This page will give you some useful information about shared ownership. Read all about it, gain some insight, search for resale properties, download any pdf files/forms or find out about PA Housing and guides to Voluntary Right to Purchase.
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What is Shared Ownership
Shared Ownership is a government funded, low cost home ownership scheme that aims to help people who can’t afford to buy a home at full value. The scheme lets you buy a share in new build or resale properties in stages that are both affordable and manageable, usually between 25% - 75% and pay rent on the share you don’t own. You will also have to pay a service charge and ground rent.
Why buy a Shared Ownership home?
Shared Ownership is essentially for people who would like to own their own home but cannot afford to buy on the open market. The cost of purchasing and ownership is reduced as
- You can start with a share that is affordable for you, in some cases as low as 25%.
- You can apply with as little as a 5% deposit of the price of the share.
- The rent is subsidised and is usually charged at 2.75%
Shared Ownership Resales
Shared Ownership Resale properties are homes that a current owner bought new from us or as a resale and now wishes to sell on. The principle is the same as buying a new build through Shared Ownership but you must purchase at least the share that the seller currently owns on the existing lease.
View our latest properties available through Shared Ownership Resales at:
Selling your Shared Ownership home
Selling your Shared Ownership home
Selling a Shared Ownership home is known as a 'resale'. You are able to sell at any time. If you've decided it's time to sell your shared ownership property, just let us know and we’ll start working with you to market and sell your property. We have put together a brief guide explaining the process and what you can expect if you decide you’re ready to move on.
Have a look through the guide and if you decide you would like to sell, complete Section 9 and email it back to our experienced team who will help you sell your home as quickly and smoothly as possible.
Buying more shares
Once you’ve settled into your home, you have the option of purchasing additional shares. The process of buying more shares for a Shared Ownership home is known as 'staircasing'. The greater the share you buy of your home, the less rent you will pay to PA Housing. If you staircase to 100% you become an outright owner and pay no rent.
Have a look through the guide and if you decide you would like to purchase further shares in your home, complete Section 5 and email it back to our experienced team who will help you through the process.
Right to Purchase
Right to Purchas with PA Housing
PA Housing operates three of schemes that will allow existing tenants to purchase the home they live in outright.
Right to Acquire
Allows housing association tenants in England to buy their home at a discount if the property was bought or built by the housing association after the 31 March 1997. Discount of between £9,000 or £16,000 are available depending on the local authority. This scheme has specific criteria which our tenant needs to meet to be eligible to purchase.
Preserved Right to Buy
Some tenants in England whose home used to be owned by a local authority, but was transferred to another landlord (e.g. a housing association) whilst they were living in it, may have the Preserved Right to Buy. This scheme has a specific criteria which our tenant needs to me to be eligible.
Voluntary Right to Buy
This is a pilot scheme which will end in March 2020.
If you’ve been with PA Housing for more than 3 years, you might be eligible for the brand new phase of the government’s Voluntary Right to Buy pilot. The scheme may make it possible for you to buy your home from us, with a discount on the market value of up to £80,900 (the longer you have been one of our customers, the higher discount you may be eligible for). This scheme has specific criteria which tenants need to meet. You can only apply to buy your property once you have received a unique reference number allocated to you by the Government.
For more information about 'Right to Acquire', 'Preserved Right to Buy' or 'Voluntary Right to Buy', please visit the website from below:
Insurance that you will need to take out to cover your personal belongings in your home.
Council housing register
A ‘waiting list’ held by the local council, with the names of applicants waiting for suitable housing.
Energy Performance Certificate
Under the law, you need an EPC before you can sell a property. We cannot start to sell your home until you have an EPC and have sent us a copy. EPCs are usually valid for 10 years.
This is the share of the property that you own. The share you start with is usually called the share ‘you purchase initially’. You can increase this share by buying extra amounts until you own the full share outright.
The freeholder of a property owns it outright, including the land it’s built on. If you buy a freehold, you’re responsible for maintaining your property and land, so you’ll need to budget for these costs. Most houses are freehold but some might be leasehold – usually on Shared Ownership properties, until final staircasing then the owner may obtain the freehold interest.
This is a payment made by the owner of a leasehold property to the freeholder, as required under the terms of the lease. A ground rent is created when a freehold piece of land or building is sold on a long lease.
Holding or reservation fee
Money paid by applicants to reserve the property they want to buy (only required at some developments), which goes towards the purchase of the property.
If want to buy a shared ownership property (new build or resale) you must be registered with the appropriate agent. This is so you can make sure that you qualify and you will then receive a registration number.
Homebuyer’s report valuation
A more in depth report that you should ask for if you are considering buying an older property.
Homes and Communities Agency (HCA)
A government funded body that regulates affordable housing throughout the UK.
People working in professions that the local authority and HomeBuy agents consider to be important to the society. Key workers can qualify for schemes that they might not qualify for otherwise. Examples of key workers are police, nurses and teachers.
A legal contract between us and the shared owner. The terms in this document are legally binding.
With a leasehold, you own the property and its land for the length of your lease agreement with the freeholder. When the lease ends, ownership returns to the freeholder unless you can extend the lease.
Most flats and maisonettes are owned leasehold. When buying a leasehold you will have a new lease with a term of - for example 125 years - or if it is a resale leasehold property, you’ll take over the lease from the previous owner.
Your property maybe managed by an external Managing Agent who is legally contracted to be responsible for maintaining the building and the estate in which you live. Your service charge will cover their fees and charges for services.
The person who is buying the property.
The monthly charge you will pay to us for the part of the property that you do not own.
Royal Institute Chartered Surveyor. All valuations must be carried out by an approved surveyor.
A monthly charge covering outside maintenance, shared areas, a contribution to the ‘sinking fund’, leasehold management administration charges and buildings insurance.
Sinking fund or capital expenditure reserve fund
A fund that all leaseholders pay into. The money is saved for future large repairs or replacements to the outside of the building or to a shared area.
Buying more equity (shares) in your property and therefore paying less rent.
A report on the condition of a property that is for sale.
The price the property has been valued at on the open market by a Royal Institution Chartered Surveyor.
The person who is selling the property.
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