Below you'll find information about Shared Ownership, and any properties we may have available.
Shared ownership offers an affordable way to buy a home. If buying outright isn’t an option for you then through shared ownership you can buy an initial share of a home and pay rent on the part that you don’t own.
When you buy a home as shared ownership you are an assured tenant and could lose your home should you not keep up with certain payments. You will normally be able to buy additional shares in the future if you can afford it and want to.
With most homes you may eventually be able to own the property outright if you wish. A smaller deposit will be required than if you bought the property outright.
If you pruchase a house you will be responsible for all repairs, and if the property you purchase is a flat you are responsible for internal works.
Shared Ownership LeafletView Document
What is Shared Ownership?
Shared Ownership is where the Leaseholder buys a share of the property on a leasehold basis. You would pay rent on the un-owned share to Freebridge.
The Leaseholder remains an Assured Tenant and can purchase further shares which is called 'Staircasing'.
How does Shared Ownership work?
You buy a share of a new home and then pay rent on the remaining share. You will normally be able to buy an initial share of between 25%-75% of the full purchase price and you pay a subsidised rent on the remaining share that Freebridge Community Housing owns.
The total monthly cost of the mortgage and rent will normally be less than if you were buying the property outright.
Am I eligible for Shared Ownership?
The Leaseholder must have a combined income of less than £80,000 per year. Applicants are primarily expected to be first time buyers.
Those that have or are currently serving in the Armed Forces take priority.
You should not be able to buy a home suitable for your needs without help.
You cannot be a current home owner (or be named on the deeds of any other property) either in the UK or abroad.
You must not have any outstanding credit issues (for example unsatisfied defaults or county court judgements).
How do I apply for a Shared Ownership home?
You will need to fill in a shared ownership application form at www.helptobuyese.org.uk. You will also need to provide the following information:
This will be checked with your application and a check will also be carried out to make sure you can afford the property. This will confirm if you can buy through the shared ownership scheme, and the share of the property you will be able to buy.
How do I find out what Shared Ownership properties are available?
What is the process of buying a Shared Ownership home?
This will be dealt with by our Legal team and your solicitor who will be able to answer any questions.
Once the contracts have been exchanged this means that the buyer and the seller are legally committed to the sale. A date to complete the sale will be agreed and on this date your solicitor will pass on your mortgage monies to our legal team. You’ll then be able to come and get the keys to your new home.
What do I need to consider when buying a Shared Ownership home?
Who will be responsible for repairs on my Shared Ownership home?
You will be responsible for all repairs and maintenance to both the inside and outside of your home. You will not need to ask for permission to redecorate or make simple repairs, but will for anything more complicated or that alters the property.
When you buy shares in a flat, you will generally pay a service charge.
Can I rent out the Shared Ownership home?
As Help to Buy is designed to help you to move on to the property ladder you will not be able to rent out the property. You must live in the home unless you buy all of the remaining shares and own the property outright.
Can I sell a Shared Ownership home?
You can sell your property and you will need to contact us to do this. Initially we will have 12 weeks to find a buyer for your property and after this time if this is not successful then you can sell your home through an estate agent in the normal way. You can still market the property in the first 12 weeks as we may consider a sale during this time.
How do I buy extra shares for my Shared Ownership home?
If you would like to purchase extra shares of the property then initially you will need to contact Freebridge. Your property will need to be valued and you will also need to have solicitor so there will be legal fees to pay. Further shares can be bought as and when you wish - this process is known as Stair Casing. The rent payable on the share you don’t own will be reduce according to the total percentage of shares owned.
What is Staircasing?
Staircasing is the purchase of shares in the property that climbs to either 80% (rural area s.106 Town and Country Planning Act 1190) and 100% to obtain Freehold status.
Initial shares start at between 10% - 75%.
How do I Staircase?