Shared Ownership was created to help people get on the property ladder, aimed at first time buyers, those with growing families, or people who just want to own their own home. Where traditional routes to home ownership – such as outright purchase or large mortgages – may be financially impractical or impossible, Shared Ownership combines owning and renting in an affordable way – targeted at those who would not otherwise be able to afford to buy their own home. Monthly rental and mortgage payments are likely to work out cheaper than renting on the open market.
Once you’ve bought an initial share you can increase your share later – in a process known as “staircasing”. Over time you might increase your share to 100%.
Shared Ownership was created to help people get on the property ladder, aimed at first time buyers, those with growing families, or people who just want to own their own home. Where traditional routes to home ownership – such as outright purchase or large mortgages – may be financially impractical or impossible, Shared Ownership combines owning and renting in an affordable way – targeted at those who would not otherwise be able to afford to buy their own home. Monthly rental and mortgage payments are likely to work out cheaper than renting on the open market. Once you’ve bought an initial share you can increase your share later – in a process known as “staircasing”. Over time you might increase your share to 100%.
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Finding a Shared Ownership Home
If you are interested in finding out who provides Shared Ownership homes in your area a good place to start is through the Government website here.
Provider details are regularly updated and you can contact them directly. If BCHG have any new homes for sale we will advertise them on our website, so keep a look out!
If you are interested in buying a shared ownership home off an existing owner, register with a local agent, https://www.sharetobuy.com/ or with Right Move will also help.
- Am I Eligible for Shared Ownership
- Steps To Buying An Existing Shared Ownership Home
- Steps To Buying A New Build Shared Ownership Home
- Cost Of Purchasing A Shared Ownership Home
- Monthly Costs Of Owning A Shared Ownership Home
- Buying More Shares in Existing Shared Ownership Home
- Our Joint Responsibilities - The Lease
- Alterations And Improvements To Your Home
- Repairs and Repairing Responsibilities
- Repairs and Repairing Responsibilities
- Can I Extend The Length Of My Lease
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Our Guide To Selling Your Share And FAQs
If you decide to sell your share of your home, under the terms of your lease, there is a nomination period in which we can nominate a buyer for your property. This nomination period is usually eight weeks.
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New Model Shared Ownership Lease
Although there are differences between Shared Ownership homes provided through the Older shared ownership programmes the fundamental principles are the same. Under both programmes the homes are provided using the appropriate standard model Shared Ownership lease. The buyer pays a percentage share of the market value of the property and enters into a lease agreement with the landlord. The older model is a minimum share of *25% and a maximum 75% and customers are liable for all the maintenance costs, with a lease term of 99 or 125 years.
For Shared Ownership homes provided through the New Model Shared Ownership programme, customers can purchase an initial minimum of *10% (max 75%) and for the following 15 years can purchase a further 1% each year plus the landlord will meet the cost of repairs and maintenance for the first 10 years from the point of initial sale (with some limits). The lease term is 990 years.
*Potential purchasers will be encouraged to maximise their share if they can afford to do so.
