Shared ownership is a way for eligible people to purchase a property who would not otherwise be able to afford to do so.  You purchase the share for sale, usually with a mortgage and pay rent and a service charge on the remaining share.

As you are only purchasing a share of the property, you will need a smaller deposit and mortgage than if you were to buy on the open market.

You will have all of the rights and responsibilities of a full home owner.

Our properties are advertised on the Share to Buy website as well as the CHS Group website.  There are both newly built and resale homes advertised.

If outright purchase is not an option for you, this scheme offers an alternative to renting. Typically, Shared Ownership properties are purchased by first time buyers but if you have owned a property before, you may still be eligible as long as your household income will be below £80,000 and you do not own another property at the time of purchasing the shared ownership property. To find out more contact our Customer Service Team or visit https://www.gov.uk/shared-ownership-scheme.

We will check your eligibility criteria which any purchaser will need to satisfy which will consist of the following:

• A Mortgage in Principle
• Evidence of deposit funds (bank statement)
• Photo ID and proof of address
• Solicitor’s details
• Proof of income
• Completed affordability assessment with our panel mortgage broker

You can read more about the process of buying in our Guide to Shared Ownership

New build shared ownership properties can be bought within a range of shares depending on your affordability.  Shared ownership resale properties can only be purchased at the share owned by the current shared owner or sometimes a higher share.  CHS will retain the remaining share and you will be required to pay rent on that share.  Shared ownership properties are all leasehold.  The lease sets out your and CHS Group’s responsibilities for the property.

A process called “staircasing” allows you to purchase a greater percentage share in the future if you wish. Your lease will detail if there are any restrictions but some properties may have a restricted maximum share that can be owned. Service charges may still apply even when you own 100% of your property.

Reservation fees usually apply only to new build properties and will be deducted from the purchase price on completion. Other costs involved may consist of:

• Mortgage costs
• Stamp duty (if applicable)
• Furnishings and removals
• Rent payment and service charges to CHS
• Council tax
• Utilities
• Contents insurance
• Your legal fees

The structure of the building is insured through CHS but you are responsible for all of the maintenance within your home. If you are living in a flat, the communal areas may be managed by CHS and costs covered by your service charge. These details will be told to you when purchasing and are detailed in your lease.

Your Shared Ownership home must be your principal home and you cannot sublet it. You will need permission to keep pets which is usually prohibited in flats. All other restrictions are detailed in your lease.

We have produced a document that is available to download here: Guide to Selling