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Shared Ownership

Shared ownership is an ideal way to get a foot on the property ladder, and is a good option for those on a housing waiting list and in employment – you will be surprised at how affordable it is!

It is a part buy, part rent scheme, where you can buy a share in a new home, normally from 35%. You then pay a mortgage on the share you are buying and subsidised rent on the part you don’t own. As a guide, the monthly payments of a mortgage, added to the rent will be about 75% of a monthly mortgage on the whole property.

The advantages of shared ownership is that you only have to find a fraction of the deposit. You will have the benefit of the investment on the percentage you own, as well as access to further shares as you can afford it.

Your first step is to be registered with Help to Buy, you can also search for properties on their website.

If you wish to apply for a property with us you must be registered with Help to Buy and have a mortgage offer in principle.  Details of who to contact to view the property will be on the advert on both the Help to Buy website and on our website

The criteria for shared ownership homes is as follows and must be met:

  • Applicants must have UK or EU passport
  • Local Connection to the Local Authority area
  • Registered with Help To Buy – application number must be provided.
  • No CCJ’s or arrears of rent or mortgage in the six months prior to application.
  • Applicants should not be in a position to afford the cost of purchasing a comparable home outright on the open property market.
  • First Time Buyers/applicants with no interest in a property except for:
    • Those selling a home through relationship breakdown
    • Those whose current home is not suitable for their needs (eg size)
    • Those who are moving to an area where property prices are higher to take up employment/look after a family member or be looked after by a family member.
  • Must provide own credit report
  • Minimum £18k and max £80k income levels
  • No more than 1 additional bedroom than current family need

PRIORITY IS GIVEN TO:

  • Ministry of Defence Personnel
  • Those moving from social rented homes

For more information, take a look at our frequently asked questions or read our Guide to Shared Ownership.

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Frequently Asked Questions

These are some of the most commonly asked questions about Shared Ownership. If your question isn’t answered here, please give us a call!

Costs of Shared Ownership

This page offers examples of payments and responsibilities in our shared ownership scheme.

There are costs associated with buying a shared-ownership home, just like there are if you buy on the open property market. We recommend that you have a minimum of £3,000 in savings before proceeding with a purchase

The following figures should only be used as a guideline. Worthing Homes suggest that you make your own enquiries prior to making a decision on purchasing one of our properties.

Costs will vary according to the value of the property and to the amount of stamp duty paid at purchase.

Item Estimated Cost
Holding Fee £500.00
Survey and / or valuation on property £500.00
Solicitor’s fee ( including VAT) £900.00
Local authority searches (including VAT) £77.50
Land registry (including VAT) £270.00
Bank transfer fee (including VAT) £42.00
Production of a shared ownership lease (including VAT) £90.00
Stamp duty @ 1% of a property valued at £100,000 (see notes below) £1,000.00
Total estimated purchase costs £3,379.50

Stamp Duty

The example shows a property valued at £100,000 in the Worthing area (your share is 50%). For more details about stamp duty and the current thresholds please go to the Direct.gov website. You will find the information in the Money, Tax and Benefits section.

Running costs

Once you move into your property you will be responsible for the costs of running your home and there will be council tax, gas, electricity, water and service charges. These will be in addition to your monthly mortgage and rent payments.

Warning

Your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it.

With a shared ownership home, what will I own?

You will buy your home on a lease, which will normally be 99 to 125 years for new homes. Although you have not bought the property outright, you will have the normal rights and responsibilities of a full owner-occupier. If the property is a house and you later decide to buy it outright, you will normally then be given the freehold.

What type of property can be purchased through shared ownership?

The schemes are a mixture of houses and flats, some are refurbished and some are new. The properties are usually one and two bedroom in size.

Who can apply?
People who can afford to buy a shared ownership property but cannot afford to purchase a similar property on the open property market. These include:

 

  • First time buyers.
  • Existing owners will be considered if the sale of the current home is due to a relationship breakdown; moving for a job where property values are higher; moving to support a dependent relative; or existing property is now unsuitable for their needs.
  • People who have a local connection with the borough in which the property is built.
  • People registered with the Worthing Borough Council or Worthing Homes.
Who has priority?
  • Ministry of Defence personnel
  • Local Authority nominees.
  • Existing Worthing Homes tenants.
  • Key workers.
  • Existing shared ownership owners whose current property is unsuitable for their needs.
  • All other applicants.
What is a Key Worker?

A Key Worker is someone employed by the public sector in a frontline role delivering an essential public service in the areas of health, education and community safety where there are serious recruitment and retention problems and where the high cost of housing is affecting employers’ ability to recruit and keep staff.

A Key Worker is:

  • Clinical National Health Service (NHS) staff (with the exception of doctors and dentists).
  • Teachers and nursery nurses in schools and further education/sixth form colleges.
  • Police officers, Community Support Officers (CSO) and some civilian police staff.
  • Prison officers and some other staff.
  • Probation Service staff.
  • Social workers, nursery nurses, educational psychologists, and therapists (e.g. occupational therapists) employed by local authorities, Children and Family Court Advisory and Support Service (CAFCASS) or the NHS.
  • Local Authority Planners and Environment Health Practitioners.
  • Fire-fighters and other uniformed staff below principal level in Fire and Rescue Services.
  • Connexions Personal Advisors employed by a local authority or a Connexions Partnership.
  • Ministry of Defence (certain personnel)
  • Highways Agency Traffic Officer staff in safety critical roles within the Traffic Officer Service.

(Please note that this list is updated periodically. Further information about Key Workers can be found on their website.)

Can I buy a larger share of my home?
The Worthing Homes lease allows you, after one year, to increase the share you own of your home.
Can I sell my home?
You may sell your home whenever you choose, just like any other homeowner. To make sure that your home can then be made available to others who cannot afford to buy outright, we will, for a short period, have the right to find a buyer for your home.
How do I apply?

To apply you must be registered with Help to Buy, have a mortgage offer in principal and meet the following criteria:

  • Applicants must have UK or EU passport
  • Local Connection to the Local Authority area
  • Registered with Help To Buy – application number must be provided.
  • No CCJ’s or arrears of rent or mortgage in the six months prior to application.
  • Applicants should not be in a position to afford the cost of purchasing a comparable home outright on the open property market.
  • First Time Buyers/applicants with no interest in a property except for:
    • Those selling a home through relationship breakdown
    • Those whose current home is not suitable for their needs (eg size)
    • Those who are moving to an area where property prices are higher to take up employment/look after a family member or be looked after by a family member.
  • Must provide own credit report
  • Minimum £18k and max £80k income levels
  • No more than 1 additional bedroom than current family need

Please note priority is given to:

  • Ministry of Defence Personnel
  • Those moving from social rented homes

 

Important note:
If you have a County Court Judgement out against you, or you are in rent arrears, you are unlikely to be able to purchase a shared ownership property.
As a shared owner, your home may be at risk if you fail to keep up mortgage and rent payments.

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