What is Shared Ownership?

Owning a home can feel like an impossible dream, but buying Shared Ownership means it’s more achievable than you might first think. Shared Ownership means you buy a share of a property, and pay rent on the rest. Don’t worry though, the property is still yours to live in as if you owned the whole thing. If you are interested in Shared Ownership, we will explain the scheme in more detail, including repairing responsibilities and service charges.

Who is Shared Ownership for?

To be eligible for shared ownership, you will need to meet certain criteria. These include, but are not limited to:

• A maximum income of the people buying the property

• Not owning property at the time of completing your purchase

• At least 18 years of age

Fairhive operate a first come, first served policy for the purchase of shared ownership properties and this is assessed by evidence being provided of approved finance – we can explain this requirement further once you make an enquiry.

Some developments also require you to have a local connection, e.g. live, work, or have family in the area. The local authority will set out these eligibility criteria. To confirm your eligibility, you will need to pass an affordability assessment. Don’t worry; we’ll guide you through this part when you register your interest with us.

How much of a new build property can I purchase?

This can vary from scheme to scheme, but you may be able to purchase between 10% and 75% of a Shared Ownership home. It is a requirement of the scheme that applicants purchase as large a share as they can comfortably afford. Fairhive’s surplus income policy means that you will need to have a surplus income of around 10% once all of your outgoings have been deducted from your monthly income. Any buyer of a shared ownership property will need to have a signed financial assessment by a suitably qualified financial advisor. Once you have lived in the property, you can buy more shares, up to 100% (unless it is in a Designated Protected Area where the maximum share is 80%) if you want to.

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