Property Buying Guide
What rights and responsibilities do I have as a participant in a shared ownership scheme?
You can sell the property at any time but you must tell the housing association in writing that you wish to move. You can either sell the part you own, or – if you can afford to – buy the remaining share and then sell the property outright. You will benefit from any increase in the value of the property according to the share you own, but you will equally be affected by any fall in value.
If you want to make improvements to the property you are buying, you will need to ask for written permission from the housing association. Although it will make sure the structure of your house is sound, it will be up to you to get any repairs done and decorate it both inside and out.
If you are buying a flat, the internal decoration is your responsibility but the management fee you pay will go towards the general upkeep of the building, for which the housing association is responsible.
Identify your local 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 How do I increase my share and how much do properties cost? 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? 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