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For shared owners

Shared Ownership offers you the chance to buy a share of your home (between 25% and 75% of the value of the property) if you cannot afford the mortgage on 100%.  You pay rent on the remaining share (unowned equity).


Eligibility

You can buy a home through shared ownership if your total household income is £80,000 a year or less (£90,000 a year or less in London) and any of the following apply:

  • You are a first time buyer.
  • You used to own a home but cannot afford to buy a new one.
  • You are an existing shared owner.

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 too 100% ownership (see below).

For more information on Shared Ownership please visit our Shared ownership section.


Staircasing

After you buy your home, you can purchase more shares in your property.  This is known as staircasing. Your lease will tell you what the minimum percentage you can buy but this is normally a minimum of 10% (e.g. if you own 50% of your property, you can staircase to 60%).

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% 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.


Buildings insurance

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.


Subletting your shared ownership property

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.


Making changes to your shared ownership property

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.


Selling your home

If you are thinking of selling your shared ownership home, we can give you advice and send you a “Shared Ownership Assignment” pack.  You should send is the “notice to assign” included with your information pack.  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.