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Shared Ownership

From brand new to previously owned, we've got a fantastic range of houses and apartments available on Shared Ownership throughout the south and south west of England.

Shared Ownership is a government-backed scheme, designed to make buying a home easier. You can choose the location and property right for you, then simply buy a percentage of your home, and pay a low-cost rent on the rest.

FAQs

What is Shared Ownership?

Shared Ownership is a scheme designed to assist those with a lower income, or who are struggling to save a deposit for a house on the open market. You buy a share of the property, usually between 10% and 75%, and pay a low-cost rent to Abri on the remaining share. Usually, you’ll only need a 5% deposit of the share you’re buying, so you could step onto the housing ladder with a deposit of as little as £5,000.

The scheme is open to first-time buyers, and those looking to move up the property ladder. As with all house-buying schemes, affordability and eligibility criteria apply. 

Am I eligible for the scheme?

Much like other government schemes, Shared Ownership has a list of affordability and eligibility criteria which you’ll need to meet. You could purchase a home through the Shared Ownership scheme if:

  • you're aged 18 or over
  • you're a first-time buyer
  • you've owned a home before, or are in the process of selling one
  • your household income is less than £80,000 per annum (£90,000 if you’re in London).

Some Shared Ownership homes require you to have a local connection. So, you may either need to live, work or have a family connection to the local area.

 

Can I buy more shares later on?

With Shared Ownership, you have the option to buy more shares in your home if you want to. This is called staircasing.

The more the shares you own, the less rent you will pay the Abri. Usually, you can staircase to buy all of your home, so you won’t have to pay any more rent.

The amount of shares you can buy in a single purchase depends on whether your home was funded by the Shared Ownership programme 2016 to 2021 or the new programme for 2021 to 2026. When you find a property for sale that you like, we'll be able to let you know which applies to your home. 

For homes funded by the Shared Ownership programme 2016 to 2021, you can buy shares of 5% or more at any time.

For homes funded by the Shared Ownership programme 2021 to 2026, you:

  • can buy shares of 5% or more at any time
  • can buy a 1% share each year for the first 15 years
  • can't buy shares of 2%, 3% or 4%.

For homes funded by earlier affordable homes programmes you can buy shares from:

  • 10% or more
  • 25% or more. 

How do I sell my Shared Ownership home?

It couldn’t be easier to sell your Shared Ownership home, and we'll be on hand guide you through the process, from start to finish.

When you decide that you want to sell your home, you’ll just need to let us know. We’ll exclusively market your property for a number of weeks, this is called a ‘nominations period’ and is outlined in your lease. During this time, we’ll arrange the survey and viewings for you.

If after the nominations period we’re unable to sell your home, you have the option to market it with an estate agent or property portal. And we’ll still continue to market your home to increase the chances of a quick sale. Once your home is sold, completion dates will be set, and you’ll be able to focus on making your move as smooth as possible.

If you have a 100% share, you’re free to sell the home yourself on the open market.

Can I buy with someone else?

Yes! Up to four people can buy a Shared Ownership home together, but each individual needs to meet the eligibility criteria. 

What are the buying costs?

Your buying costs will include:

  • a reservation fee
  • a home valuation
  • your deposit
  • any mortgage fees
  • your solicitors' fees
  • stamp duty (where applicable).

When you register interest in a home, we'll be able to go through these costs with you. 

Can I decorate my Shared Ownership home?

Yes! We know that you're going to want to make your house a home, and put your own stamp on it. You can paint, decorate and refurbish your home just like any other homeowner. For new builds it's better not to decorate for the first year, as this gives the plaster and timber time to dry out and settle.

It’s important to ask us before making any home improvements, as it may impact the value of your home. Here's some guidance on what we class as a home improvement:

  • new double glazing 
  • new kitchen
  • new bathroom or plumbing 
  • installing or replacing central heating 
  • new conservatory 
  • extension.

 

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