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Shared ownership

Shared ownership housing: three key things to know:

  1. Shared-ownership makes home ownership more affordable because you can part buy and part rent your home
  2. Shared Ownership and Homebuy schemes are managed locally by Housing Association 'Agents'. To find out about shared-ownership in your local area, click on the 'Local Agents'link.
  3. Homebuy is the Government's range of shared ownership housing schemes

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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. 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.

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 HOMEBUYlink.

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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