Shared Ownership enables you to buy a share in a new home; with shares starting from 10% depending on affordability.

Buying a Shared Ownership home means that you are only required to secure a smaller mortgage to buy a new build home, which means a reduced deposit too.

Once you’ve purchased your home, we encourage homeowners to ‘staircase’ – this simply means buying more of the property when / if financially possible.

The higher the share you own, the less rent you will pay to us. Once you’ve successfully purchased 100% of your home you will no longer be required to pay rent.

We’ve so far helped hundreds of aspiring homeowners to purchase a new build home through Shared Ownership across Cheshire, Merseyside and West Lancashire. And a number of our homeowners have already ‘staircased’ to 100% already!

Shared Ownership is a great solution if you can’t afford to buy a property outright. Depending on affordability, the scheme allows you to buy a share of a new home whilst paying reduced rent on the remaining share.

We’ve provided some FAQs which you may find useful:

• Am I eligible for Shared Ownership?

  A Shared Ownership typically helps first time buyers who are in employment, earning less than £80k a year, who can’t afford to purchase a home outright in their chosen location or to meet their housing need. This often includes people who are renting either privately or from a housing association and also those who might be living with family or friends.

  As well as first time buyers, those who already own a property may be eligible if they are unable to purchase a larger or smaller property which also meets their housing need.

  You can find out more by visiting here, or we can advise you of your eligibility if you require further guidance.

   

• How much of my home will I own?

  Shares are available from 10% to 75% (depending on the individual development). The share you can purchase will depend on the development, lease and affordability, which will be calculated during the application process. After your initial share purchase you may then be able to own your home outright by “staircasing” to 100% if financially possible.

• How do I get a Shared Ownership mortgage?

  We do not provide mortgage or financial advice but we can signpost you to independent advisors. You don’t have to use the companies recommended – you can of course seek your own financial advice. We will provide you with this information as the sale progresses.

• Can I buy more shares?

  We encourage homeowners to ‘staircase’, buying more shares when financially possible. The more shares you purchase, the less rent you will pay us. Once you have successfully stair cased you will no longer pay us rent and own your property outright.

• What are my responsibilities as a Shared Ownership homeowner?

  Your property’s maintenance responsibilities will depend on the purchase date. For pre-2023 purchases, you will be responsible for the overall maintenance and repair of your home. If you purchased your property during or after 2023, it is likely, under the new Shared Ownership lease, that we will handle certain repairs for the first 10 years after your initial defect period. If you are unsure please speak to your dedicated Leasehold Officer for confirmation. The lease requires mortgage, rent and any service charges that may be in place. Failure may result in you loosing your home.

  Before Shared Ownership, we advise that you speak to a solicitor for a thorough understanding of the responsibilities. We can signpost you to experienced solicitors who have a proven track record of Shared Ownership, or you may wish to choose your own.

• What happens if I want to sell my Shared Ownership home?

  You are able to sell your Shared Ownership home on the market at any time. You can sell the share you own at the current market value to an eligible Shared Ownership buyer. However, if you have stair cased to 100%, you are eligible to sell your home on the open market. The process for selling your home will be set out in your lease. We’re also on hand to guide you through the process and provide support if / where possible.

• How Will I be allocated a Shared Ownership Property?

  Unless specifically documented or it’s a requirement of funding or planning, applicants who demonstrate eligibility and affordability will be prioritised on a first come, first served basis.