What is Shared Ownership?
If you cannot afford to buy a home outright that meets your needs, Shared Ownership can be a more affordable way to get on the property ladder. Through Shared Ownership, you buy a share in a property which you would usually fund through a mortgage, and pay a subsidised rent to the landlord for the remainder that you don’t own. The landlord is normally a Housing Association (sometimes called a Registered Provider).
You can start by buying a share of between 10% to 75% and can usually increase the share you own in future, if you can afford to. The bigger percentage you own, the less rent you pay to the Housing Association.
As well as your monthly mortgage and rent payments, you may also have to pay a monthly service charge, for such things as maintaining any communal areas, road maintenance and street lighting.
Who is eligible for Shared Ownership?
You can buy a home through Shared Ownership if your household income is £80,000 a year or less and you cannot afford all of the deposit and mortgage payments for a home that meets your needs.
One of the following statements must also be true:
- you’re a first-time buyer
- you used to own a home but cannot afford to buy one now
- you’re forming a new household - for example, after a relationship breakdown
- you’re an existing shared owner, and you want to move
- you own a home and want to move but cannot afford a new home that meets your needs
Some Shared Ownership homes have local connection criteria which prioritises purchasers who live, work, or have a family connection to the area where the property is located.
Further details on Shared Ownership are available at GOV.UK.
Shared Ownership in West Lindsey
There are a number of Shared Ownership properties within West Lindsey and new ones are also being built. Shared ownership homes for sale are usually advertised by estate agents in the normal way, such as on websites like Rightmove.
The Registered Providers (Housing Associations) below have Shared Ownership properties within the West Lindsey district. Contact them directly for details of Shared Ownership properties that may be currently available, or ones which are due to be built in the future:
| Provider | Description | Telephone | Website |
|---|---|---|---|
| Acis Group Limited | Providing more than 6,500 quality, affordable homes to people across Lincolnshire, South Yorkshire, Nottinghamshire and Derbyshire. | 0800 027 2057 | Acis Group Limited |
| Lace Housing | Lace are a Housing Association specialising in the provision of affordable housing and support services for older and vulnerable people across Greater Lincolnshire and the surrounding area. | 01522 514444 | Lace Housing |
| Longhurst Group | Longhurst Group own and manage over 22,000 homes, and balance great customer service and value for money to provide a range of quality services for their customers across the Midlands and the East of England. | 0800 111 4013 | Longhurst Group |
| Ongo Partnership Ltd | Ongo is North Lincolnshire’s largest landlord with around 10,000 homes to rent. They’ve been around since 2007 and have a commitment to delivering high quality, affordable homes to local people. | 01724 279900 | Ongo Homes |
| Platform Housing Group | Platform Housing build and manage affordable homes across the Midlands and Lincolnshire. | 0333 200 7304 | Platform Homeownership |
| Sanctuary | Sanctuary is a housing and care provider. We were set up over 50 years ago to deliver housing and care to those who need it. Sanctuary is now one of the largest not-for-profit housing associations in the UK. | 0800 916 1444 | Sanctuary Homes |