Property Buying Guide

How do I increase my share in my shared ownership property and how much do shared ownership properties cost?

How do I increase my share?

You may be able to buy extra shares in the property, often in 10% tranches. As you increase the share that you own, your rental payments will decrease. Buying additional shares is sometimes known as 'staircasing'. If you choose to do so, you can continue to buy shares until you own your home outright.

Some people recommend that you buy further shares in the property as soon as you can comfortably afford to do so to take advantage of any increase in value. You should carefully consider the implications of buying some of the housing association's share, as this could leave you with high mortgage repayments each month.

If you decide to buy a further share, you should first tell the housing association in writing. Details of the procedure for this are contained in your lease. The association will get the property valued and let you know the cost of the further share.

Not all schemes allow you to buy further shares, and there may be restrictions on resale, especially in rural areas (see below).

You will have to pay the valuer's fee yourself and should be given three months to arrange a mortgage and complete the purchase of the further share.

How much do properties cost?

Prices of properties will vary according to location. You still have all the rights and responsibilities of a full owner-occupier, even though you will not own the whole property outright.

Identify your nearest HomeBuy Agent.

More about shared ownership: 

What is New Build HomeBuy and how does it work?  l Who is eligible and what are the selection criteria? l Special features and how to apply l What is involved with shared ownership and who can apply? l What rights and responsibilities do I have? l Are there restrictions on resale? l Can I buy with someone? And what about finance and legal issues?  l Where do I start and what happens next?  l What questions should I ask? l Will shared ownership really enable more first time buyers to buy a home? l Shared Ownership Mortgage basics l Benefits and pitfalls of shared ownership l Shared ownership schemes run by house-builders l The First Time Buyers Initiative/English Partnerships

Useful links

www.communities.gov.uk
www.englishpartnerships.co.uk
www.homesandcommunities.co.uk  
www.direct.gov.uk