Helpful Hardisty – Shared Ownerships Explained

Getting on to the property ladder may seem like a daunting task for anyone, but especially if you have a lower income or if you’re a first time buyer – shared ownership schemes may be a good option to consider!

How does it work?
With a shared ownership property, you would usually buy 25% or upto 75% of a property, sometimes with the option to buy a bigger share later down the line.

These schemes are usually aimed at buyers who don’t earn enough to buy a property outright.

Most of the homes are newly built but some are properties being re-sold by housing associations. We currently have a couple on the market with our Otley, Guiseley and Horsforth properties:

Bramble Grove, Poole in Wharfedale


Magdalene Close, Cookridge

All shared ownership properties in England are offered on a leasehold basis therefore you own a share of the property and then pay a reduced price rent on part you don’t own at a reduced rate. This can often be more affordable in the long run than paying rent to a landlord.

Who can apply for Shared Ownership?
In England, the criteria is as follows:

  • First time buyers who used to own a home but are no longer able to afford one now.
  • People who’s combined household income is less than £80,000 (for those buying in London, it’s less than £90,000)
  • You rent a council or housing association property.

You don’t have to be a key worker, such as a nurse or teacher but if you a military personnel, you will receive priority over other applicants.

What’s the application process?
For properties that are being sold from brand new directly through your local housing association, it is best to speak with them directly.

If you are interested in any that might be on the market with a local agent that is being sold by the current owner, then do get in touch with your local branch, who will be able to discuss with you the finer details of the leasehold, rent charges and where you apply. Contact us here for more information on our properties.

Find out if you can get a mortgage – not all lenders will be able to give you one for shared ownership so it is best to seek advice from a professional. You will still need to pass strict affordability checks by the lender and be expected to provide a deposit. Get in touch to speak with one of our mortgage advisors for a free consultation.

Do be sure that you will be able to afford all the costs of home ownership including mortgage fees, moving costs, stamp duty, repairs, maintenance and it’s a flat or block, there will also be service charges to pay.


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