What is Shared Ownership?

All Shared Ownership applications go through an eligibility and affordability check to ensure the scheme is suitable for you. Before you can reserve, an independent financial or mortgage advisor will advise on what is the most suitable share for you to buy and confirm that homeownership is suitable for you in the long term. 

Our team will guide you through the process – the first step is to contact us on 0114 270 1444 or email sales@incommunities.co.uk. 

The minimum deposit required is 5% of the share you’re buying, if you’re using a mortgage to purchase, but this may be higher depending on your mortgage lender’s requirements. You’ll also need to keep in mind the other upfront costs to purchase your share, such as stamp duty, legal fees and moving costs. 

We reserve new homes on a first-come, first-served basis. You will also need to pay a £500 reservation fee. Our team will guide you through the process. 

Each month you’ll need to cover the following:

• Mortgage payment – to your mortgage lender.
  
  
• Rent – paid to us based on the share we own, usually 2.75% of the unsold share, subject to an annual increase.
  
  
• Service charge and management fee (where applicable) - this covers the upkeep of shared areas and services.
  
  
• Home contents insurance (as long as you are a Shared Owner, your buildings insurance is arranged by us and included in your charges).
  
  
• Council tax.
  
  
• Utility bills – water, electric and gas where applicable.
  
  
• Broadband/phone lines need to be organised and paid for by you.
  
  
• Any other insurances you require. 

Yes, your rent is usually reviewed annually in line with the Consumer Prices Index (CPI) or the Retail Price Index (RPI). Any changes take effect from the 1st April each year. The terms of the rent review will be explained in your lease agreement. 

No, your rent covers the cost of the share you don’t own. If you’d like to increase your share in the future, you can do so through a process called staircasing. The more shares you own the less rent you pay. Find out more about staircasing. 

As a shared owner you’re responsible for maintaining your home. New-build homes come with a 10-year build warranty (usually NHBC, LABC or Premier Guarantee), and the builder is responsible for fixing build defects within a set period of time. 

Some newer Shared Ownership homes may come with a 10-year ‘initial repair period’. You can claim costs of up to £500 a year from us to help with essential repairs. These are limited to repairs not covered by the building warranty or other guarantees.

For more information, contact the Home Ownership Property Team.  

Home Ownership Property Team leasehold.management@incommunities.co.uk

You’ll need to contact the Home Ownership Property Team if you wish to make changes to your home. There may be an administration fee payable depending on the type of alteration. 

Home Ownership Property Team leasehold.management@incommunities.co.uk

Yes, you can sell your share at any time, following the terms of your Shared Ownership agreement. Contact our Home Ownership Property Team when you’re thinking of selling and we can help you with the process. 

Home Ownership Property Team leasehold.management@incommunities.co.uk

No, your lease prohibits subletting part or all of your home, but we will consider requests in some circumstances. For more information, please contact our Home Ownership Property Team. 

Short-term sublets, such as Airbnb or booking.com, or the renting of your driveway, are not allowed. 

Home Ownership Property Team leasehold.management@incommunities.co.uk

If you need additional assistance or support, please let us know when registering your interest so we can make the necessary adjustments to support you throughout the process. 

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