Shared Ownership is a housing scheme designed to help homebuyers who are unable to afford the cost of buying a property outright on the open market. Properties may be sold off-plan or new build direct from housing associations, or second hand from existing shared owners. The rules and terms of the scheme are set by the Greater London Authority (GLA) in London and the Homes and Communities Agency outside of London. Shared Ownership Properties
The GLA and HCA set the eligibility criteria for Shared Ownership, but broadly speaking you must:
How do I apply for a Shared Ownership property? The first step is to complete our application form for the property you are interested in.
Can I view the property before submitting an application? Unfortunately, not; we must check that you are eligible before inviting you to a viewing. This saves time for all parties involved.
What happens after I’ve applied? You will receive an email from us letting you know if you are eligible for the property or not. If you are eligible we will be back in touch to confirm the date for the viewing.
What happens after I have viewed? One of our consultants will explain the process during the viewing, however in short you will need to complete an Expression of Interest that we send to you.
Do I pay Stamp Duty on a Shared Ownership property? If the share is £125,000 or less then you do not need to pay Stamp Duty Land Tax (SDLT). If the share is higher you will need to pay stamp duty.