Q1    : My house is too small. I need a larger property to suit my needs. I am currently a homeowner.

Ans  : Our eligibility criteria allow the following people to apply for shared ownership:- • Council and Housing Association Tenants • Applicants registered on a registered social landlord waiting list • Other people in housing need* *Although the schemes are intended mainly to assist 1st time buyers in some circumstances previous home owners may be eligible to apply, eg where: • They are already a home owner requiring a larger sized property but unable to purchase outright. (subject to assessment) • They need to move because of job relocation • They previously owned a home with a partner and that relation ship broke down (subject to assessment)

Q2    : Once I have purchased a property via Shared Ownership Scheme will the property be freehold?

Ans  : The property will be sold on a long term lease, normally for a period of 125 years. You will therefore be the Leaseholder. The property becomes freehold when you purchase the property outright which can be done after 1 year.

Q3    : I used to own a property with my previous partner, from whom I am now separated. For this reason, I am not a first time buyer. Can I still apply?

Ans  : Yes, you can. All that we ask is that you provide evidence of your circumstances via confirmation from your solicitor and estate agent that you have sold or accepted an offer on your previous home.

Q4    : I am currently on benefits and wish to apply for Shared Ownership. Is this possible?

Ans  : The main aim of Shared Ownership is to attract people who cannot afford to purchase a property on the open market outright. Your application will be assessed based on your affordability. You are welcome to apply, however, if your income (or savings) are insufficient to fund the purchase of the share and ongoing expenses then you are unlikely to be offered a shared ownership property.

Q5    : I am currently the tenancy holder of my rented property and claim benefits however my eldest son works full time and would like to purchase a house via shared ownership for us to better our lifestyle. How can we do this?

Ans  : As long as your son has lived with you as a family at your current address for a minimum of 12 months and he is registered on the electoral roll then you are very much welcome to apply.

Q6    : I have been living in my property for a year and wish to purchase the remaining 75% share of Manningham Housing Association so I can own my property outright. Can I do this?

Ans  : Yes, as long as you have lived in property for a period of 12 months.

Q7    : Does the rent I am paying to the Association contribute to the payment of my mortgage or is this separate?

Ans  : No. Rent charges are totally separate and do not contribute to the purchase of your home.

Q8    : I am living in 2 bed accommodation at present but wish to purchase a 3 bed house. Is this possible?

Ans  : Normally, allocations are based on family size so we tend to try and allocate houses to suit the needs of your family.

Q9    : I have no idea how to get a mortgage or if I can afford one. How do I find this out?

Ans  : The majority of high street banks can arrange appointments to discuss your options in more detail. There are also various Independent financial advisors who will be happy to assist. Please note that high street banks are your best option as other lenders tend to charge extortionate interest rates upon repayment of loan. Minimum income of £15k up to a maximum of £45k is required in order to purchase a property via shared ownership.

Q10    : What is the minimum amount of savings I will need in order to apply for Shared Ownership?

Ans  : Feedback from previous customers suggests that a minimum of £5,000* is needed in order to fund the following: • Legal fees, • mortgage valuation • survey and stamp duty *Please note, this information is given for guide purposes only