What is Shared Ownership

Make your dreams of owning your own home a reality with Shared ownership

The Shared Ownership Scheme through Platform Home Ownership allows you to purchase a share of a brand new build home without needing a large deposit as you would if you purchased a property outright.

How does Shared Ownership work?

Shared Ownership offers the opportunity to purchase between 25% and 75% of a property. You simply buy the share amount that suits your affordability and circumstances and then pay rent on the remaining share that you don't yet own. As Platform are a housing association, the subsidised rent will be considerably lower than privately renting in the same area.

Typically you only need a deposit of as little as 5% of the value of the share you wish to buy, meaning you could get on the property ladder much quicker than you thought.

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Want to know more about Shared Ownership?

Find out if Shared Ownership is the right choice for you with our latest guide.

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Shared Ownership can change lives

Platform Home Ownership has helped thousands of people realise their dream of owning their own home. It's why we do, what we do. So when we get the chance to catch up with our buyers on how Shared Ownership changed their lives, we love to share it.

Take the first steps to owning a Shared Ownership home

Through our shared ownership scheme, we’ve helped thousands of people step onto the property ladder, and we'd love to help you too!

Shared Ownership is a fantastic opportunity if you're an unable to purchase a home on the open market. It allows you to buy a share in a property on a part buy/part rent basis and pay a subsidised rent on the part that you do not own. Over time you can purchase more shares in your property through our 'staircasing' process.

We will offer shares for sale normally between 25-75% of the property depending on how much you can afford. The bigger the share you buy, the less rent you have to pay. You will need to be able to raise a mortgage for the share you want to purchase unless you have sufficient money to enable you to purchase without.

Shared Ownership, explained.

Through our shared ownership scheme, we’ve helped thousands of people step onto the property ladder. And we could help you too.

We have many new homes across the Midlands and Lincolnshire for you to choose from.  From small starter houses to spacious family homes, all our developments are built to high quality standards and include many extra features to help you feel at home.

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Search our website for your dream home

If you're ready to take the next steps towards owning your own home, use our property search to see what's available in your area.

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Shared Ownership continues to be a popular route to home ownership

910

New Platform homes in 2020/21

Often

Cheaper than renting privately

25%

shares available on some homes

5%

deposit options available

Frequently Asked Shared Ownership Questions

  • 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.

    Reservation fee

    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.

    Legal 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.

    After you've moved in

    You also need to budget for the ongoing costs of owning a home.

    Mortgage repayments

    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.

    Rent

    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.

    Service charges

    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.

    Household bills

    These include your council tax and utility bills for water, gas and electricity.

    Repairs

    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.

    Home contents insurance

    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:

    • applicant was born in the area and has lived there for a number of years
    • applicant has permanently lived in the area for a number of years
    • applicant used to live in the area for a number of years but had to move away because of the lack of affordable housing
    • applicant has been permanently employed in the area for a number of years
    • The number of years is usually between 2 and 5, although this differs by local authority

    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 sales@platformhg.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.