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Shared ownership is an ideal way for key workers, social housing tenants and those in priority housing need to get a foot on the property ladder.
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.
You can apply for a range of Help to Buy schemes and if you are accepted, your details will be passed on to housing associations with properties in your area.
To check your eligibility, search for properties in your area and / or to apply please visit the Help to Buy East and South East website
This is a good option for those on a housing waiting list and in employment – you will be surprised at how affordable it is!
For more information, take a look at our frequently asked questions or read our Guide to Shared Ownership.
Our Shared Ownership Properties
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.
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.
|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|
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.
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.
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?
What type of property can be purchased through shared ownership?
Who can apply?
- 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?
- 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?
Am I a Key Worker?
- 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?
Can I sell my home?
What are the costs involved in buying a home?
For a further estimated analysis break down see costs of shared ownership.
How do I apply?
We suggest that for any area that you choose, it may be beneficial for you to contact your local authority to apply for their housing register.
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.
Contact the Sales & lettings team
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