Shared ownership schemes
The New Build HomeBuy scheme allows the purchaser to buy a
percentage of the property and rent the remainder. Currently there
are 47 properties in a number of schemes.
Some shared ownership schemes are for keyworkers and some have
no such qualifying criteria, although all applicants have to be
first-time buyers, preferably on a local authority housing list and
unable to afford to buy a property on the open market.
Prospective purchasers have to pass an affordability test. For
rural schemes they have to have a local connection to the area.
Each shared owner takes on the same responsibilities for
maintaining the property as a normal house holder.
A shared owner would usually purchase 50 per cent, however
after a year they do have the option of buying further portions as
defined in their lease. This is called 'staircasing'.
When the property is sold at a market price, the sale price is
divided between the shared owner and the housing association
according to the percentage split.
If you wish to sell, you should contact us to find a new
purchaser. We keep a register of interested people and these
schemes are very popular as they allow first-time buyers to
purchase their own homes in areas like Bath, where properties
prices are very high.
You'll find more information for people who already
own a shared ownership property on this page:
» Shared
ownership page