Shared Ownership could help you take a first step onto the property ladder.Explore available homes and get specialist guidance through SOWN.
The exact process varies by scheme, but the route to buying typically follows these key stages
Explore eligible Shared Ownership properties and the share available to buy.
Review deposit, mortgage, rent, service charges and other ongoing costs.
Complete eligibility checks and the purchase process with your solicitor and lender.
For buyers who find the cost of purchasing outright beyond their current budget, Shared Ownership can offer another route into home ownership while allowing them to build equity in the share they own.
Eligibility, the share available to purchase and the terms of each home will depend on the individual Shared Ownership scheme.
Shared Ownership lets eligible buyers purchase a share of a home and pay rent on the remaining share.
The precise terms depend on the property and scheme.
Purchase an initial percentage of the property using savings and, where applicable, a mortgage.
Pay rent on the rest: Pay rent on the share you do not own, plus any applicable service charges.
Depending on the scheme, you may be able to buy further shares over time, known as staircasing.
At Gibbs Gillespie, we make the shared ownership process easy for you through our sister company, SOWN. SOWN can explain eligibility, available properties, staircasing and the process of selling a Shared Ownership home. Consider the total cost, including rent and any service charges, before committing.
Staircasing may allow you to increase the share you own. Costs, valuation requirements and available increments depend on the terms of your home.
Shared Ownership is designed to help people who cannot afford to buy a suitable home outright. Eligibility depends on factors including your household income, housing circumstances and the requirements of the particular scheme.
Yes, you’ll usually need a deposit, but it’s based on the share you’re buying rather than the property’s full market value. The amount required will depend on your mortgage lender and personal circumstances.
Yes. You’ll typically make mortgage repayments on the share you own and pay rent on the remaining share. You may also need to pay service charges and other property-related costs.
Yes. Many Shared Ownership schemes allow you to increase your ownership over time through a process called staircasing. The options and costs depend on the terms of your lease.
Yes. You can sell your Shared Ownership property, although the process may differ from a conventional sale. Your lease may include specific requirements, such as giving the housing provider an opportunity to find a buyer.
Whether you need a valuation or want to speak to our team, we’re here to help.