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Eligibility

You can apply for shared ownership if you can't afford to buy on the open market. We want to help people who are in need of housing and whose income is sufficient to meet the costs of buying through the shared ownership scheme.

People applying for pre-owned shared ownership properties (resales) will normally be first-time buyers who:

  • are not able to buy a similar home outright on the property market
  • have a gross household income of up to £80,000 per annum when applying to buy property of any size outside of London. For London, have a gross household income of up to £90,000 and
  • have at least £4,000 in savings to cover legal fees
  • have a deposit towards the purchase of the property (in addition to legal fees)
  • preferably live or work in the local authority where the homes are available, however there are occasions where pre-owned shared ownership properties can be sold to people outside the area.

Meeting the costs of home ownership

A recommended income level is provided as a guide for each resale property advertised.

If your earnings are below the recommended level for the property you are interested in but you are able to raise a large deposit, you may still meet the affordability criteria.

You will be required to have your ability to meet the costs of ownership for the property assessed by our independent financial advisors.

You must have been in a permanent job for at least six months or have passed any probation period. If you are self-employed, you'll need to have three years' audited accounts.

It's important you are aware of all the costs associated with buying a property. Visit our Costs of buying page to learn more.

Prioritising applicants for pre-owned shared ownership

If you meet the criteria, we have clear guidelines on how we prioritise applicants. These will be explained when you first enquire about a property.

We will generally offer properties to people in the following order of priority.

  • existing social tenants and serving military personnel
  • those that will address housing problems in local and regional housing markets as defined by the local authority; and
  • other first-time buyers.

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Disclaimer


Please note the minimum incomes may vary for each scheme.

The information on this website concerning eligibility for pre-owned shared ownership was current and correct when the website was last updated.

Eligibility criteria changes regularly and we make no representations or warranties with respect to the current accuracy of this information.

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This page was printed from A2Dominion Web site at http://www.a2dominion.co.uk/