Why not vist Time2Buy which offers a range of affordable home ownership options on a variety of developments across the area.

The shared ownership scheme is a low cost home ownership initiative which is aimed to help people, usually first-time buyers, purchase a home.

General eligibility criteria

Purchasers should normally be unable to afford the outright purchase of a property suitable to their needs. You must also be able to fulfill the status requirements of building societies (or other sources of mortgage finance which may be available) and have enough savings or income to meet the other costs involved.

Priority will be given to purchasers who are:

• Key workers
• First time buyers
• Housing association tenants
• Local authority tenants
• Local authority nominees or on a local authority / housing association waiting list

This scheme is not open to investors or anyone who intends to buy the property to rent it out.

If you are a home owner currently selling your property, you may be considered, depending upon your current circumstances, but you must have a buyer for your property who is able to proceed.

The above list contains various examples. We will ensure that every application we receive is given consideration.

How does shared ownership work?

When you buy through shared ownership, we will grant you a lease that sets out your rights and responsibilities.

Shared ownership means you buy 50% or 75% of the property. The remaining share is rented from us. At a later date you can buy a further share (and pay less rent) or purchase the remaining share and become the owner outright. This may be restricted if the property is situated in a rural area.

Prices will vary according to the location and type of property. The purchase price is based on the market value which has been assessed by an independent, qualified vauler.

Remember that house prices can go up and down. This means that sometimes you might pay more for buying additional shares or have to sell at a lower price than you originally paid. Prices are determined by an independent valuer or the district valuer (dependent on the lease). These prices cannot be discounted.

What will I own?

You will own your share of the property on the basis of a long lease (99 or 125 years). If you eventualy buy the whole property you will be granted the freehold of the property.

What does the shared ownership lease entitle me to?

• It entitles you to live in your home until the lease expires.
• It states which repairs and other outgoings you and your landlord (i.e. Erimus Housing) are each responsible for.
• How the rent, building insurance and service charges (if applicable) are calculated and when they must be paid.
• It explains how you can purchase further shares in your home, if you wish to do so.
• It states your rights and responsibilities and those of Erimus Housing.

What purchase costs can I expect to pay?

If you need a mortgage, your lender may require you to pay a 5% deposit towards your mortgage requirements. For example, if you wish to buy a 50% share in a property selling at £100,000 your purchase price will be £50,000, 5% of this is £2,500.

As we are unable to provide necessary, professional advice you will need to make your own mortgage arrangements. Therefore we strongly recommend that you seek appropriate legal and financial advice about obtaining a mortgage. Please get in touch with a reputable lender.

You will also be required to pay legal costs to your solicitor. You may wish to contact us for details of local solicitors who have experience in shared ownership sales.

For more details on shared ownership properties please call our contact centre on 08000 461 600 or email us at homeownershipteam@erimushousing.co.uk

We will advise you of any existing properties for sale or any new up and coming developments to which you may wish to register an interest.

Or for other options available, please take a look at our Properties for Sale section on our parent company, the Fabrick Groups' website.

Want to sell your shared ownership property?

Details can be found by clicking here to our how to sell your shared ownership property page.