Buying a home
Shared ownership offers people the chance to to take the first step towards owning their home by part-owning and part-renting the property on a lease. You would take out a mortgage to buy an initial share (usually 50%), and pay rent to us on the remaining share. The total monthly cost of the mortgage and rent is lower than the cost of the mortgage needed to buy the property outright, but you will have a stake in your home which is likely to increase in value.
Later on, if you can afford it, you can buy further shares. The rules on buying further shares depends on where the property is located, but you could purchase between 80% - 100% of the property in time.
Shared ownership homes are specifically designated and do not apply to all of our homes. Typically, when we build a new housing development some of the homes, including flats and houses, will be for shared ownership and others for rent. Some of the shared ownership homes may also be specifically reserved for key workers.
The lease is a legal document which sets out the leaseholders and the landlords responsibilities, including the rent and service charges, repairing obligations and how to purchase further shares or sell your home. Most importantly, the lease entitles you to live in your home as an owner/occupier, which means that you are responsible for all repairs (although the landlord may have certain obligations regarding repairs to common parts).
To find out more about shared ownership go to Shared ownership
If you are already a leaseholder with the Society please read our Leaseholder's Handbook [pdf] 4MB
Current homes for sale
You will need to visit www.helptobuyese.org.uk to search for any current homes for sale.
Right to Acquire
In certain circumstances some of our homes for rent can be purchased by the residing tenant under a scheme called the Right to Acquire. To qualify the property must have been built or bought by us with public funding from April 1997. There are some exceptions to this including homes in rural areas and those that have been adapted for disabled people. We will tell all tenants if their property is eligible for the scheme, and give them full information about the scheme.
If the property qualifies, the tenant must also meet certain criteria. If you are a first time tenant of a social landlord from 18th January 2005, you must remain a tenant for a minimum of five years before you can apply. If you were already a tenant before 18th January 2005 you only need to wait for two years. You must also be able to afford the purchase of the property and will need to be able to meet the criteria of your mortgage lender.
The Right to Acquire rules may occasionally change, so you should contact us for up to date information, and let us know if you wish to apply for the Right to Acquire so we can send you an application form.
From time to time the Government sets up new schemes to assist households with purchasing a property. We will let you know if we are participating in any such schemes, or direct you to other websites that may assist you.
Help to buy scheme: www.helptobuyese.org.uk