Shared ownership


What is Shared Ownership?

Shared ownership makes it possible for you to purchase a home of your own. You will pay a mortgage on the share you own and pay rent to a housing association on the remaining share.  Because the purchaser only needs a mortgage for the share they are purchasing, the amount of money required for a deposit is a lot lower when compared to the amount that would be required to purchase a house outright.

The purchaser has the option to increase his share during their time in the property via a process known as ‘staircasing’, and in most cases can staircase all the way to 100%, thereby owning the property outright. Shared ownership properties are always leasehold and legal advice should always be sought when buying a property.


Am I eligible for Shared Ownership?

You can buy your home with Shared Ownership if:

Your household earns £80,000 a year or less.

  • You’re a first-time buyer (or existing shared owner moving to another shared ownership home)
  • Your income is sufficient to cover the mortgage (if applicable), rent and service charges
  • Your chosen Shared Ownership property is affordable and sustainable for you

If you are a serving member of the British Armed Forces, or have been honourably discharged in the last 2 years, then you will receive priority for buying a home through Shared Ownership. 

Please note that if you are currently a home owner and want to buy with Shared Ownership, you will need to find a buyer for your current property before your application will be considered. We cannot accept applications from home owners.

If you can afford to buy the property outright without Government assistance, you will not be considered eligible.

How much share can I buy?

You will be able to purchase from 25% of the house value to a maximum of 75%

Will I have the opportunity to buy further shares in the future?

Yes. 12 month after your initial purchase you are able to buy further shares in your home, this is known as staircasing.  As you buy more shares you will pay less rent.

Can I increase my share of my shared ownership property to 100%?

This will be dependant on the scheme, the Older Persons Shared Ownership Scheme allows for a maximum of 75% to be purchased.

Who is responsible for repairs?

You will be responsible for all repairs.  There will also be a builder warranty with all new properties which be given to you when you complete the purchase of your property.

Who will pay the fees?

You will need to have the funds to pay your fees.

Does the rent on a shared ownership property increase?

Yes, the rent will increase each year in line with inflation.

I am over the age of 55, are there any other schemes I can access?

Stonecross Homes will be looking at Older Persons Shared Ownership Schemes in the future.

How do I apply?

Register your interest with Stonecross Homes.

Once the properties have been released for sale;

Stonecross Homes will send out the detail of the houses available to everyone on our mailing list.

We will carry out eligibility checks before proceeding.

If you are tenant of a social landlord further checks will be with your landlord.

Once Stonecross Homes has confirmation  of your eligibility you will then have an affordability and sustainability check, followed by a credit check. Where there are long delays between initial application and exchange of contracts, providers must ensure that applicants continue to meet the eligibility criteria as your circumstances may have changed (for example, an applicant may have changed jobs or formed a new partnership).Once a decision has been made Stonecross will contact you.

What happens when I want to sell the property?

You can sell your house at anytime. The price you sell at will be dependant of the market value at the time you decide to sell.  An independent valuation by a RICS surveyor must be obtained. A valuation will be valid for 12 weeks.

When will the properties be ready?

All our properties are advertised on our website.