Shared Ownership

Interested in Shared Ownership?

Shared Ownership is another way to buy your own home. You buy a percentage of the home and pay rent on the rest. Thirteen own part of it – but you’re living there, you decorate it and you decide when to sell.

Buying a percentage means a smaller deposit and a smaller mortgage. It’s a sooner first step on the ladder for lots of people and you can carry on buying shares until you own 100% of your home. Watch our one-minute animation to learn more!

FAQs

With rising house prices and generation that feels disillusioned with the prospect of buying, Shared Ownership is more relevant than ever.

It’s another option.

If buying on the open market feels impossible and you’ve had enough of renting, Shared Ownership is another avenue for buying your own home.

The deposit’s smaller.

Because you’re only buying a share of the home, the deposit is naturally a lot smaller.

It’s an investment.

It’s a way of putting your money into property, even if you can’t afford to buy on the open market.

It’s yours.

Shared Ownership homes don’t have a lot of the same restrictions as renting. You can decorate it, sometimes stay for at least 125 years, buy more shares when you want and sell when you want.

Shared Ownership is an option for lots of people – probably more than you think. A smaller deposit makes it easier for first-time buyers to get on the ladder and it’s an easier way for separated couples to buy again with their individuals share of joint assets.

Shared Ownership is also a good option for retirees, or those who want to free up equity without losing the security of owning a home.

Generally speaking:

  • Your household income needs to be under £80k.
  • You can’t be the owner of another home.
  • You’ll need to show you have a good credit history and can afford the regular payments and costs involved in buying a home.
  • You should have savings or be able to put down at least a 5% deposit on the share of the home you are buying.

No. Contrary to it’s confusing name, you’re not sharing a home with other flatmates or buying it with someone you don’t know.

Shared Ownership means you own a share of the home and a housing association, like Thirteen, owns the remaining share.

If you want to buy with a partner, friend or sibling that’s totally fine, but your total combined income when you submit your application must be below £80k.

Shared Ownership is part buy, part rent. This means you will have a mortgage on the share you own and pay rent on the remaining share. For instance, if you buy a 25% share of the home, you will pay a mortgage on the 25% share and rent on the remaining 75% share. Usually you can carry on buying shares until you own the home 100%.

You’ll have a lease, which is essentially the contract for the share you have bought. It means you’ve got the right to keep your home for a certain number of years (usually at least 125), but the land belongs to someone else.

Your lease also sets out how much you need to pay each month, your responsibilities while living there and all the details of your agreement with Thirteen.

Make sure you look through this thoroughly. Your solicitor can help you with this as well as our Leasehold team.

‘Staircasing’ is a term that refers to increasing the share of the home you own. You can do it gradually over time to eventually own your home 100%.

The cost of additional shares is calculated by the market value of your home when you decide to start staircasing.

Some homes may have a cap on the amount of shares you can buy but we will make you aware if this is the case on the home you are interested in so that you are clear on exactly how much you can staircase before you buy your home with us.

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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