Shared Ownership is a fantastic affordable opportunity for you to get a foot on the property ladder. It allows you to buy a share in a brand new leasehold property on a part-buy, part-rent basis.
We endeavour to sell each property for a minimum of 50% depending on how much you can afford to purchase and you will pay rent on the share that you do not buy. The bigger the share you buy the less rent you have to pay. You will need to be able to raise a mortgage for the share you want to purchase unless you have sufficient savings to enable you to do so.
Shared Ownership uses the following criteria to help people to get a foot on the housing ladder:
Maximum annual household income of £80,000 and are unable to purchase a home suitable for your needs
Current homeowners, including existing shared owners are not normally eligible for shared ownership assistance except where there is a housing need that can be reviewed on a case by case basis.
Plot Availability, Selling Prices, Shares for Sale and Financial Assessment
Our Shared Ownership team will be able to advise you about plot availability, selling price, rent and service charge payable and the anticipated handover dates.
We endeavour to sell each property for a minimum of 50% however smaller shares are available, this would depend on applicants financial situations and housing need. The remaining percentage share will stay in the ownership of Shropshire Council, and be managed by Shropshire Towns and Rural Housing. The share you purchase will be determined by the financial assessment Metro Finance carry out once our appointed Estate Agent receives your interest and has answers to their questions.
We have a duty to ensure that prospective shared owners have the financial means to afford and sustain shared ownership. We will, therefore, assess each eligible application to ensure that shared ownership is a viable and sustainable option using our Independent Financial Advisor, Metro Finance.
As a practical guide, we recommend that applicants must have available funds of at least £2,500 to cover the setting up costs, e.g. solicitor's fees and moving in costs, carpets etc.
Your mortgage company will require a deposit on your share of the property and you must check with your relevant provider, but as a general rule this is usually around 10% of your share.
If you require additional information please do not hesitate to contact our Sales Team on 01743 210212 or at sales@starhousing.org.uk.
All applicants are required to register for Housing with Shropshire HomePoint. Please ensure that if you are not, you submit an application form as soon as possible.
Shared ownership is aimed at helping people in housing need who are unable to purchase a property outright on the open market. Priority will be given to applicants with a local connection.
Properties will be allocated once applications have been assessed and all criteria have been met.
We endeavour to allocate plots ‘Off Plan'. This means you must accept our offer and pay your reservation fee, within five days and prior to viewing your plot. All legal work must progress straight away. We will endeavour to provide you with electronic images of your home, which may include some or all of the following:
As soon as we can gain safe access to your plot we will contact you to offer a viewing. This will enable you to measure up for carpets and curtains etc.
If you require additional information please do not hesitate to contact our Sales Team.
