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SHARED OWNERSHIP
Shared Ownership is an example of Low Cost Home Ownership (LCHO). Since 1979, successive governments have sought to encourage sustainable home ownership by actively promoting a programme of LCHO. LCHO is intended to achieve a number of the following objectives:
- Free up social rented accommodation either directly or indirectly
- Contribute to mixed communities through the provision of multi-tenure estates
- Provide affordable housing opportunities for key workers required to deliver essential public services in pressured areas
- Widen choice and meet homeownership aspirations
- Support regeneration initiatives
- Create more socially mixed and balanced communities
Shared Ownership is a scheme whereby a supplier, usually a Registered Social Landlord (RSL) builds a new housing unit and a purchaser part owns and part rents it from the supplier.
A shared owner (in England and Wales) is a leaseholder of the RSL. The RSL retains the freehold of the property. Usually, the leaseholder will have a 125 year lease as set out in the Homes and Communites Agency's sample lease.
Who is Eligible?
- Tenants of a Registered Social Landlord or Local Authority;
- Applicants on a housing waiting list and nominated by a local authority as being in housing need.
- People in housing need who cannot afford to purchase on the open market
Priority is given to existing social housing tenants and waiting list applicants, although others who are in housing need and nominated by local authorities may also be housed.
How is Shared Ownership Operated?
- Usually the purchaser of a home under Shared Ownership can buy a 25%, 50% or 75% share.
- RSLs can operate other equity variants, however, the minimum initial share for Homes and Communities Agency funded schemes is 25%.
To register your interest in shared ownership, please click here.
If you wish to complete a shared ownership application form, please click here.
Would you like to tell us how you think we're doing? Click here to fill out our feedback form.
Manningham Housing Association, a specialist housing association providing accomodation for large families and diverse minority communities in Bradford and Keighley, West Yorkshire, promotes tenant involvement and regeneration of local communities in addition to providing development of new homes and services to meet the housing and support needs for the community.
Contact us for enquiries, search our available homes, view our site map or fill out an opinion survey today.
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