What is Resale Shared Ownership?
Shared Ownership is designed to enable people to buy a home when they are unable to afford to buy on the open market.
With a Shared Ownership home you buy a percentage share of the property and simply pay rent on the remainder. Later, if you wish to do so you can buy further shares. This is known as staircasing.
How does it work?
Resale Shared Ownership properties are those that have been previously purchased on a shared ownership basis which the current owner wishes to sell on.
Unlike New Build Shared Ownership, the share available for purchase on resale properties is set due to the sale being an assignment of an existing lease.
As with New Build, a rent is payable on the share that is not purchased. On some properties, a service charge may also be payable to cover the cost of things such as communal cleaning, lighting, lift maintenance etc.
At a later stage, you may buy further shares if you wish to do so. This is referred to as staircasing.
What will you own?
You will own a share of the property on a leasehold basis. The remaining lease term will be dependant on the age of the property and how long the current owner has resided there. You will have the normal rights and responsibilities of a full homeowner.
Search for a property using our Property Search tool to view all our available properties. Full details of what is included is contained within each listing. Please call us for further information or to arrange a viewing.
In order to purchase a Shared Ownership home you must be qualified by your local Help to Buy Midlands.
Once you have been given the go ahead you can apply online.
PLEASE NOTE: If you are applying for a specific property, please provide details of it in your application and ensure that you name Hello Homes as the provider so that they can forward the application to us.