If you are thinking about buying a Shared Ownership home but are searching for more information, take a look at our Sales Team's Frequently Asked Questions.
How does Shared Ownership work?
You buy a share of a property (Usually between 10% - 75%) using a mortgage or cash. You pay a subsidised rent to the housing provider for the share you do not own.
Do I own my property or rent it?
You will own your property with a lease agreement. This lease will be until the whole of the property is purchased, this is when the property becomes freehold.
Can I purchase more shares after my initial purchase?
Yes. This is called staircasing, for the majority of properties you are able to staircase up to 100% with a few properties being capped at 80%. The process involves purchasing more shares, usually in 5/10% increments, using savings or re-mortgaging.
What upfront costs do I need to pay?
You will need to pay a reservation fee of £500 to reserve your preferred plot. This will be refunded once you complete your purchase.
Alongside this you will need to pay Solicitor/Conveyancing fees and Mortgage arrangement fees.
Couldn't find what you were looking for?
Get in touch with us by phone or email to talk to our Sales Team about your Shared Ownership query.
