Shared Ownership is for people who want to own their own home but cannot afford to buy a property outright.
Shared ownership is a scheme that allows you to buy a share of your property, usually 40%, and pay a rent on the remaining share. Shared ownership allows you to buy more shares when you can afford to, you can usually increase the shares of your property, (known as staircasing), until you own it outright, but this is entirely up to you.
Alliance Homes offer a range of shared ownership properties across North Somerset, South Gloucestershire, Bristol and Bath and North East Somerset. Click here to view all our available properties.
Who is eligible for shared ownership?
To be eligible for a shared ownership property you must:
- Have a household income of less than £80,000 per annum
- Be unable to afford to buy a property on the open market that meets your housing needs
- Not already own a home, or you will have sold your current home before you complete the purchase
- Have enough money to cover the costs of buying the home i.e legal fees
- Not be in mortgage or rent arrears (at the time of the application, in the past year)
Steps to buying a shared ownership home
- Get in touch: Once you have made contact you will need to register with the Help to Buy agent and complete our shared ownership application form. When we have checked your eligibility we will request you make contact with a financial advisor before you place a reservation on a plot of your choice
- Reserve your plot: We can arrange for you to view suitable properties or go through plans with you at our office if the property has yet to be completed. If you're happy with your property you can place a reservation by paying a fee of £250. Your reservation will hold the property within the timescales that we have agreed in order for you to obtain your mortgage and exchange contracts.
- Get a mortgage: If you are not buying your share outright, you will need a mortgage. We can provide you with a list of independent financial advisor’s you can contact or you can choose your own. Your mortgage lender will arrange a mortgage valuation for you. You will need to send us your mortgage offer as soon as you have received it.
- Instruct your solicitor: We can provide you with a list of solicitors who are experienced in dealing with shared ownership, or you can choose your own. We will then send a memorandum of sale to your solicitor which covers all the details of your purchase.
- Exchange contract: Once your solicitor has read through the contract and lease for your purchase and are happy with the documentation, we will then be able to exchange contracts. You will sign a contract to buy a home and we will sign another to sell it. Your solicitor will ask for funds. On exchanging contracts, a date for completion will be agreed. If your house is still being built we will keep you updated with the progress.
- Move in: When the completion date has arrived we will hand over the keys, check the meter readings, and give you the utility provider’s details so that you can register your occupancy. We will give you with a welcome pack, warranty information (if applicable) and product manuals for your home.