How does Shared Ownership work?

Shared Ownership is a government scheme that offers you the chance to buy a share of a property from a housing association, a non-profit-making body that provides homes. Because you only own a part of the property, you can buy it with a smaller deposit and mortgage.

A smaller mortgage means smaller repayments but you’ll also need to pay:

- rent on the share of the property you do not yet own
- monthly service charges
Shared Ownership homes can be new builds, existing properties, houses or flats. All Shared Ownership properties are leasehold, even houses.

Shared ownership information

Shared ownership is a part buy part rent property from a registered landlord
You purchase a share with the help of a mortgage based on your affordability.

Example of costs based on a Share of: 40% - £106,000

Open Market Value: £265000
Rent per month: £374.70
Buildings insurance per month: £17.31

The more you buy the lower your rent will be. These costs will increase each year with inflation.

Ground Floor

Entrance hall into a well equipped kitchen, with fitted oven hob and hood. Space for washing machine and fridge freezer 3.1m x 2.9m
Downstairs W/C
Spacious lounge diner with rear access into garden 4.1m x 3.9

First Floor

Stairs to first floor leading to:

Bedroom 1, A large double room with windows to the front- 4.1m x 3.3
Bedroom 2 - A bright and airy twin room with window to the rear - 2.2m x 4.1m

Family bathroom, White suite with shower over bath. Includes airing cupboard. Window to the rear 2.7 x 1.9

Outside

To the front two allocated parking spaces

To the rear, a beautifully landscaped garden with patio area . Rear access

Eligibility Criteria

To be eligible for Shared Ownership you need to:

- be a first-time buyer, an existing shared ownership homeowner, or a former homeowner who can’t afford to buy now
- be over 18 years old
- have an annual household income of less than £80,000 (£90,000 in London).

If you wish to buy one of these properties we need to assess your eligibility for shared ownership. For this we need to see:

•Proof of ID
•Proof of address

You will also be required to complete an application form and an affordability calculation.

Services

All mains services are connected.

Disclaimer

All measurements are approximate. We have not checked the serviceability of any appliances, fixtures or utilities (i.e. water, electricity, gas) which may be included in the sale. We cannot guarantee building regulations or planning permission has been approved and all prospective purchasers should satisfy themselves on these points prior to entering into a contract. Consumer Protection from Unfair Trading Regulations 2008. The Agent has not tested any apparatus, equipment, fixtures and fittings or services and so cannot verify that they are in working order or fit for the purpose. A Buyer is advised to obtain verification from their Solicitor or Surveyor. References to the Tenure of a Property are based on information supplied by the Seller. The Agent has not had sight of the title documents. A Buyer is advised to obtain verification from their Solicitor. Items shown in photographs are NOT included unless specifically mentioned within the sales particulars. They may however be available by separate negotiation. Buyers must check the availability of any property and make an appointment to view before embarking on any journey to see a property.