Want to know more about Shared Ownership?
Find out if Shared Ownership is the right choice for you with our latest guide.Shared Ownership Guide
The Shared Ownership Scheme through Platform Home Ownership allows you to purchase a share of a brand new build home, giving you a flexible way of becoming a home owner with lower deposit requirements.
Shared Ownership (Also known as part buy, part rent) allows you to become to soul occupier of a home through buying a share of the property and then pay rent on the remaining share of the home you do not own.
The subsidised rent will be considerably lower than privately renting in the same area, meaning that Shared Ownership has become a popular and affordable route to home ownership.
One you have bought your home, there's the opportunity to purchase more shares at any time, meaning that you subsequently own more and rent less.
Through our shared ownership scheme, we’ve helped thousands of people step onto the property ladder. And we could help you too.
Most buyers who can’t afford to buy a home outright can apply to buy through shared ownership.
We may also be able to help if you need to move because of a relationship breakdown or if your work requires you to live in an area outside your price range.
In order to buy through the Shared Ownership scheme, you must be able to demonstrate that you can afford and sustain home ownership. If you proceed with Shared Ownership you will be required to undertake an affordability assessment.
You must meet our adverse credit policy, if you have a history of adverse credit you are unlikely to be accepted depending on individual circumstances.
There's 10 key steps to buying a home with us, and our aim at Platform is to make the buying process run as smoothly as possible for you, we outline the full process when buying through Shared Ownership here.
Our team are here to help you every step of the way.
Shared owners still have to pay many of the usual costs involved in buying a home.
We will ask you for a £250 deposit to reserve your chosen home. When the sale goes through we put this towards your purchase payments. However, we cannot refund it if the sale does not go through.
Mortgage deposit and fees
Most mortgage lenders will ask for a 5% or 10% deposit towards the price of the share you want to buy. They are also likely to charge a valuation fee and administration fees.
Solicitors’ charges can vary so it is best to get a few estimates. You will also have to pay Land Registry and local search fees, and may have to pay stamp duty depending on the value of the property.
You also need to budget for the ongoing costs of owning a home.
You will have to make monthly mortgage repayments to your lender. Depending upon the type of mortgage you have, these repayments may vary as interest rates change.
You pay a subsidised monthly rent to us on the share of your home which we own. The amount is reviewed on the 1st April each year.
You will have to pay a small charge if your home has any facilities or communal areas which we maintain, such as shared entrance halls, lighting and grounds. Your service charge will also include your buildings insurance and your management fee.
These include your council tax and utility bills for water, gas and electricity.
We will arrange for any defects on new-build homes to be repaired during a set time period. After that time has elapsed, you will be responsible for arranging and paying for all repairs to your home.
We provide buildings insurance with the cost of your service charge but this does not cover your belongings. We strongly recommend you arrange your own home contents insurance.
On the property listings for some of our shared ownership homes, you will see that we state a local connection to the area is required.
This generally applies in rural areas and small villages where land has been made available specifically for affordable housing to meet the needs of local people, rather than for private development.
These are known as ‘rural exception sites’ or 'protected areas' and are controlled by ‘Section 106 Agreements’. They aim to help local people and families afford homes in the area where they grew up.
The local connection criteria can vary between different developments, but is usually based on the following:
Usually priority is given to applicants with a local connection to the parish. If there are still properties remaining, allocation will be opened up to surrounding parishes and then to the whole of the local authority area. This ensures that the homes are occupied by residents as local to the area as possible.
If you want to find out more about the local connection criteria for a particular development, or check if you qualify, please email email@example.com
Much will depend on your other financial commitments and what property/share you want to buy. We don't want you to be overstretched, so we need to be sure that you can afford to pay your mortgage and rent. We look at each application individually and will advise you on your options.
Shared ownership schemes are backed by government funding to help people on smaller incomes. So you will not qualify for most shared ownership schemes if your household income is less than £10,000 or more than £80,000 a year.