What is Shared ownership?

Shared Ownership is offered to people who cannot buy a property outright in England without assistance. Government funds are made available enabling Sanctuary Homes to provide new homes under this scheme.

How does Shared ownership work?

The scheme allows you to initially purchase a share of a property, which can be between 25% and 75%. The share you purchase would be funded by a mortgage and cash deposit and is dependent on your level of savings and income. You will then pay subsidised rent on the remaining share; therefore the higher the share you purchase, the less rent you will pay. You should aim to buy as much as you can comfortably afford. Please remember that regardless of your level of share, you will still be a home owner.

Could I be eligible?

You will be assessed against the criteria for each individual scheme and full details of your finances will be needed. You could either be a first time buyer who is getting a foot on the property ladder, needing to find a new home following a relationship breakdown, a tenant on a housing list with the local authority or a key worker who has to live locally.

If you have to borrow money for all or part of your share from a bank or building society, then repayments can vary as interest rates change. We advise that you take independent financial advice in this respect.

What do I need to know about the property?

Your home should suit your needs, depending on your financial and family situation. When you purchase your shared ownership home you will be granted a lease which will explain your rights and responsibilities. It will also detail how we work out the rent and any service charges you are required to pay. As a home owner you will be responsible for running costs, such as council tax, maintenance, contents insurance and repairs.

How can I be sure the home I buy has been built to industry standards?

We follow the mandatory requirements that all home builders must meet in the marketing, selling and after-sales customer service of homes, as set out in the Consumer Code. For further information, including the code documents and scheme rules, please see the Consumer Code for Home Builders website.

Can I share the ownership of the lease with someone else?

Yes, up to four people can become joint owners, though we would advise that you discuss this with your solicitor.

Can I increase my share?

Yes, in most cases you can increase your share and, in effect, buy your home in stages, which is called ‘staircasing’. It is often possible for you to purchase your home outright, however, on some sites this may be restricted and full details of this can be found in your individual lease.

What costs will I have to pay at the start?

Your lender will give you information on costs relating to application fees, a valuation, survey and deposit. You will also need a solicitor – it is a good idea to get an estimate of their costs and find out how much land registry charges, search fees and stamp duty (if applicable) will be. When a suitable property is identified, you will be asked to pay a deposit which will be refunded in full should you not complete the sale.

What happens if I want to move home?

You can sell your home at any time but you must advise us in writing. You can either sell the part you own to someone we nominate, or you can buy the remaining share and sell the property if the lease allows.

An independent valuation of the property will be made and you will benefit from any increase in its value, according to your share. You should also be aware that you would be affected if property prices fall.

What do I do next?

The first step is to contact one of our Sales Advisors on the development where you wish to live. They can provide further information on the percentage shares available to purchase.

If you are interested, please complete the application form (PDF 260KB) and return it to the address detailed on the form.

Opportunities are limited so we recommend that you do this as soon as possible.

If you have any further questions:

  • Call the Homebuy team FREE from your landline on 0800 916 1444
  • Call from your mobile (calls charged at national rate) on 0300 123 3516
  • Complete our enquiry form

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