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Shared ownership

Shared ownership

 

Shared ownership is a way to purchase a home with a smaller deposit and mortgage than would be needed to buy a property on the open market.  You buy a share of the property and rent the rest from us at a reduced rate.  Read more in our  Guide to Shared Ownership [pdf] 600KB

Any shared ownership properties we have available – either new build or resale – will be advertised through Help to Buy South where you can find out more about shared ownership, eligibility and the application process, and find available homes.

 

Staircasing

If your circumstances change you can buy more shares in your home.  This is known as staircasing.

The amount of your home that you can purchase is set out in your lease.  For many homes this is 100%, so you own the whole property.  However, you should remember that if your home is a flat, even if you purchase all the shares you will remain a leaseholder.  If you buy your house, you will usually become a freeholder, which means you own the building and the land it is on.

 

Selling

If you wish to sell your shared ownership home you are required to notify us of your intention and there is a period within which we must be allowed to nominate a suitable buyer before you can put the property on the open market.

 

Subletting

There may be provision in your lease to allow you to sublet your home.  Shared Owners are expected to live in their homes and subletting is not usually permitted, however the Association may consider lettingsfor a fixed period in exceptional circumstances such as family problems or job relocation.

Each case will be looked at on its individual merits and will be at the discretion of the Association.

You must never sublet your home without our consent and that of your lender.

 

If you would like more information about staircasing, selling or subletting your shared ownership home please Contact us.

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FOR SALE!

We have just 7 homes left available for purchase at Kingsway in Gloucester.

The one and two bed properties are available through a mix of shared ownership and low cost home ownership.

Find out more now!

 

 

 

 

 

 

A guide to shared ownership cover image

Read our Guide to Shared Ownership [pdf] 600KB  

 

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