Shared Ownership

What is shared ownership?
Shared ownership was introduced to help people who cannot afford to buy a home outright.  Through shared ownership you buy a share of the property and pay a rent on the remaining share you do not own. Gradually you may buy further shares and eventually own your home outright.

What is a housing association?
They are non-profit making organisations who provide and manage homes for rent and sale for people in housing need who cannot afford to rent privately or buy.  Most housing associations provide housing with the help of public money given by the Housing Corporation or a local authority; in some cases, the association may provide housing using its own money.

Housing organisations registered with the Housing Corporation are legally known as registered social landlords.

Where does the Housing Corporation fit in?
The Housing Corporation was set up by Parliament in 1964.  Its job is to fund homes built by housing associations from money it gets from central government.  It also makes sure that the money is well spent and provides good quality homes and services for residents.

Housing associations must be registered with the Corporation before it can give them public money.  Once registered, housing associations are monitored and regulated by Corporation staff to help maintain a good standard of management of their property and finances.

Who can buy through the shared ownership scheme?
The scheme is intended for people who cannot afford to buy a suitable home in any other way.  They must be in housing need and be unable to afford outright purchase.  Priority will normally be given to existing public sector tenants or those on local authority or housing associations' waiting lists.

Although you have not bought the property outright, you will have the normal rights and responsibilities of a full owner-occupier.

You are advised to ask your legal adviser as well as the housing association if there are terms you do not understand.

Can I buy a shared ownership home with someone else?
Up to four people can become joint owners but all joint applicants must individually and jointly meet the eligibility criteria. Ask your solicitor/licensed conveyancer to advise you.

What kind of property can be bought through shared ownership?
Shared ownership homes may be new or renovated flats or houses which are sold through housing associations. Prices vary according to location but are expected to be within the means of those people who cannot afford the prices of properties available for sale in the open market.