Shared ownership Homes By Muir
Shared Ownership is a great, cost-effective way of getting onto the property ladder.
- You can buy between 25% and 75% of a brand new home. Buying a percentage means you need a smaller deposit and mortgage.
- You would have a mortgage and pay a monthly rent for the remaining share, which we own.
- You can choose to buy more shares in your home.
Do I qualify?
Is your income less than £80,000 per year?- Are you unable to purchase a home outright on the open market?
- Do you think you can pay for a share – usually with a mortgage?
- Do you have some savings to cover the costs of solicitor fees and a deposit?
- We will give priority to purchasers leaving the armed forces.
- Sometimes you may need a local connection to the area where you wish to purchase.
- You may not have a legal interest in another property at the time your purchase completes.
You can check if you are eligible to buy a home through shared ownership here: www.shared-ownership-scheme.service.gov.uk/check-eligibility-to-buy-a-shared-ownership-home
You can find our first come first served and surplus monthly income policy here: First come first served and Surplus monthly income policy.pdf [pdf] 121KB
How do I apply ?
New Build Properties
Review our 'current' and 'coming soon' shared ownership homes on the ‘Find a Home’ tab.
When you see a property you're interested in, register for shared ownership by completing an application form here: Shared Ownership Application Form Sales.docx [docx] 303KB
Return it by email to salesteam@muir.org.uk or post to Sales Team, Muir Group Housing Association Limited, 80 Lightfoot Street, Hoole, Chester CH2 3AL.
We'll then contact you to discuss your application further.
Check your local connection
Any local connection requirements will be detailed on our website.
Affordability check
Carry out an affordability check with the independent financial advisor – Metro Finance. www.metrofinance.co.uk
As part of the affordability check they will ask you to provide proof of identity and income, and proof of residency
If you need a mortgage there is no obligation to take out a mortgage with Metro Finance.
Get in touch - Early Bird resevations
We allow Early Bird reservations off-plan on many homes before they are released for sale.
If you are interested in a specific plot, we will provide you with a guide price (which is subject to change), an approximate handover date, and ask you to pay a deposit of £250.
We will ask you to complete an initial affordability check and an application form. This can be up to six months before the build completion date.
You can ask for your deposit back at any time if you change your mind before you reserve a home.
The deposit paid is deducted from the purchase price on completion.
You can take a virtual tour of an example Homes By Muir shared ownership property here
Reserve your new home
If you have an Early Bird reservation when we release the plot for sale and confirm the price – three months before the build completion date, you will be first in line to proceed with the purchase before its available to anyone else.
You will have 48 hours to decide whether you wish to go ahead
If you decide to proceed, we will ask you to complete a full application and you can then reserve a home.
Instruct Solicitors
We will then each instruct a solicitor and we will each be responsible for our own costs.
If you are taking out a mortgage, your mortgage lender will ask us to provide written approval to the mortgage.
Once all the legal work has been carried out, contracts can be exchanged and a completion date set.
When you have reserved a plot, the £250 deposit is non refundable.
Keys to your new home
We will arrange a completion date and we will arrange to meet you at the property on the day of completion. We will then handover keys and provide a property demonstration.
YOU CAN ALSO SEARCH FOR SHARED OWNERSHIP RESALES PROPERTIES
These are properties which have previously been owned but where the owner wishes to sell the share.
Our existing shared owners are responsible for placing their own properties on the open market for sale through estate agents.
They can often be found on www.rightmove.co.uk or www.zoopla.co.uk or www.sharedownership.net
Learn more about how to buy our homes available for resale here: www.muir.org.uk/buy-a-home-available-for-resale