Currently, due to the economic climate, we have very few shared ownership properties for sale. However, when we do, you will find details of the available properties here.
Shared Ownership is a scheme which allows you to purchase an initial share in the property, usually 40% which is paid for usually via a mortgage. You would pay rent based on 2.75% of the balancing share (60%) to Midland Heart. If there are any service charges available, these are paid for by you also.
This scheme is generally for first time buyers, although others can purchase, depending on their housing need, for example if you needed a larger home for your family but could not afford to purchase one on the open market. This scheme is limited by affordability and a budget planner, mortgage approval in principal and a minimum disposable income after bills is required. This scheme is not open to investors or second home owners and is not suitable for parents to purchase on behalf of children.
If you wish to view a property, our specialist Property Advisors will show you around, explain the scheme further to you and assist you in completing all the necessary paperwork. Once you have moved in, your rent account and other services are managed by our Leasehold team.
If this scheme is of interest to you, please call the sales hotline on 0800 445567 or check our property directory here.
As your financial circumstances improve, you become able to purchase additional shares in the property, until they own all the shares, again usually via increased mortgage. Please see the Staircasing section for further details.
Selling on your share If a shared owner wants to sell their property they can do this through an estate agent but they have to notify us. This is because we will need to ensure that any prospective purchasers meet the criteria for shared ownership, in particular the affordability criteria.
You may either sell your share for example, 40%, or you can sell 100%. To sell at 100% share, the purchaser would need to agree to purchase the property outright and we would need to agree to this also. This is known as a “back to back” Staircase. What it means to the shared owner is that they don’t have to first purchase the balancing shares in order to sell the property on an outright basis.
For further details and guidance on selling your shared ownership property, please contact a Re-Sale Officer on 0800 445567