Answers for every stage of your journey
Find straightforward answers about buying, selling and staircasing a shared ownership home. Your lease and housing association’s procedures will determine the exact requirements for your property.
Understanding shared ownership
What is shared ownership?
Shared ownership allows eligible buyers to purchase a share of a home and pay rent to a housing association on the remaining share. You normally fund the share you buy using savings, a mortgage or a combination of both.
Who is eligible for shared ownership?
Eligibility depends on the scheme and housing association. It commonly considers household income, affordability and whether you already own another home. The housing association or its appointed assessor makes the final decision.
What monthly costs should I budget for?
Typical costs include your mortgage payment, rent on the share you do not own, service charges, buildings insurance where applicable, council tax and household bills.
Selling a shared ownership home
Can I sell my shared ownership property?
Yes. You can normally sell the share you own, subject to your lease and the housing association’s resale procedure. The process usually includes a RICS valuation, nomination period, buyer affordability checks and conveyancing.
Do I need my housing association’s permission to sell?
You should notify your housing association before marketing. It will confirm the resale requirements, nomination period, approved valuation process, fees and documents needed.
Why do I need a RICS valuation?
A valuation by an appropriately qualified RICS surveyor establishes the current full market value and the value of your share. Housing associations usually require it before approving the sale price.
What is a nomination period?
The nomination period is the time allowed under your lease for the housing association to find or approve a buyer. Its length and rules vary between leases and housing associations.
What costs are involved when selling?
Costs may include the RICS valuation, housing association and management-pack fees, an EPC, legal fees and agent fees. SOS charges 1% of the share sold plus VAT for its resale service.
How long does a shared ownership sale take?
Timescales vary because the housing association, buyer, mortgage lender, managing agent and solicitors may all be involved. Having your documents ready can help reduce avoidable delays.
Staircasing
What does staircasing mean?
Staircasing is the process of buying additional shares in your shared ownership home. Depending on your lease, you may be able to increase your ownership in stages.
Do I need a valuation to staircase?
Usually, yes. The housing association normally requires a current RICS valuation so the price of the additional share can be calculated.
Can I staircase at the same time as selling?
Some leases and housing associations allow simultaneous staircasing and sale. It is not available in every case, so all legal, housing association and lender requirements must be checked first.
Buying and mortgages
Do I need a specialist shared ownership mortgage?
A shared ownership mortgage is secured against the share you are buying. A broker familiar with shared ownership can help you understand suitable lenders and their requirements.
What affordability checks will a buyer complete?
The housing association or its appointed adviser normally checks income, deposit, debts, regular expenditure, mortgage payments, rent and service charges.
Can building-safety issues affect a sale or mortgage?
Yes. For some flats, lenders or conveyancers may request an EWS1 form, FRAEW report or other building-safety information. Requirements depend on the building, its circumstances and the mortgage lender.
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