These are some of the most commonly asked questions about Shared Ownership. If your question isn’t answered here, please give us a call!
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?
- Serving MOD personnel, some ex-MOD personnel and bereaved partners will have priority to buy with the scheme.
- Existing Worthing Homes tenants who are not in rent arrears or in breach of their current tenancy.
- Those have been nominated by the Local Authority
Applicants will then be prioritised by their connection to the local authority area and/or Housing need.
This is in line with criteria for Shared Ownership, as stipulated by the Homes and Communities Agency (HCA). Further information can be found by visiting www.helptobuy.gov.uk.
Can I sell my home?
Selling your Shared Ownership home is known as a resale. Under the terms of the lease, there is a nomination period, where Worthing Homes has 8 weeks (as determined by the lease) to find a buyer for the property.
We do this so we can help other people onto the property ladder and our Property Sales Adviser is able to offer you a professional sales service at a competitive rate, based on the terms set out in your lease.
For more information about selling your shared ownership home, please contact our Property Sales Adviser on 01903 703 137.
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.