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| Shared ownership homes offer a low cost way to get on the
home ownership ladder. Shared ownership makes housing affordable. Shared ownership housing: three key things to know:
To view a map of the shared-ownership and Homebuy agents for the country, click on the Agents Map link. What is shared ownership housing? Shared-ownership is a great way into home ownership. If you can't afford to buy outright, you can part buy and part rent your home. You might buy a 25%, 50% or 75% share in your home. You pay a small rent on the share that you don't buy. The bigger the share that you purchase, the less rent you have to pay. The monthly cost of buying a 50% share is about two-thirds of what you would pay on a mortgage if you bought the property outright. When you can afford to do so, you can buy more shares until you own your home outright. Housing Associations and shared ownership housing The other share in the property is usually owned by a housing association. For example, Tor Homes and Devon and Cornwall Housing are both housing associations that provide affordable housing in South Devon. The Community Housing Group has shared ownership homes for sale in Kidderminster, Bewdley and Stourport. You can find out more about Tor Homes or Devon and Cornwall Housing's shared-ownership properties by clicking on their link. If you are interested in buying low cost affordable shared-ownership housing, you will need to contact the local Homebuy Agent or contact directly a housing association in your area that provides shared ownership homes. This website, www.shared-ownership.org.uk provides the most comprehensive listing of housing associations that provide shared ownership housing. To find housing associations that provide shared ownership housing, click on the link to housing associations to find out about their shared-ownership schemes. In areas where a lot of shared ownership housing has been built and sold, (e.g. Milton Keynes) estate agents advertise 'second-hand' shared ownership homes. To find out more about shared-ownership in general, click on the shared ownership information link. The Government has recently introduced new types of shared ownership housing called HOMEBUY. To find out more about the Government's Homebuy scheme, click on the HOMEBUY link. Who can buy shared ownership housing? Shared ownership housing schemes are usually intended for people who cannot afford to buy a suitable home in any other way. Applicants must usually be in housing need and be unable to afford outright purchase. Priority will often be given to people on local authority or housing association waiting lists. However, when a new housing scheme is developed that includes shared-ownership homes for sale, housing associations often have to work hard initially to sell the shared ownership properties. This is because, when the new homes are first available the association usually has a number of homes available for sale all at one time. Consequently, if you are interested in shared ownership housing don't be put off by the bureaucracy. Apply to the local authority or a housing association that offers shared ownership housing in your area as soon as possible. You don't have to find a new housing development to be able to buy a shared ownership property. When shared owners want to move home, their property will either be offered to the housing association to find a buyer, or will be advertised in the local estate agents. Who does the repairs on shared ownership properties? The shared ownership lease between you and the housing association will set out your rights and responsibilities as a shared owner. Although you have not bought the property outright, you will have the normal rights and responsibilities of a full owner-occupier. In particular, you will normally be fully responsible for the cost of repair and maintenance to your home. How can I get a mortgage on my shared ownership home? A list of potential mortgage providers for shared ownership housing is given in the mortgage providers page.
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QUESTIONS AND ANSWERS (From the Housing Corporation) What is shared ownership? Shared ownership was introduced to help people who cannot afford to buy a home outright. Through shared ownership you buy a share of the property and pay a rent on the remaining share you do not own. Gradually you may buy further shares and eventually own your home outright. What is a housing association? They are non-profit making organisations who provide and manage homes for rent and sale for people in housing need who cannot afford to rent privately or buy. Most housing associations provide housing with the help of public money given by the Housing Corporation or a local authority; in some cases, the association may provide housing using its own money. Housing organisations registered with the Housing Corporation are legally known as registered social landlords. Where does the Housing Corporation fit in? The Housing Corporation was set up by Parliament in 1964. Its job is to fund homes built by housing associations from money it gets from central government. It also makes sure that the money is well spent and provides good quality homes and services for residents. Housing associations must be registered with the Corporation before it can give them public money. Once registered, housing associations are monitored and regulated by Corporation staff to help maintain a good standard of management of their property and finances. Who can buy through the shared ownership scheme? The scheme is intended for people who cannot afford to buy a suitable home in any other way. They must be in housing need and be unable to afford outright purchase. Priority will normally be given to existing public sector tenants or those on local authority or housing associations’ waiting lists. Although you have not bought the property outright, you will have the normal rights and responsibilities of a full owner-occupier. You are advised to ask your legal adviser as well as the housing association if there are terms you do not understand. Can I buy a shared ownership home with someone else? Up to four people can become joint owners but all joint applicants must individually and jointly meet the eligibility criteria. Ask your solicitor/licensed conveyancer to advise you. What kind of property can be bought through shared ownership? Shared ownership homes may be new or renovated flats or houses which are sold through housing associations. Prices vary according to location but are expected to be within the means of those people who cannot afford the prices of properties available for sale in the open market. How does shared ownership work? The scheme allows you to purchase a share of a property usually from a housing association. The share you purchase is funded by a mortgage which you will need to arrange with a bank or building society. The remaining share you do not own is rented from the housing association. The size of the share to be purchased will depend on your income and savings. Normally applicants buy a 50% share but you may purchase a smaller or larger share (to start with, you can buy as little as 25% or as much as 75%). The higher the share you purchase the less rent you will have to pay. You will also have to pay a service charge when you buy a flat. Later on, if you wish and can afford to do so, you can buy further shares until you own the property outright. Remember that house prices can go up or down. This means that sometimes you might pay more for buying additional shares or have to sell at a price less than you originally paid. When you purchase through shared ownership, the housing association will grant you a lease which sets out your rights and responsibilities. What does the shared ownership lease entitle me to? Whether you buy a house or flat under shared ownership terms, the housing association will grant you a lease usually for 99 years. It will entitle you to live in your home as an owner-occupier. It will also entitle you to buy further shares in the property and sets out how you can do this. It also states that you can sell your property. Other points covered in the lease set out your responsibility for repair and payment of rent and service charge. Although you have not bought the property outright, you will have the normal rights and responsibilities of a full owner-occupier. If you have any questions on how the scheme operates ask the housing association selling the property. You are also advised to take your own legal advice on the terms and conditions of the lease.
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This site includes information about shared ownership housing and homebuy schemes including:
shared ownership
shared-ownership
shared-ownership housing
affordable home ownership
low cost part buy rent
housing association
RSL Registered Social Landlord
share
home-ownership
homebuy
home buy
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If you have any difficulties in making payments on your shared ownership mortgage, please contact your mortgage provider or housing association immediately. |
