Shared Ownership is a scheme designed to help people who want to buy a home of their own, but who can’t afford the cost of buying the whole property outright.
Under Shared Ownership, buyers purchase a proportion of their home and pay rent to Golding Homes for the remaining share. Service charges will also be payable on the property. In the future, should you be able to afford to, you can purchase further shares in the property. This is called ‘staircasing’ and, in most cases, you can purchase 100% of the property. At this point you’ll no longer pay rent.
It’s a great solution if:
- you’re a first-time buyer
- you used to own a home, but can’t afford to buy one now
- you own a home and want to move but can’t afford a new home suitable for your needs
- you’re forming a new household – for example, after a relationship breakdown
- you’re an existing shared owner and want to move
You could buy a home through Shared Ownership in England if your household earns £80,000 a year or less (or £90,000 a year or less in London). Check to see if you are eligible for shared ownership by visiting Gov.uk website.
There are two different models of Shared Ownership homes currently available; standard model and new model. Contact us if you’d like to know more about these different leases.
If you’re interested in buying one of our Shared Ownership properties, please read our policies, or for further information on the process to buying a Shared Ownership home with us, please read our handy guide, The Shared Ownership Journey
Under Shared Ownership, buyers purchase a proportion of their home and pay rent to Golding Homes for the remaining share. Service charges will also be payable on the property.
In the future you can buy further shares in your home. In most cases, you can buy up to 100% of the property. If you staircase to 100% you will no longer any rent.
Further information about the process of buying a Shared Ownership home with us can be found by reading our guide, The Shared Ownership Journey
To apply please contact the Sales Agent for the development you’re interested in. The Sales Agents contact details are listed under each development on our Developments page.
You can check to see if you’re eligible for shared ownership here https://www.shared-ownership-scheme.service.gov.uk/check-eligibility-to-buy-a-shared-ownership-home.
To find out if you’re eligible for Shared Ownership please visit Gov.UK Shared Ownership Scheme.
Buying a new Shared Ownership home is a little different to buying a house on the open market. To find out more about the process, each stage and areas to consider, we recommend reading our Shared Ownership Journey.
This gives information on each step and guides you through the process from application to moving-in stage.
Each property is different so we recommend viewing our current developments for pricing.
When you purchase a Shared Ownership home, where applicable, you’ll pay a Service Charge to us for the services you receive to your home. For information about these and how they’re calculated please read our Service Charge Booklet.
Read our Shared Ownership Admin Charges and Fees Guide to see what shared ownership services we offer and the charges associated with them.
As a Shared Ownership customer you’re entitled to buy extra shares in your home to increase the equity you own in your property This process is called staircasing. The more shares in your home you own, the less rent you’ll pay.
You can either buy shares in tranches or purchase the remaining shares to take you up to 100%, which is known as final-staircasing.
You’ll need to pay the cost of the valuation, your legal costs and any costs imposed by your mortgage company. It’s important to think about all the costs involved in a staircasing application before you decide to go ahead.
If you’re a new model shared ownership customer, you’re also entitled to buy 1% shares in your home, each year for 15 years from when you move in. There is no fee to do this. The cost of the 1% share is based on the original price of your home, increased or decreased in line with the Land Registry
UK House Price Index (HPI). The HPI is a national statistic that shows changes in the value of residential properties. We’ll provide you with an up-to-date HPI valuation each year or if you ask to buy a 1% share.
For more information about staircasing please read our A guide to Staircasing leaflet or our Staircasing FAQs
If you have any questions you can also contact us by emailing property.sales@goldinghomes.org.uk
If you’re looking to sell your shared ownership home please read our Resales Leaflet which will explain the process, costs and there’s a Frequently Asked Questions section. If you’d like to go ahead and sell your home please get in touch Property Sales Team at Golding Homes.