What is Shared Ownership?
Otherwise known as part-rent, part-buy the ‘Shared Ownership’ scheme is suitable for anyone who can’t afford a mortgage on 100% of their home.
Shared Ownership offers you the chance to buy a share of your home (between 25% and 75% of the home's value) and pay rent on the remaining share. This means the rent you pay will be considerably lower than the market rate. Please note you will be responsible for your own repairs and maintenance.
We typically sell a 50% share but will sell a lower or higher share depending on individual circumstances.
At a later date, you can buy a greater share of your home, up to 100%. This is called staircasing. You should, however, check this is an option in the terms of the lease before purchasing.
Shared Ownership is leasehold and the lease is normally for 125 years. If you purchase 100% of your house, you will acquire the freehold of the property. Flats remain as leasehold when purchased.
You also have the option to sell your existing share.
How do I apply?
The Help to Buy South West agency advertise all of the available shared ownership homes locally.
To apply for Shared Ownership properties you will need to register with Help to Buy South West at www.helptobuysw.org.uk. Make sure you keep hold of your Applicant Number. You will need this to register your interest in buying a particular property -and we will need it to find you!
If you have any queries do not hesitate to get in touch. Call us on 01392 273462 or complete our online enquiry form.
Am I eligible for Shared Ownership?
- You can apply to buy a home through a shared ownership scheme if your household income is £80,000 or less.
- You will need to be either a first-time buyer, an existing shared owner or a previous homeowner who cannot afford to buy on the open market.
- You should have a good credit record and savings for the deposit and legal costs.
- You should have the means to obtain a mortgage for the share of the property that you intend to purchase or the appropriate funds.
- Military Personnel will be given priority over other applicants for new homes and some Councils may specify to us that priority is given to local people.
For general information about shared ownership, click here to visit the Government’s ‘Own Your Home’ website.
Shared Owner Testimonial
"Many thanks for all your support. We are over the moon to have purchased 100% of our home. I really appreciate all of the help from Cornerstone, without the shared ownership and stair-casing option we could never have afforded such a great home."