to note when thinking about staircasing.

A RICS valuation is required under the terms of the lease. RICS-registered surveyors are professionally trained and regulated to provide an accurate and independent market valuation of a property.

If you do not agree with the valuation, you can raise this directly with the RICS-registered surveyor who carried out the assessment.

Lease lengths vary by development. Your lease term will be confirmed before purchase.

Some housing providers offer voluntary lease extensions, subject to eligibility criteria and lease conditions.

Stamp Duty Land Tax may be payable. Buyers can usually choose whether to pay Stamp Duty on the full market value upfront or only on the share purchased. Further guidance is available on the HMRC website.

Applicants must be British, EU citizens, or have indefinite leave to remain, or appropriate documentation demonstrating eligibility and mortgage access.

Eligibility is assessed on a case-by-case basis. Certain financial or property ownership circumstances may affect eligibility.

Learn more about the eligibility