Make your next move with us.

If you’re ready to get on the property ladder but can’t quite afford to buy in your area, Shared Ownership could be just what you’re looking for!

This is a government-backed scheme where you buy a share of your home and pay rent on the remaining share. The share you can buy will range between 10% and 75%, depending on what you can afford. This means you’ll need a smaller mortgage and deposit to get you started.

Once you’ve bought your new home you can decide to buy more shares in the property. The more shares you buy, the less rent you’ll pay. You can keep doing this until you own 100% of your property.

Your handy shared ownership guide

To buy a home through Shared Ownership, you’ll need to meet certain criteria. We’ve put together this handy guide to help you.

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Managing my Shared Ownership property

Your guide to managing your Shared Ownership Property

Am I eligible for Shared Ownership?

You can buy a home through shared ownership if your household income is £80,000 a year or less and if one of the following statements are true:

  • You’re a first-time buyer
  • You used to own a home, but cannot afford to buy one now
  • You own a home and want to move but cannot afford a new home suitable for your needs
  • You’re forming a new household - for example, after a relationship breakdown
  • You’re an existing shared owner and want to move
How do I apply?
  1. You will have to meet the criteria of Help to Buy and complete an application, click here to get started! 
  2. Once you’ve completed your application, let us know by filling out the form below and we’ll help you find your dream home.
What share can I buy?

This will depend on your personal circumstances and what you can afford.

Once you’ve been approved by Help to Buy we can consider you for one of our new shared ownership homes.

How much rent will I pay?

Rent is charged between 2.75% & 3% of the unsold equity.

On a home valued at £200,000 and sold on a 40% share, the 40% share would be £80,000 and usually funded by a mortgage and you would pay £183 to £200 per month in rent, plus your mortgage on the share you’ve bought.

Are there any other charges that I need to think about?

Once you’ve moved into your new home you’ll need to factor in paying bills like water, gas, electricity and council tax.

You may also have to pay a service charge to cover the cost of maintaining any communal areas.

As a homeowner you’ll also be responsible for maintaining your home and any repairs that might be needed.

The new model shared ownership lease

A new model shared ownership lease is being introduced for homes that are built through the 2021-2026 Homes England funding programme. If you have a new shared ownership lease, then you can:

  • Staircase in 1% tranches for the first 15 years of the lease
  • Staircase in 5% increments (it was previously 10%)
  • Buy a minimum stake of just 10% (previously 25%)
  • Have a term of at least 990 years on the new leases

Changes to repairs and maintenance

In the new model:

  • The landlord is responsible for external and structural repairs for the first 10 years of the lease
  • Repairs will still be the owner’s responsibility, but you can apply to their landlord for a contribution towards the cost of these repairs.
  • Tenants will receive a £500 allowance each year for the first 10 years to put towards general repairs that affect your heating (and hot water provision) and domestic services such as electrics, plumbing and sanitary.

Items covered under the £500 guarantee

Heating and hot water provision

Element

Example

Typical cost

Boiler

Boiler fault

£100-£500

 

Heat pump

Heat pump fault

£100-£500

 

Hot water cylinder

Replacement hot water cylinder

£350-£500

Faulty thermostat

Airlock

£50-£100

Frozen Condensate pipe

£100-£150

 

Panel Heater

Connection fault

£50-£100

Replacement heater

£250-£300

 

Radiator

Leaking radiator

£75-£150

Replacement radiator

£150-£180

Note: most of the above will be covered by a manufacturer’s guarantee for the first 2-5 years.

Services

Element

Example

Typical cost

Electrics

Light not working

Sockets not working

Doorbell not working

Extractor fans not working

£50-£100

Electrics tripping

£100-£200

 

Plumbing & sanitary convenience

Shower, basin, toilet, and bath leaks

£50-£100

Shower, basin, toilet or bath blockages (because of defects)

£100-£150

Leaking or loose taps

£70-£130

Replacing electric shower

£250-£300

Toilet seat loose

£30-£50

Continuously filling toilet or toilet not flushing

£75-£120

 

Low water pressure

£100-£500

Items not covered under the £500 guarantee

Element

Initial redress approach

 

Windows and Doors

Manufacturer guarantees

 

Roof, external walls foundations, floor joists, decking and screeds

Warranty provider

 

 

 

 

Underground drainage

Local water authority (if you are not solely responsible)

Warranty provider (if you are solely responsible)

 

Important note: these repairs will be covered by the developer during your defects period, usually 12 months after the build is completed.