Shared Ownership FAQs

14 May 2020

Thinking about buying your first home, or looking to make your next step on the property ladder? Shared Ownership could be a great option for you.

Buying a new home can seem daunting and often involves lots of research. To help you start your journey today, here’s some useful things to know about the process:

In a nutshell
When buying a home with Shared Ownership, you can purchase a percentage of the property (usually between 25% and 75%). This is calculated based on your income, outgoings and savings and can be bought with cash or a mortgage. The deposit is normally 5% of the share you purchase.

We continue to own the remaining percentage, which you will pay a low-cost rent for. And it’s as simple as that!

Have more questions? We’ve explained all of the details below, but if you’d like to have a chat with our team, you can contact us today >

Choosing a home
Whether you’re dreaming of a house with a bigger garden or an apartment close to town, it’s important to do your homework and figure out where exactly it is you want to call home.

Speaking to an Independent Mortgage Advisor (IMA) will help you find out which homes are affordable for you. We recommend using an IMA who is experienced with Shared Ownership and can give you reliable, independent advice. See our list of suggested IMAs >

How do I apply?
Once you have decided Shared Ownership is for you, register with your local Help to Buyagent, who will give you an application number and check your eligibility, which you’ll need to begin the process of buying your home.

To reserve your new home, you’ll need to pay a £250 reservation fee. We’ll take the property off the market, and no one else will be able to reserve this plot.

Do I need a Solicitor?
It’s very important to appoint a Solicitor when buying a home. They will work on your behalf throughout the homebuying process, including the conveyancing and legal paperwork. We recommend using a Solicitor who is experienced with Shared Ownership. See our list of suggested Solicitors >

What happens next?
You will be issued a Memorandum of Sale (MOS). Once you have this, you will need to exchange contracts within four weeks. This agreement makes everything legally binding.

When you’ve paid your deposit and exchanged contracts, you’ll be given an estimated completion date. Once this is done, you’re officially a homeowner and will be given the keys!

On moving day, a member of our team will meet you at the property to go through a short handover, and show you around your new home.