So, what is Shared Ownership?

Shared Ownership properties split the ownership of the property between the buyer and the housing association or private developer of the building. Unlike a usual property purchase, you will only buy a portion of your property, leading to smaller mortgage repayments and a significantly smaller deposit for that first payment!

Shared Ownership is a way for buyers to succeed in getting a property, with a confident sense of affordability and the opportunity to staircase.

How much of my property do I own?

Your share of the property depends on how much the property is available for, along with how much you could potentially afford. You can purchase a Shared Ownership home for as little as 10%, ranging all the way up to 75%!

The flexibility of Shared Ownership properties enables people to have money aside to help furnish their new homes, as well as helping them reach their final goal of potentially owning their own home.

When you initially apply for a Shared Ownership, you will be assessed on your full potential owned share. This means that you could maximise the share of your property, whilst also feeling confident in your finances.

What if I would like to buy more shares in my property?

Staircasing is where you can purchase more shares of your property in small increments. These increments start as little as 1%, which means you can take control of just how much percentage of your property you own.

When you are ready, you can increase your property share, either until you own the entire property or you wish to move, giving you full financial control and stability over your property finances.

How much can I expect to be paying for my Shared Ownership monthly?

As with every home, prices will vary depending on the overall price of the property you are interested in, however you will be paying a lowered mortgage rate and a lowered rental rate.

For a Shared Ownership home, your deposit will be based on the share of your property rather than the entire home. For a £300,000 property with a 25% share equating to around £75,000, you would only need £3,750 for a 5% deposit!

Your monthly mortgage rates will always be dependent on the value of the share you purchase. You can find out monthly mortgage payments using our mortgage calculator here!

As for your monthly rental price, Shared Ownership homes are usually set at around 3% of the unsold equity, though for more specific details regarding one of our Shared Ownership properties, it’s best to talk to one of our expert agents.

What will happen when I choose to sell my property?

When selling your shared ownership property, the process is slightly different to selling a fully owned home. You are only eligible to sell the shares that you own, whether this is the share that you had originally bought, or higher due to buying more shares.

First, you must contact your housing provider to inform them that you wish to sell your property, and once they know your property will be valued by a RICs expert.

After your home is valued, it will then be placed on the market with the help of your housing provider. As there are usually waiting lists for other people wanting to join the Shared Ownership scheme, your housing provider will try and sell the property first.

If they have not been able to sell the property, then you will be able to advertise the property yourself, either by selling privately or through your chosen estate agent.

Am I eligible for a shared ownership property?

The scheme is available to those over 18, who do not own property and have a combined household income of under £80,000, and who do not currently own a property.

Shared ownership homes are also available to those who are active within the local community, from either those who work within the area or within the military.

Shared Ownership homes not only enable buyers to afford a home of their own, but also can help people furnish their homes, and build their confidence for financial stability and financial control.

At Wards, all of our Shared Home properties are accessible to anyone eligible for a Shared Ownership home. If you’d like to view some of our current Shared Ownership properties, you can view them here, or talk to one of our expert Shared Ownership agents.

**Correct as of December 2022