Shared Ownership Homes | Countryside Homes

Shared Ownership

Home Stepper

If stepping onto the property ladder feels like an impossible task, then our Home Stepper shared equity scheme available in partnership with Sage Homes could be for you. You may be able to buy a new build property under a shared ownership agreement.

Sage Homes

MORE ABOUT SAGE HOMES

Sage Homes built by Countryside Homes are shared ownership properties that allow buyers to purchase a share of their chosen home and pay a monthly rent on the remaining amount.

Home Reach

MORE ABOUT HOME REACH

Through our partnership with Heylo, we offer Home Reach – a shared ownership scheme. Buy a share of your chosen home and pay a monthly rent on the remaining amount. Find out more about our Heylo new build shared ownership properties.

What is shared ownership

Shared ownership is a flexible property buying scheme that lets you buy a share of your home and rent the remaining portion at a discounted rate.

As you purchase just a part of the property, you'll require a lower mortgage and deposit, easing your path into home ownership. This option is perfect if you want to own a home that fits your lifestyle without the full expense from the start.

How does shared ownership work?

Unless you are able to pay for your share of your chosen home in cash, Shared ownership will require you pay a minimum deposit of 5% for your share of the property, with the remainder covered by a mortgage. You also pay rent at a reduced rate of 2.75% for the portion you don't yet own, making it easier to manage your finances while moving toward full ownership.

You can increase your ownership share over time through a process called staircasing, starting any time after completion. Your rent will decrease as you buy additional shares, with the price for any extra shares based on the property's value at the time of purchase.

Who qualifies for shared ownership

To qualify for a shared ownership scheme with Countryside Homes, you must:

Have a household income of less than £80,000 (or £90,000 if you live in London)
Have at least 5% of your share's value to contribute as a deposit
Plan to live in the shared ownership home as your only residence
Complete an affordability assessment with an independent financial advisor

There may be extra criteria for each scheme, so it's worth reviewing the specific criteria before you apply. Feel free to get in touch with our team if you have any questions or need guidance.

Benefits of shared ownership

Smaller deposit: You only need to pay a deposit on the portion of the home you're purchasing with shared ownership, rather than the full property price.
Quicker move: A smaller deposit helps you save faster, meaning you could achieve your dream of homeownership sooner than you thought.
More manageable payments: Your monthly payments are more manageable since you're only borrowing for the share you're buying, making your mortgage more affordable.
Discounted rent: You pay rent at a discounted rate on the portion you don't own, offering you further savings.
Flexible ownership: You can increase your share in the property as time passes, providing flexibility as your circumstances evolve.

Important considerations with shared ownership

Annual rent increases: The rent you pay on the portion of the property you don't own will increase yearly. We'll keep you up to date on any changes, so you know what to expect.
Service charges: You'll need to pay a service charge, no matter what share you own.
Leasehold ownership: You won't own the land your new home is on as shared ownership properties have a leasehold tenure rather than freehold. Instead, you'll be leasing it for an agreed period with the freeholder. The length of the lease can be found in the key information documents on each of our shared ownership homes.
Repossession risk: As with all homes with a mortgage, your home could be repossessed if you don't keep up with the repayments on your mortgage or rent. We'll be here to talk to you should any challenges arise.
Selling requirements: Unless you've bought 100% of the property, you may need to go through the landlord you purchased with when you want to sell your home, instead of listing it on the open market.

How to apply for shared ownership with Countryside Homes

1. Start your journey: Begin by registering your interest with our team. We'll set up an appointment to explain the shared ownership schemes available and walk you through the entire process. This will be a good opportunity to discuss which homes are available for shared ownership at developments near you and answer any questions you might have.
2. Check you qualify: The next step is to conduct an affordability assessment to determine if the scheme is suitable for you. We'll work together to calculate the share you could purchase and how much rent you'd pay on the rest.
3. Explore your options: With your eligibility confirmed, we'll help you identify homes that meet your needs. You'll then reserve your chosen plot.
4. Reserve your new home: Our team will notify the shared ownership scheme provider and secure your reservation. At this stage, we'll ask for some important documents. You'll also appoint a solicitor and a mortgage broker to begin your mortgage application.
5. Finalise your reservation: We'll ask for a reservation fee to finalise your reservation, and we'll guide you through the final paperwork to ensure your new home is set aside for you.

Is shared ownership available on all Countryside Homes properties for sale?

Shared ownership can be found on select Countryside Homes. If you want help exploring your options, don't hesitate to get in touch with our dedicated Sales Consultants.

What deposit is required for a shared ownership home?

You're required to put down at least 5% of the share you're buying through shared ownership. This helps to make the path to homeownership more accessible and manageable.

Is Stamp Duty payable on a shared ownership home?

Yes, Stamp Duty is payable when buying a property through shared ownership. How much you'll need to pay depends on the share you're purchasing, with potential allowances reducing the cost. Your solicitor will be able to explain this to you in more detail and calculate the exact amount.

Is shared ownership more affordable than renting?

Yes, shared ownership is generally more affordable than renting. Although there are upfront costs associated with buying a home, the long-term commitment with shared ownership is typically less. Your monthly payments include a lower mortgage on only the share you own, plus a reduced rent on the remaining share.

Are pets allowed in a shared ownership property?

You may be able to have pets in your shared ownership home. However, you'll need approval from the scheme provider, so get in touch with them directly to discuss whether this is an option.