What is Shared Ownership?
Housing Associations, with funding from the government via the Housing Corporation, introduced Shared Ownership schemes to help people to take steps towards full owner occupation. By choosing to purchase a share of a property (typically between 30% and 50%) you will pay a subsidised rent for the remaining share together with a monthly service charge. Your combined mortgage payments and rent should be less than if you brought the full value of the property. You can, subject to affordability, buy a larger share of the property and decrease the rent you pay each month.
Who Is Eligible?
Firstly, you must not own any part of a property already, and be intending to live in the Shared Ownership property that you purchase. e.g. a first time buyer.
There are two categories of Shared Ownership available.
Shared Ownership available to keyworkers (examples of these include Nurses, Police, Teachers, Social Workers, Prison Officers etc)
Or
Shared Ownership available to applicants who have been nominated by their local Homebuy Agent. Priority will be given to existing Council tenants, and Housing Association tenants living within the borough, although in most boroughs the Council will also hold a list of local applicants eligible for Shared Ownership. It is a good idea to check with your local council and apply if needed.
For both types of Shared Ownership you would need to be registered with your local Homebuy agent. You can do this through the links below.
- Sussex, Kent, Essex & Surrey, Berkshire, Oxfordshire and Buckinghamshire
www.homebuy.co.uk - All London Boroughs
www.housingoptions.co.uk - Hampshire
www.homesinhants.co.uk - Bedfordshire
www.keyhomes-east.org.uk
For further information on securing a Shared Ownership property please call us on 0870 242 7862 or e-mail shared.ownership@douglasallen.co.uk