Shared Ownership is an affordable way of getting your foot on the property ladder. You buy a share in a property based on what you can afford, and then pay rent on the remaining share that we own. The higher the share you buy, the less rent you pay to us.
Doing it this way means that you don’t have to find a massive deposit based on the full property value. You can buy a share with either a mortgage or with savings, and can buy more shares over time as you can afford them, until you own the home outright. This is called 'Staircasing'.
Shared ownership is not about sharing your home with someone else – it is your home, you just share the ownership of it with us! So, you’re free to decorate it and make it your own. You can also sell your part of it too if you need to move.
Many of the new homes we are building are available to buy through the Government shared ownership scheme.
If you are a shared owner and want to buy more shares in your home, you can do so by staircasing. This allows you to buy additional shares or buy the remaining share in full so that you own the whole of your home. Your rent payments will reduce as you increase the share that you own but any service charges you pay will remain the same. For more information about staircasing, click here.
If your property is a house and you buy it in full, you will have bought the freehold and as a result, will have no further involvement with us. You will also become responsible for the building insurance.
If your property is an apartment and you buy it in full, you will have acquired 100% leasehold interest. As a result, you won't pay us any rent on any shares we previously owned, but you will still pay ground rent, service charges and buildings insurance.
To apply, click here for the application form. For more information, please contact the Sales and Leasehold Team on 0300 561 1111.
The government's The Right to Buy scheme helps eligible council and housing association tenants in England to buy their home with a generous discount.
Right to Buy was introduced in 1980 and gives eligible social housing tenants the right to buy their home at a discount. Over the years, discount levels and eligibility criteria have varied. From 6 April 2018, maximum discounts are £80,900 across England and £108,000 in London. Discounts increase in April every year in line with any increase in inflation.
You probably have the Right to Buy if you’re a secure council tenant and have spent at least three years as a public sector tenant. The three years doesn’t have to be continuous and you can add together any time you have spent as a public sector tenant. A public sector tenant is someone whose landlord is a public body such as a council, housing association or government department. Eligibility criteria also include having no legal issues with debt or any outstanding possession orders and some properties are exempt from Right to Buy.
Click here to find out if you could be eligible, what discount you might get and whether you can afford to buy – and how to take the next steps if you decide to apply.