Shared Ownership

What is Shared Ownership?

Shared Ownership is the home buying scheme you never knew you needed. It’s simple. You buy what you can afford and pay rent on the rest.

But don’t worry, your home is all yours, so if you want to decorate your bathroom with multicoloured stripes, we won’t stop you. You do you! And if you eventually want to own more of your home, you can do that too through a process called ‘staircasing’.

Shared Ownership means you can step onto the housing ladder and move into your dream home faster and easier, with a small mortgage…and an even smaller deposit!

How does Shared Ownership work?

01.

Chat with our Sales Team to see if Shared Ownership is a good fit for you and your circumstances

02.

Complete your application form and let’s get this show on the road!

03.

Search our available properties and find your dream home

04.

Your Sales Executive will work with our specialist Shared Ownership financial advisors, Metro Finance, to determine your share amount and let you know how much deposit you’ll need

05.

We will arrange a viewing or, if your home is still being built, you can reserve your home off plan and we’ll take the property off the market

06.

Pay your reservation fee and start thinking about what colour paint you want for your living room…

07.

Apply for your mortgage and instruct your solicitors – we’ll be there to help you every step of the way

08.

We’ll agree a completion date with you and let you know when you can collect your keys – GET PACKING! It’s moving day!

There are so many reasons to buy your new home with Shared Ownership!

01.


Jump straight onto the housing ladder – it's quick and easy!

02.


Can’t afford to buy a home outright? Buy what you can afford!

03.


It’s the beautiful new build home you’ve always dreamed of.

04.


It’s your home to decorate, make it as individual as you are.

05.


You have the option to increase your share over time, whenever it suits you – this is called ‘staircasing’.

06.


Struggling to save a house deposit? Shared Ownership home deposits can start from just 5%!

Your questions answered...

To qualify for our Shared Ownership scheme, you must...

  • Be 18 years or older
  • Be a first-time buyer, or not currently own a home
  • Or, if you do own a home, you need to have an accepted an offer (SSTC)
  • Have an income of less than £80,000

If you've ticked all the above, what are you waiting for? Give us a call and kickstart your journey today!

With rising house prices, buying your own home can seem overwhelming and impossible. Shared Ownership offers you a different way to make your dream home possible.

Not to mention the list of ‘reasons to choose Shared Ownership’ we listed above...

Nope! Our affordability assessment is completely free, all you need to do is have a quick chat with our partners, Metro Finance to work out what percentage share you can afford to buy.

In most cases, you only need a 5% deposit of the share that you are buying and not the total property value.

Once you have moved in, you’ll then pay your regular monthly mortgage payments, and your rent will be paid to us.

You will need to budget for solicitor’s fees, any fees relating to your mortgage and the necessary moving costs, like removals or van hire.

Yes, but you only need a mortgage for the part of the home that you own. Simple.

Depending on your circumstances, you may also be able to buy your share with cash and no mortgage – your Sales Executive will let you know if this is an option for you.

As much as you can afford! You Sales Executive will help determine how much of your home you can afford to buy. The bigger your share, the less rent you will pay us!

Then, if you decide you would like to own more of your home in the future, great we have a team that can help you with that! 

You’re on the ladder, now climb the stairs!

‘Staircasing’ is a term that refers to increasing your shares in your home. You can do it gradually over time, whenever it suits you - your house, your decision!

If you would like to learn more about staircasing, you can visit our parent company website to learn more.

 

Of course, it’s your home to sell whenever you need to. In most cases, you’ll have the option of selling your share only or, selling 100%; you sell your share, and we sell ours.

You will also benefit from any increase in the share value of your property.

Buying your home through Shared Ownership means that you’re an official homeowner! WAHOO! So, this means your new home is your responsibility. This includes any repairs and maintenance to your home.

New build homes bought through shared ownership also benefit from a ten-year warranty from the time it was built.

Decorate? GO WILD! But if you want to make any structural changes to your home such as an extension or knocking down walls, you will need permission from us. If we’re happy with the changes, go for it – it could increase the value of your home!

Your pets are family and if you’re buying a home, it’s their home too. It’s usually fine for them to move in, but make sure to check your lease and ask us any questions before you buy – that's what we’re here for!

Your Shared Ownership home will already be covered by our buildings insurance policy; this is part of your rent payment to us. You will need to arrange separate contents insurance to cover your belongings inside your home.

You will hear us use the terms handover date and completion date - these are two different things. 

Handover date is when the developer will hand the keys over to us, Thirteen Homes.

Completion date is when we hand over the keys to you. This is done once the legal process is complete and the purchase price has been paid. 

Providing you can afford it, yeah! We exist to make your new home dreams come true, no home allocation and no random lottery.

However, please be aware that our homes are in high demand and reserved on a first come/first served basis – your Sales Executive will guide you through the process to secure your dream home and avoid disappointment!

Kitchens and bathrooms for our Shared Ownership homes are usually chosen in advance; this allows us to order them in good time and not cause any delay to your home being built. Your Sales Executive will confirm the full specification of your new home before you reserve - we're sure you'll love what we've chosen! 

When buying outright, houses are normally sold on a ‘freehold’ basis which means the buyer owns both the property and the land on which it is built. When you buy a house through shared ownership, you buy on a ‘leasehold’ basis which means you own a share of the property itself but not the land on which it is built.

If you go on to purchase the property outright in the future, the freehold will be transferred to you.

The lease is usually 125 years in length, and it entitles you to live in your home until the lease expires. The lease covers all rights and responsibilities of you, as the leaseholder, and Thirteen. It covers matters such as repairs, rent and other charges. The lease also explains how you can purchase further shares in your home should you wish to do so.

Take a look at our Shared Ownership homes and give us a call. We can’t wait to help you!

Are you already a Shared Owner?

Are you currently living in a Shared Ownership home and want to know how you can own more of your home? 

GREAT! 

This process is called staircasing and refers to the process of increasing the share of the home you own so you can get more of what you love! 

Staircasing is managed by our wonderful Home Ownership team and you will find more information about staircasing and how to contact the team through the link below. 

Want to know more about Shared Ownership?

Contact our Sales Team to learn how we can help you secure your dream home with Shared Ownership!

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