Shared Ownership FAQs
Once you've taken a look at the answers to our Frequently Asked Questions below, learn more about the Ten Steps to securing your Shared Ownership home here:
How many shares can I buy?
You can typically purchase between 25% and 75% of a brand new property.
Do I need a deposit?
You can carry out an affordability check with Metro Finance www.metrofinance.co.uk
The deposit you need will depend on the % share which you purchase. Check out their online affordability calculator.
How much will it cost me to reserve a property?
A non-refundable £250 reservation fee is payable if you decide to go ahead.
This amount is deducted from the purchase price.
What charges will I pay?
You will pay a monthly rent and which we own and buildings insurance. If there are shared areas you may also pay a service charge.
The charges are reviewed in April each year, as outlined in your lease.
The lease outlines our joint responsiblities.
Is there a guarantee on a brand new property?
Brand new properties usually come with a ten-year NHBC/Premier Guarantee.
You will be responsible for maintaining and decorating the property. If you want to make any structural changes to the property you will need to ask first.
Can I buy more shares?
You can often buy up to 100% of the property if you choose to do so.
Learn more here: www.muir.org.uk/buying-more-shares
On some developments the maximum share available to purchase is between 75% and 80%.
How do I sell my share?
You can find out more about selling a shared ownership property here: www.muir.org.uk/sell-my-shared-ownership-home
Shared Ownership properties for sale
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.
You can also learn more about shared ownership here: www.gov.uk/shared-ownership-scheme/who-can-apply