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What is shared ownership?
Who can buy through the shared ownership scheme?
Can I buy shared ownership with someone else?
What kind of property can be bought through shared ownership?
How does shared ownership work?
What does the shared ownership lease do?
For more information please contact Downland’s Shared Ownership officer on:
01243 533133
You buy a share of a property and pay rent to a housing association on the remaining share that you do not own.
In most cases you can buy further shares of the property until you own the whole property. (Some rural properties are restricted so that you can only ever own 80%).
Who can buy through the shared ownership scheme? [Top]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 an outright purchase.
Priority is usually given to existing social housing tenants or people on the local authority or housing association waiting lists.
Can I buy shared ownership with someone else? [Top]Up to four people can become joint owners but all joint applicants must individually and jointly meet the eligibility criteria.
What kind of property can be bought through shared ownership? [Top]Either new properties being built by a housing association or existing shared ownership properties that become available for resale.
How does shared ownership work? [Top]You purchase a share of a property from either the existing shared owner or directly from the housing association if it is a new property. You will need to arrange a mortgage to buy the share.
The share purchased will depend on what is being offered, usually 50%. For purchases of new shared ownership, an association may be prepared to sell a smaller share if you are unable to afford 50%. Existing shared owners will be selling the share that they own.
You will pay rent for the share that you do not own. If you buy further shares your rent will reduce.
You will be given a lease that will set out your rights and responsibilities as a shared owner.
What does the shared ownership lease do? [Top]The lease entitles you to live in the property as owner-occupier for the length of the lease. It will entitle you to buy further shares in the property and sets out how you can do this. It also outlines how you can sell your share.
Other points in the lease outline your responsibility for repair and maintenance of the property and for payment of rent and service charge.
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