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 local authority. 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: 25 % - This amount is based on your personal circumstances

Open Market Value: £305,000
Rent per month: £476.56
Service Charges per month: £23.81
Buildings insurance per month: £4.66

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

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.

Ground Floor

Lounge 4.03cm x 4.75cm
Kitchen 316cm x 258cm max
Cloakroom 263cm x 100cm

First Floor

Bedroom 1 - 470cm x 3.80cm
Bedroom 2 - 450cm x 254cm
Bathroom - 287cm x 208cm

Outside

Private rear garden with 2 allocated parking spaces

Stroud District Council

We are selling these shared ownership properties on behalf of Stroud District Council. As part of the application process you will need to speak with their own financial advisor (even if you are using cash reserves)
The share you buy will be calculated based on your own individual affordability and the price quoted on this advert is for example only.

Occupancy Criteria:
(a) In order to allow for future family growth and to ensure the property is suitable in the longer term, SDC will allocate households one bedroom more than is currently needed. For example:
i. a two-bed house could be offered to:
a couple with no children / a couple with one child / a couple with two young children (under the age of 16 if same sex or under 10 if different sexes) / a single person
ii. a three-bed house could be offered to:
a couple with one or more children / a single person with one or more children

(b) In order to assist in the property remaining suitable for a 5-year period Stroud District Council will assume the following: different sex children over 10 to have their own bedroom / same sex children over 16 to have their own bedroom

(c) Stroud District Council reserves the right to allocate properties outside of these occupancy criteria where it is considered appropriate. e.g. where immediate family members are in need of a care visit on a regular basis.
Provided applicants meet the occupancy criteria for the property they have applied for, they will then be referred to an Independent Financial Advisor for a full financial assessment.
If the applicant does not meet the occupancy criteria for the property, they will be notified in writing with the reasons clearly set out.

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.