Shared Ownership

What is shared ownership?

Shared ownership helps people who cannot afford to buy a home outright, to purchase a home in stages.  Hundred Houses owns the freehold of the property and sells a shared ownership lease to the occupier.

Applicants buy a share of the home (usually 50%, but it could be more or less) and pay Hundred Houses a subsidised rent on the rest.  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. This is called Staircasing -click for further information

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. Shared ownership homes are good quality newly built properties or older properties that have been completely refurbished and brought up to modern-day standards.

Who is eligible?

Generally shared ownership is available to first-time buyers who are not able to afford the full costs of outright ownership.  Priority is normally given to existing public sector tenants or those on Local Authority or housing association waiting lists and the Local Authority may have their own priorities for deciding who is eligible to be nominated to us.  You will also have to satisfy the following conditions:

• Your bank or building Society is willing to arrange a mortgage for you;
• You have a regular income with a contract of employment and can afford the cost of the rent and the mortgage plus all your other living expenses;
• You cannot afford to buy a property on the open market that meets your housing needs;
• You have enough savings to pay a deposit, legal fees and other associated costs;
• You have no legal interest in any other property;
• You hold a British or EU passport or your passport is stamped with either ‘indefinite leave to remain’ or ‘indefinite right to enter’ or ‘right of abode’

There are other circumstances where you might be eligible and if you are unsure if you qualify you should contact us to find out more.  Examples might be:

• You already own a property but have to move to a more expensive area for work reasons;
• You have to leave your property following a relationship breakdown.

In some cases, particularly homes in village locations, there may be restrictions on who can qualify for a home. These vary and we will let you know if there are any criteria affecting individual schemes.

What will it cost me?

The amount of mortgage and rent you pay each month will depend on the price of the property and the size of the share you buy.  It will also depend on mortgage rates and the term of your mortgage. The larger the share you buy, the higher the monthly costs of the mortgage.  The following figures are a guide:

Based on:

• 100% repayment mortgage at 5.75% standard variable rate
• 25 year mortgage
• Monthly rent calculated at 2.5% of the  value of the unsold share

Please note that these figures are only a guide and interest rates may change.  Your mortgage lender will calculate the cost of your mortgage and Hundred Houses will tell you what the monthly rent will be.

In most schemes you will also be required to pay a service charge.  The service charge usually covers the costs of maintaining common areas in the locality and could include costs relating to parking areas, gardens, security measures or communal areas in flats.

There are other costs involved in buying a home, and you will need approximately £2,500 – £3,000 to finance the following:

• Legal fees (to your solicitor)
• Valuation fees (for a survey on the property which is required by banks and building societies.  You may also wish to have your own independent survey of the property carried out)
• Mortgage arrangement fees (check with your lender)
• A reservation fee to secure your home

In addition you will also have to pay for the following:

• Stamp duty / land tax (this varies and your solicitor will provide full details)
• One months rent in advance to Hundred Houses
• Hiring a van or lorry to move your belongings
• New fittings or furniture

Day to day running costs of being a home owner include:

• Rent /service charge (to Hundred Houses Society)
• Mortgage (to your lender)
• Life assurance, mortgage or income protection costs
• Contents insurance (for your personal belongings)
• Council tax (to your local authority)
• Gas, electricity, water rates, telephone and Internet charges
• Other bills such as TV rental and licence
• All repairs, decoration and maintenance costs – as a shared owner you are responsible for these.

What information is included in the lease?

When you purchase a home under shared ownership you will be granted a lease, usually for 125 years.  The lease entitles you to live in your home as an owner-occupier, and sets out how you can purchase further shares in the property, and the terms of selling the property.

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).

Other clauses in the lease set out your responsibility for repairing the property and paying the rent and service charges, and how these may be increased.  Although you have not bought the property outright, you will have the normal rights and responsibilities of a full owner-occupier.

How can I buy a bigger share of my home?

Usually you can buy a further share of your home after you have lived there for a year.  This process is known as staircasing. 

Can I make improvements to my home?

If you wish to make structural alterations to your home you must discuss it with us and obtain our written agreement to do what you want to do.  If we approve your request, you will be responsible for all associated costs and for obtaining local authority building and planning consents.

What if I fall behind on my mortgage repayments?

The mortgage contract is between you and your lender.  If you start to have financial problems and cannot keep up with your repayments you should speak to your lender straight away.  If you do not agree to a solution there is the risk that they may take possession of your home and sell it.  You would normally be entitled to your share of the money received after all your debts have been paid.

What if I fall behind on my rent or service charges?

Under the terms of your lease with us you are obliged to pay the rent and service charge.  If you have any financial problems you must contact us straight away so that we can try and advise you.

What do I do if I want to sell my home?

You may sell your home but you must let us know in writing if you want to move.  Your lease will specify the terms, which usually allow you to either sell the part of the home you own, or if you are able to buy the remaining share you can sell the property outright. For more information see Selling a Home

Buildings Insurance

If you buy your home outright, what happens with buildings insurance will depend on where your home is located. In some areas, we will remove your home from our insurance policy and you’ll need to arrange your own buildings insurance, giving you full control over your cover. In other areas, we’ll continue to provide buildings insurance for your home, so you won’t need to worry about arranging this yourself. We’ll always let you know clearly what applies to your home.

If we provide buildings insurance for your home and you ever need to make a claim, we’re here to help. Below you’ll find all the details you need to guide you through the process.

Click here to see what the Buildings Insurance policy covers and what is not covered:

Buildings Insurance Cover 2026

Everywhen Insurance Brokers – Claims Line: 01603 733611

General contact: Hayley Spinks, Claims Handler
Direct Dial: 01763 252360 |
hayley.spinks@everywhen.co.uk

Escalation contact:  James Girling, Claims Executive
Direct Dial: 01603 733806
Mobile: 07779 997439
james.girling@everywhen.co.uk

Property Owners Insurance Claims
Aviva Policy Reference: 24163921CPO – 01/04/26 to 30/09/26
All new claim details to be sent to claims.anglia@everywhen.co.uk , copying
hayley.spinks@everywhen.co.uk and james.girling@everywhen.co.uk
Out of hours telephone number: 0800 015 1498

There is an excess of £1000 applicable to any claim.

Hundred Houses Society is not responsible for any of your personal effects and we strongly advise you to also arrange suitable contents insurance, from the date you move in, with a reputable company.