You buy a percentage of a home, and pay a below-market-value rent on the rest, which is owned by the housing association — but you are living there, you decorate it, and you decide when to sell.
Buying a percentage means a smaller deposit and smaller mortgage. It’s a sooner first step on the ladder for lots of people.
Usually, you can also carry on buying shares, although lease restrictions apply when buying a shared ownership home in a rural area. These often include being able to only purchase up to 80% of the property and also having a local connection to the village.
You will be required to obtain a mortgage or use savings (depending upon your circumstances) in order to purchase the share.
To ensure our properties are priced fairly, all home valuations are carried out by RICS surveyors.
The rent you pay is calculated on the share that you do not own.
On some sites a service charge may also be payable to cover the costs of things such as communal landscaping, cleaning, lighting, and lift maintenance.
