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With Shared Ownership, you buy a share of your home – as much as you can afford – starting from as little as 25 per cent and rising up to 75 per cent of the property’s value. You then pay subsidised rent on the remaining share of your home. Find out more about Shared Ownership.
All Shared Ownership properties are sold on a leasehold basis. If your property is a house, you may be given the freehold of the property once you staircase to 100 per cent ownership (see below).
Find out more about Shared Ownership.
After you buy your home, you can purchase more shares in your property. This is known as staircasing. Your lease will tell you the minimum percentage you can buy, but this is normally a minimum of 10 per cent (for example, if you own 50 per cent of your property, you can staircase to 60 per cent).
The cost of your new share will depend on the value of your property when you want to buy the share. An independent valuation should be carried out at the time of your application. You will have to pay the costs of the valuation and all other legal and mortgage related costs.
Once you staircase to 100 per cent ownership you will no longer pay rent. If your property is a flat you may have to pay ground rent. If your property is a house you may have to pay estate maintenance charges.
Some properties limit the maximum equity you can purchase, for example, properties within a Designated Protected Area are limited to 80% ownership to ensure there is a stock of Shared Ownership properties retained within certain areas. You should check your lease to see if this applies to your property.
All Clarion Housing Shared Ownership properties are covered by buildings insurance. If you need to make a claim against the policy then please contact us as soon as possible. Please do not arrange any repair work until you have received permission from us or the insurance company.
Under the terms of your lease, subletting is prohibited. There may be exceptional circumstances which we will consider on a case by case basis. Please contact us to discuss your options.
Your lease will explain what changes you are allowed to make to your property. In most cases, you will need our permission so please contact us before carrying out any works.
If you are thinking of selling your Shared Ownership home, we can provide you with advice and send you a resales information pack with useful details about the process. Under the terms of your lease, Clarion Housing has an opportunity to sell your property known as the nomination period. Your lease will define how long this is (normally eight weeks). If we fail to find a buyer within this period then you can sell your equity share on the open market.
Download the Neighbourhood Management Policy which provides detailed information about the effective management of the neighbourhood environment around Clarion Housing homes and shared communal areas.