Shared Ownership Frequently Asked Questions

Shared Ownership is a different way of buying your home. You buy shares in your home which you can pay for with savings or get a mortgage on. You then pay rent on the remaining part of the property. 

We know that navigating the Shared Ownership journey can be confusing. We've added some Frequently Asked Questions below to help you during your home ownership journey. If your question is not listed below, or you'd like more detail on the scheme, you can contact us by emailing [email protected], or call us on 01202 410 500. 

What is Shared Ownership?

Shared Ownership is part of a government backed housing scheme, offering a more affordable way to step onto the housing ladder. The Shared Ownership scheme allows you to buy a share of a property, starting at a 25% share, and pay rent to a landlord (in this case BCHA) on the rest. As your deposit and your mortgage payments will be smaller, the scheme can allow for those to get their foot onto the housing ladder without having to save as much or for as long. 

There is some criteria that needs to be met when purchasing a Shared Ownership property. Make sure you have checked that you are eligible before you apply to save yourself delays during the conveyancing process.

Am I eligible for Shared Ownership? 

Shared Ownership homes have a set of criteria that needs to be fulfilled before we can sell you a home. The main criteria is: 

• Have a household income of £80,000 or less, whether that is on a dual or single income.
• You don't own another property.
• You're a first time buyer or are selling your property and cannot afford another home that meets your needs.
• You can afford the rent, mortgage and service charge fees and have a good credit history. 

Some Shared Ownership homes also have a locality clause. This means you must have a connection to the local area. If a home does have a locality clause, this will be noted on its listing. 

How can I apply for a Shared Ownership home?

There are four steps to applying for a Shared Ownership property: 

1. Check that you're eligible. Make sure you meet the eligibility requirements, plus any additional locality clauses. You can check your eligibilty of the GOV website here.
2. Find a home that meets your needs. You can see BCHA's available properties here, or you can visit websites like Share to Buy to browse Shared Ownership properties available across the country. 
3. If you're eligible to purchase the property you are interested in, you can pay a fee to BCHA to reserve the property. This fee is capped at £500 and means that no-one can apply for the property for a set period of time. This fee then comes off the final purchase price. 
4. Instruct a legal representative to help with the house purchase - this can be a solicitor or a licensed conveyancer. They can help you with your lease and will handle the legal process of the sale.