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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“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 MOREThe two main criteria for shared ownership eligibility are:
To check your eligibility for a shared ownership home, use Plumlife’s Shared Ownership Affordability Calculator.
Yes, an affordability assessment is required to be eligible to buy shared ownership properties.
This is because shared ownership is a Government backed scheme, designed to help first time buyers or those struggling to get onto the property ladder. Therefore there is a certain criteria that must be met to qualify. ,
You can use Plumlife’s Shared Ownership Affordability Calculator to estimate your affordability. However, that tool is only for supporting your decision-making; you will still need to consult a financial advisor—such as Metro Finance—to confirm your affordability.
To prepare for your shared ownership affordability assessment, you need to gather 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 how to buy shared ownership properties, read our ‘Buying Process’ information page.
Yes, you can buy more shares in your shared ownership property through a process called ‘staircasing’. Staircasing increases the percentage of the property you own and, as a result, decreases the amount of rent you pay.
Once you own enough shares in your home, you will have the option to buy your home outright, ceasing rent payments.
Plumlife Homes offers a range of shared ownership properties to buy in Manchester, the North West, and Yorkshire. The friendly team at Plumlife are available Monday to Friday, 8am–6pm, so get in touch with your queries today!
You can find beautiful shared ownership properties all across the city of Manchester through Plumlife, with specific locations including:
Register your interest in our shared ownership new build developments online or contact our team.
If you own your shared ownership home outright, then you can usually sell it on the open market just like any other home.
If you partially own your shared ownership home, then there is a different process to follow:
Learn more about the process for selling shared ownership properties by reading our resale guide.
If you are an existing homeowner, you are unlikely to be eligible to buy shared ownership properties so long as your current home continues to meet your needs, even if it is a shared ownership home or overseas.
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.
The Shared Ownership scheme is designed to help people, so at Plumlife we treat every application on a case-by-case basis. Check out our Shared Ownership Information Hub for more on what you can and can’t do.
As the homeowner and primary resident, you are responsible for the maintenance and upkeep of your shared ownership property.
For newer shared ownership properties, you may be entitled to a 10-year ‘initial repair period’ allowing claims 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.
