We've answered your frequently asked questions about shared ownership in this handy infographic!
What Is Shared Ownership?
Shared ownership is a government scheme allowing those on a low income to get on the property ladder. You buy shares in a housing association property (between 25%-75%) with a mortgage and then pay an affordable rent on the rest.
You own your percentage of the property, and the housing association owns the rest. Buying a percentage means a smaller deposit and a smaller mortgage.
Who Can Apply?
To be eligible for shared ownership, you must be a UK resident aged over 18 with an income that is less than £80,000 (£90,000 in London). Your credit history will also be taken into consideration.
How Do I Apply?
To apply for shared ownership, get in touch with Accent Housing and your local Help To Buy agent. Accent Housing has a dedicated property sales team Homemade Homes. They will happily guide you through the process.
Are There Any Upfront Costs?
Yes. Upfront costs vary and usually include the mortgage deposit, mortgage and/or valuation fees, solicitor fees and stamp duty. An upfront reservation will be required for new-build homes - this is £500. Solicitor fees vary and it is always best to get more than one quote.
You may also have to pay an annual service charge, which is a payment made by the leaseholder (shared owner) to contribute towards any communal services you receive.
Can I Buy More Shares?
In a process known as ‘staircasing’, you can buy further shares in your home so you own a higher percentage. In most circumstances, you can buy shares until you own 100% of the property however, some properties are capped at 80%. Before buying a share in a property, it is always best to check whether there is a cap or not.
Can I Sell A Shared Ownership Home?
Yes. Your lease will outline important factors to consider when selling a shared ownership home, including criteria that the new buyer will have to meet.
Can I Decorate?
Yes! You can decorate your shared ownership home. We want you to make the house your home!
Who Is Responsible For Repairs & Maintenance?
You are responsible for any repairs and maintenance, regardless of the percentage share you own. This includes Annual gas service for boiler, general repairs and redecorating.
Who Is Responsible For Buildings Insurance?
We will take care of the buildings insurance. You just have to arrange contents insurance.
Get In Touch With Accent Housing
If you have any questions about shared ownership, don’t hesitate to get in touch with our friendly team. You can call us on 0345 678 0555 or send us an email at firstname.lastname@example.org.