How Shared Ownership works

With Shared Ownership you own an affordable share of a brand-new home. You get a long-term leasehold and have the same rights as someone who owns their entire home.

Initial share

The initial share you buy will depend on your individual circumstances. Government regulations mean you must buy the largest share you can afford. Find out more about the government regulations on Own Your Home.

You can buy your share with:

a mortgage
cash
a mortgage and cash

You will need to pay:

a deposit
a £500 reservation fee that we deduct from your deposit
to get the property valued
to arrange your mortgage
your solicitor’s fees
between one and two-months’ rent and service charge in advance, depending on what day we complete the sale

Your solicitor will confirm if you need to pay stamp duty.

Once you own your share, you must pay:

to maintain your home
your mortgage
your rent and service charge
other costs, like Council Tax, home insurance, water and energy bills

Find out more about buying a Shared Ownership home.

Buying more shares

You decide whether you want to buy more shares in the future. But the more shares you own, the less rent you will pay.

If you buy all the shares, you will completely own your home and will no longer need to pay rent.

Selling your share

You can sell your share to someone who is eligible for Shared Ownership.

Or you can buy the remaining shares and sell your home on the open market.

Leasehold

When you buy your share, you start a long leasehold. This means you have the same rights as someone who owns the home, not a tenant.

The leasehold is usually for about 990 years, so you will never need to extend it.

Warranty

All our new homes come with a 10-year National House Building Council or Local Authority Building Control warranty. This covers any major structural defect.

You can claim an repairs allowance of up to £500 a year for the first 10 years. This is called the initial repair period.

This covers essential repairs like: