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Shared Ownership

Buying your own home can sometimes feel like an impossible task. If you cannot afford to buy a home outright on the open market Shared Ownership could provide you with that first foot on the ladder.

Shared Ownership has already helped hundreds of people across West Sussex and although it was traditionally designed for first time buyers, many low income families and people suffering relationship breakdowns have been able to take advantage of the scheme.

Buying a home on the open market usually means that you need a large deposit to get you started. With a shared ownership you are able to use a much smaller deposit. Occasionally referred to as “Part Buy, Part Rent” you can buy a share in your new home (Usually a minimum of 35%) You then pay a mortgage on the share you are buying and subsidised rent back to the housing association on the part you don’t own. You will have the benefit of the investment on the percentage that 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 you should have access to a deposit for a mortgage.  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, read our Guide to Shared Ownership or speak to our property sales adviser on 01903 703 137.

 

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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) £1200.00
Local authority and land registry searches (including VAT) £360.00
Stamp duty @ 2% of a property valued at £125,000 and over (see notes below) £2,500.00
Total estimated purchase costs £2,680.00

It is important to discuss Stamp Duty Land Tax obligations with your conveyancer once you have found a property you think you might like to buy. There are different ways of paying SDLT when you buy a property through a shared ownership scheme.

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?
  • 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 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.

Worthing’s own highly dedicated, friendly, professional careline team.

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