Shared ownership

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Shared Ownership is a scheme to enable first time buyers to make their first step on the property ladder. It allows you to part-rent and part-buy your home, making it possible to buy a property which otherwise may not have been affordable. Shared Ownership offers an alternative to renting and is the ideal option if you cannot afford to buy a property outright but aspire to own your own home.

With Shared Ownership you buy a share of your chosen property (typically between 25% and 75%) on which you’ll have to take out a Shared Ownership Mortgage. You then pay rent, plus a service charge, on the remaining share you don’t own. Shared Ownership allows you to buy further shares of your property (Staircasing) when you can afford to do so, allowing you to completely own your home.

To find out more, check out our new Shared Ownership brochure, which hopefully answers all your questions.

Why choose Shared Ownership?

• You will own a percentage of the value of your home, so will get a return on your rent in the long term

• Your monthly mortgage and rental payments may work out cheaper than buying outright, and combined are often not much more than renting

• You can buy further shares at a time that suits you or sell your share and move if you want to in the future

• You only buy what you and we agree you can comfortably afford

You are eligible to buy a home through a Shared Ownership scheme if your household income is £80,000 or less. You must not already be a homeowner. You can check if you’re eligible by clicking here and completing the application form.

For full details of our Shared Ownership scheme, please view our online brochure.

You can also found out more about your responsibilities as a shared ownership owner/leaseholder here.

We currently have no shared ownership properties available but we will update this page when we do.

To find out more about any of our shared ownership properties, please Email: elaine.hindes@lyha.co.uk or Tel: 0113 220 8101.

Questions about Shared Ownership? Scroll down for answers to all our FAQs.

Frequently asked questions

Can I apply for shared ownership if I'm already a LYHA customer?

Yes, as long as you meet the criteria. If you're uncertain, please contact Elaine HIndes on 0113 2208101 or email: elaine.hindes@lyha.co.uk and she will be happy to discuss your individual situation with you.

What if I already own my own home?

Shared ownership is for first time buyers or for homeowners who own a home but their needs have changed and they can’t afford to buy a more suitable home (such as if you have experienced a relationship breakdown).

Can I afford it?

If you are eligible for shared ownership, we will arrange for you to be financially assessed which will determine if you can afford to proceed. This process is free of charge.

Can I buy more of a share in my property in the future?

Yes you can. This is called 'staircasing'. The price you pay is based on the market value at the time. A valuer will undertake a valuation of the property and you can then decide if you want to proceed with buying any additional share.

Can I carry out improvements to my home?

Yes you can. Lots of jobs such as putting up shelves do not require our permission, however you must get our permission (prior to work starting) if you are undertaking any structural work and you will need to ensure you seek the relevant permissions from the council.

Will I need a solicitor?

Yes. You will need to appoint a solicitor to act on your behalf in the purchase of the property. We can provide you with a list of solicitors who are experienced in shared ownership leases.

How much will it all cost?

The cost of buying a new home is a big financial commitment and you must be able to access a mortgage.

You will need to factor in the following costs:

Solicitors fees
Mortgage valuation fees
Mortgage arrangement fee
Deposit on your mortgage
Moving costs
Furniture and fittings

What is a service charge?

This is a monthly charge you pay in addition to your rent and/or mortgage payments.

The service charge varies from property to property. It can include items such as insurance and communal grounds maintenance (in the case of a house), plus communal cleaning, fire alarm testing and window cleaning, in the case of a flat. For Shared Ownership properties, you will also pay towards future major repair costs within the charge.

You will get a breakdown of the service charge prior to purchasing/renting the property so you understand what the cost is and what it's for. If you receive Housing Benefit or Universal Credit, it will often cover some or all of the service charge as well.

To find our more please consult our factsheet: Understanding your service charge.

For further information about recent changes to your rent and/or service charge, please read our 'Rent changes explained' customer leaflet.

What repairs and maintenance responsibilities do I have as a shared owner?

If you’ve recently bought a home with us on a Shared Ownership basis, faults or repairs that arise during a fixed period of time after the home has been built (usually twelve months) are known as defects. To find out more about defects, please click here.

After the 12-month defect period is over you will be liable for all repairs to your property both internally and externally. If your home is a flat, you will be responsible for all repairs and maintenance within the flat but LYHA will be responsible for any repairs and maintenance externally or within communal areas.

Can I sell my home in the future?

Yes you can. If you do not own 100% of your home by the time you want to move, we will help you sell your home.

What if I don't pay my rent and service charge?

If you fall behind with payments, we will arrange for you to make payments to us to make up the deficit, but ultimately if you do not pay these charges, we will have to take legal action against you and you may lose your home.

What happens if there are any defects in my property?

For the first 12 months of the property being built, the contractor is responsible for any defects. This is known as the defects liability period. This covers any electrical and mechanical repairs and problems with windows, doors, kitchen units etc. After the defects liability period ends, repairs are your responsibility.

NHBC insurance

The property will have 10 years of insurance from the National House Building Council (NHBC) for any defects after the defects liability period ends. You will receive a handbook which will outline what is covered and how to make a claim.

Didn't find what you were looking for?

Please email us at helptobuy@lyha.co.uk and we will get back to you within 48 hours or alternatively give us a call on 0113 2208101.