Our shared ownership scheme offers you the opportunity to buy at least a 25% share of a home, with us buying the remaining percentage, up to £150,000. You would pay us a service change and a monthly rent. Your rent would be based on the interest rate we are paying on the mortgage for our share. You can find details of the current interest rates, on our website.
To be eligible you must:
- be (or have previously been) living in a ‘tied’ house
- have at least 5 years stipendiary service by the time you retire
- have enough savings to buy a minimum of a 25% share of a property
- have enough savings to cover the legal fees for a purchase; approximately £4000
- be able to pay for any building work the property may need before you move in; and
- be able to afford to live in your home long-term.
- Once you have got in touch with us and we have confirmed you are eligible, we would meet with you to talk you through how the scheme works
- If you feel the scheme is for you, you would start searching for a suitable house or flat using estate agents, 12 months before your planned retirement date
- We can only consider properties that are well built and maintained and that will be suitable throughout your retirement. Properties can have up to two reception rooms and three bedrooms and there are some overall size limits
- More details on the types of properties we will consider under shared ownership can be found in Your Guide to Shared Ownership
- Once you find a suitable house or flat you would send the details to the Housing Team, who would negotiate the price and make an offer to the seller. If the offer is accepted, we would then manage the purchase thorough our solicitors
- You would appoint your own solicitor to manage your side of the purchase. The buying process is not always straightforward, but a member of the team would be on hand to support you through it.
You would pay a monthly rent for the share we own, the buildings insurance and an administration fee, which are reviewed annually.
If your home is a flat, you may also need to pay an additional monthly service charge which we pass to your managing agent. You would also need to pay for contents insurance, full maintenance costs and all utility and council tax bills.
Should you have any queries or concerns, please do not hesitate to contact us by telephone on 020 7898 1824 (open 9am - 5pm, Monday to Friday) or use the contact form below: