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 costs

Open Market Value - £250,000 - Shares from 25% based on affordability
25% Share £62500
Rent £429.69
Management fee and buildings insurance £53.54pcm

These costs will increase each year with inflation

Ground Floor

Entrance Hall

Doors leading to kitchen, WC, lounge and stairs to first floor

Kitchen (3.0 x 2.1)

Fitted kitchen with range of wall and base units, stainless steel sink, space for fridge/freezer and washing machine. Electric oven and hob with hood over. Window to front elevation

WC (1.8 x 0.9)

Low level WC and wash hand basin

Lounge/diner (4.2 x 3.9)

Door and window to rear garden, under stair storage cupboard

First Floor

Bathroom (2.7 x 1.9)

White bathroom suite with shower over bath, low level WC and wash hand basin. Velux window. Storage cupboard housing heating system.

Bedroom One (4.1 x 3.3)

Velux window. and window to front elevation. Storage cupboard

Bedroom Two (4.5 x 2.2)

Window to rear elevation

External

Rear garden with shed and rear access. Driveway parking for 2 cars

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.

Buy Back Lease

In some rural areas properties must be always available for shared ownership. This means if you buy over 80% of the share of the property, the freeholder (or other Housing association) must buy your property back (at market value) if you wish to sell on.