Advice for shared ownership
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Shared Ownership gives people an opportunity to own an affordable home. Whether you own 10% or 75% of the home’s value, here you will find advice to help you navigate your new home including managing your utilities, staircasing, and ongoing maintenance.
What is shared ownership?
We offer a variety of new build apartments and family homes to enable you to get on the property ladder at a price you can afford.
Shared ownership allows you to buy a share in a property —between 10% and 75%, at an affordable price, with shares typically purchased using a mortgage. A reduced rent is then paid on the outstanding share as well as any service charges or ground rents.
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Are you eligible?
- Can I apply for shared ownership if I can afford to buy a property on the open market?
If you have sufficient capital or income to buy on the open market, unfortunately you won’t be eligible to apply for shared ownership.
- Can I apply for shared ownership if I am on a temporary contract or I am not in permanent employment?
If you aren’t currently in permanent employment, unfortunately you won’t be eligible to apply for shared ownership.
- Can I apply for shared ownership if I am self-employed?
If you are self-employed you can apply for shared ownership but you will need to supply a minimum of two years of your audited accounts, plus an estimate for the current year, or copies of your last three years’ tax returns.
- Can I apply for shared ownership if I am in receipt of housing benefit?
If you are on housing benefit, unfortunately you won’t be eligible to apply for shared ownership.
- Can I apply for a shared ownership home if I have a county court judgement (CCJ) registered against me?
If you have a CCJ registered against you, you will need to have paid this back in full to be eligible to apply for shared ownership.
- Can I apply if I have been made bankrupt in the last 6 years?
If you have been made bankrupt in the last 6 years, unfortunately you won’t be eligible to apply for a shared ownership home.
- Can I apply for shared ownership if I am not a British, EU or EEA citizen?
If you aren’t a British, EU or EEA citizen or you don’t have ‘indefinite leave to remain’ in the UK stamped on your passport, unfortunately you won’t be eligible to apply for shared ownership.
- Can I apply with a household income of more than £80,000 a year?
If you’re household income is more than £80,000 a year, unfortunately you won’t be eligible to apply for a shared ownership home.
- Can I apply for a shared ownership home if I have had a home repossessed in the past 5 years?
If you have had a home repossessed in the last 5 years, unfortunately you won’t be eligible to apply for a shared ownership home.
- Can I apply if the current property I own is currently in negative equity?
If the property you own is currently in negative equity (you owe more money to a mortgage lender than your property is actually worth) unfortunately you won’t be eligible to apply for a shared ownership home.
- Can I apply if I already own a home I can’t or don’t want to sell?
If you currently own a home you either cannot or will not sell, unfortunately you won’t be eligible to apply for a shared ownership home.
- Who will be given priority when applying for a shared ownership home?
If there are a high number of eligible applicants for a property, priority will be given to council and housing association tenants, those people who are already living and working locally and on the council’s housing waiting list, key workers (i.e. police, fire fighters, teachers, nurses, etc.), first time buyers and people currently living in an overcrowded property.
- How will I know if my income is sufficient to purchase a share in a shared ownership home?
We will complete an affordability check with you to ensure you have sufficient income to buy a shared ownership home.
- Can I apply for shared ownership if I can afford to buy a property on the open market?
A three-step guide
Interested in applying? To make things a little easier, we have created a three step process to guide you along your shared ownership journey.
Step 1: Find a property
Take a look at the properties we have to offer by clicking ‘Available homes’ below. We also advertise most of our shared ownership homes on Rightmove. If you’re interested in a property, please complete an online contact form or call our call centre and a member of the team will be in touch soon.
Step 2: Submit your application
Our advisors will review your application form and supporting documentation, and complete your affordability check.
Step 3: Reserve a property
After your application has been processed and the affordability assessment is complete; if successful, you will receive an offer letter. You will then be able to reserve your property and instruct your solicitors.
Resale
Thinking of selling your current Shared Ownership property?
1. The first step is to contact us to let us know about the sale.
2. You will then need an RICS valuation (if you own less than 100%). Once the valuation has been carried out, you return this to us so we can confirm the sale price. All costs will be covered by the current leaseholder.
3. The new purchasers will be processed via the Shared Ownership application process.
4. The shared owners should be advised to consult with their Mortgage lender regarding any additional borrowing.
5. For further information on how to staircase please contact 0300 123 5522 or sales@for-living.com
Thinking of staircasing?
Buying additional shares in your home is known as ‘staircasing’.
The purpose of shared ownership is to enable current owners to attain up to 100% ownership. Following the initial first tranche sale, shared owners will usually be allowed to buy further shares up to 100% of a property’s market value.
All applications to purchase further shares must be made in writing.
The shared owners should be advised to consult with their Mortgage lender regarding any additional borrowing.
ForHousing will instruct an independent qualified valuer (RICS) to provide a current market value of the property. All costs will be covered by the current leaseholder.
For further information on how to staircase please contact 0300 123 5522 or sales@for-living.com
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