Got a question about Shared Ownership? We’ve got you covered!
We can only match you to one home at a time but you can let us know if you’d like to buy at more than one development. If we match you to a home you need to accept or decline the offer.
Yes but you’ll need a bigger deposit than usual for the share you’re buying. We’ll also need to see either audited accounts for the last two full years plus an estimate for the current year or copies of the last three years’ tax returns and SA302 forms for the same period. You can find out more here and we’d recommend speaking to a Specialist Financial Advisor (SFA) about getting a mortgage.
Depending on the Local Authority’s criteria you might get priority if you vacate a council home for a Shared Ownership one.
This is called a ‘down valuation’ and will affect your ability to borrow enough to cover the agreed equity price. We try to avoid this by keeping the value of our homes in line with the local market but it can happen, particularly in a falling property market. We’d help you challenge the valuation with evidence of recent sale prices for similar homes in the area. We wouldn’t normally reduce our prices so if that’s unsuccessful we’d suggest trying to make up the shortfall with any savings or approaching a different lender.
Home Ownership with NHG Homes
We want you and your furry pals to feel welcome when you step through the door of your new home. Our developments are usually pet-friendly - if you find a home you like, make sure you mention this to the sales team so they can check this for you:
- Your tenancy or lease and any estate agreement or rules
- The size and layout of your home
- The access to the property (own or shared entrance)
- The type and size of pet requested
- If you have a garden or communal grounds
- If you have any existing pets
No, your lease doesn’t allow this. However, you can have a lodger if you are still in permanent residency at the property.
The costs associated with maintaining the development you live in.
This is put towards the cost of major repairs in the future and helps to minimise costs when they arise.
All of our new-build homes have a minimum 10-year insurance backed warranty provided by the National House Building Council (NHBC) or equivalent provider.
You pay for any repairs inside your home and if your home is in a block then the service charge you pay goes towards maintenance and repairs in shared areas.
No, we snag the home before you buy it. If there’s a genuine defect within the specified ‘defect liability period’ you can report it to us and we’ll have it repaired (this doesn’t apply if something is cosmetically imperfect but in working order). If you think you’ve spotted something after the defect liability period has finished you’ll need to contact your warranty provider.
Your Rent Portion
No, the rent is paid on the share we own - similar to renting with a private landlord but at a lower than market rate.
Yes, on 1 April every year, usually based on the Retail Price Index plus 0.5% per year. But for resales it will be based on the increase that was set out when the first under-lease was granted.
When you own 100% of your home but, if your lease includes it, you’ll always pay ground rent.
Just before completion you’ll pay the first month upfront and possibly the second month as well - you’ll make this payment via your solicitor. After that you’ll pay on the first day of every month by Direct Debit or standing order.
Your Home Ownership Bills
No, you pay these.
You don’t have to but it’s worth thinking about because buildings insurance won’t cover your belongings.
No, this is included within your service charge. Buildings insurance will cover you if anything major happens to your home like subsidence or structural damage caused by storms, floods or fire.