Are you looking to get your foot on the property ladder? Shared ownership is the affordable way to buy a new home.
You can buy a share of a home that you can afford, usually between 25 – 75%, you will then pay rent on the share that you don’t own. In the future, if your circumstances change or if you’re in the position to do so, you can buy more shares or purchase the property in full. Because you’re buying a share in a property, rather than buying it outright, this means that you’ll need a smaller deposit and mortgage. This makes shared ownership a really affordable route into home ownership.
Visit our Shared Ownership Information Hub to get all your questions answered!
From your initial introduction to shared ownership, to understanding the buying process, to buying more shares in your home, you’ll find everything you need to know about shared ownership.
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There are two key points of eligibility criteria that you need to pass before looking to buy a Shared Ownership home. You must not able to buy a suitable home for your needs on the open market and you must have a gross household income of less than £80,000 per year. To check your eligibility for a shared ownership home, use our shared ownership affordability calculator.
We offer a range of properties available to buy with shared ownership in Manchester, the North West and parts of Yorkshire. Our shared ownership Manchester homes are located all across the city, and are ready for new owners. Contact a member of our team or register your interest at one of our developments.
To ensure that you will be able to keep up with repayments on your home, you will need to go through an affordability assessment. As with any loan or mortgage, it is recommended to consult a financial advisor to confirm your affordability. We would suggest Metro Finance to check your affordability, and help you to secure a mortgage in principle. Once this has been checked, you will need to prepare the following documents:
Once all the necessary documents have been collected, a solicitor must be appointed to act on your behalf during the process. A reservation fee will also be required to take the home off the market. For more information on the process of securing a shared ownership home, contact a member of our team.
“Rachel from Plumlife was amazing! She answered all our questions, helped with mortgage and legal advice, and guided us through everything. The whole journey was quick, and we felt supported throughout.”
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“The main reason I chose Shared Ownership was the financial aspect of it. It opened up a lot more options for me. The deposit was lower, the mortgage was lower, and the rent for the remaining share was also lower. It allowed me to afford the type of home I actually wanted to live in.”
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“With the deposit I had, it wasn’t possible for me to buy a home on the open market – especially a new build. But I was fortunate that I was able to buy a 70% share in a brand-new home, thanks to Shared Ownership.”
READ MOREAs time goes on in your shared ownership home, you have the option of buying more shares in the property if you wish to do so. This is a process known as ‘staircasing’, which will reduce the monthly rent you are paying. You will also have the option to buy your home outright, which will cease rent payments.
As the homeowner, you are entitled to sell your home if you wish. Firstly, after telling the Plumlife sales service team that you want to sell, we have a ‘nomination period’. This gives our dedicated resale agency Plumlife Move time to find a buyer for your home. You will also need to complete an intention-to-sell form. To receive a valuation on a shared ownership home, it must be completed by a surveyor who is registered with the Royal Institution of Chartered Surveyors (RICS). A solicitor must also be appointed to act on your behalf for the sale of your home.
If you already own a home, including overseas and existing shared owners, you may not be eligible for the Shared Ownership scheme.
However, if your existing home no longer meets your needs and you are unable to purchase a suitable home because of financial constraints then you may still be eligible – we treat every application on a case-by-case basis. In this instance, you will need to demonstrate that you are in housing need and have an agreed a sale on your current home prior to applying.
As the homeowner, you are responsible for the maintenance and Upkeep of your property. For newer Shared Ownership homes, there may be a 10 year ‘initial repair period’, which entitles you to claim costs of up to £500 a year from the landlord to help with essential repairs. During this time, the landlord is also responsible for any repairs to the external fabric of the home and internal structural repairs.
