FAQ
Q. What is Shared Ownership?
A. Shared ownership is a scheme that aims to help those who are unable to afford the cost of buying a property outright on the open market.
It is a part buy, part rent scheme, where you can buy a share in a new home, normally from 50%. You then pay a subsidised rent on the part you don't own to Worthing Homes. This will mean, as a guide, that the monthly payments of mortgage plus rent will be about 75% of a monthly mortgage on the whole property.
Q.What will I own?
A. 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.
Q. What type of property can be purchased through Shared Ownership?
A.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.
Q. Who can apply?
A. People who can afford to buy a shared ownership property but cannot afford to purchase a similar property on the open property market
- 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
Q. 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
Q. Can I buy a larger share of my home?
A. The Worthing Homes lease allows you, after one year, to increase the share you own of your home.
Q. Can I sell my home?
A. 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.
Q. What are the costs involved in buying a home?
A. 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
For a further estimated analysis break down Costs of Shared Ownership
Q. How do I apply
A. Please contact Worthing Borough Council and ask to go on their shared ownership list. Then contact a member of our support Team // on 01903 703108 and ask to go on the Worthing Homes List. You will be sent a general leaflet on the shared ownership programme by Worthing Homes and an application form by Stagnell Fox. Please complete the form and return it. Stagnell Fox will assess your eligibility, your priority status and your financial situation.
Warning
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.