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Norwich City

Sunday, 25-Aug-2019
 
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Property Search>Shared Ownership Resales

Shared Ownership Resales



Welcome to the shared ownership resales section. These are properties currently occupied by a shared owner who now wishes to move home. The current occupant will normally own either 25, 50 or 75% of the property. They will usually have purchased this share by obtaining a mortgage, and they pay rent to the housing association on the remaining percentage. The amount available to purchase will be the percentage the current occupant owns.

How do I purchase a shared ownership resales property?

Some of the properties will be advertised through the Home Options Scheme and it will be up to you to contact the current occupant to arrange a viewing and make an offer. You will need to demonstrate to the owner that you have the finance available to make the purchase, we would therefore recommend that if you intend to obtain a mortgage you ensure you get a mortgage promise before viewing.

What requirements do I need to meet to be a shared owner?

You do not need to meet any specific requirements to be a shared owner but you must ensure that you will be able to sustain paying both rent and a mortgage if you are borrowing money to buy your share. You must also be buying the property to live in, you will not be allowed to sublet.

What if I wish to buy a bigger share in the property?

Once you have lived in the property for at least three months you will usually be able to buy more shares and as you do so your rent will reduce accordingly. Most leases allow you to eventually buy 100% of your home, though there are restrictions on some leases. We will be happy to advise the maximum percentage once you have a specific property in mind

To view shared ownership resales that are currently available through Home Options click here.

 

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