Property Buying Guide
Are there restrictions on resale of a shared ownership scheme property?
If you do not own the property outright, clauses in the lease may enable the housing association to nominate prospective buyers and to restrict the sale price to an independent valuer's valuation. The reason for this is that it wishes the property to remain available to people who are interested in shared ownership.
Ask your housing association whether either of these – or any similar clauses – are included in your lease.
In some rural areas, the social landlord may restrict your ability to buy further shares in your home or reserve the right to buy back the property at full market value. These arrangements are intended to provide a means of keeping low-cost housing available for rural communities.
The housing association will tell you if the home you want to buy is in an area where these restrictions apply.
Identify your local HomeBuy Agent.
More about shared ownership:
What is New Build HomeBuy and how does it work? l Who is eligible and what are the selection criteria? l Special features and how to apply l What is involved with shared ownership and who can apply? l How do I increase my share and how much do properties cost? l What rights and responsibilities do I have? l Can I buy with someone? And what about finance and legal issues? l Where do I start and what happens next? l What questions should I ask? l Will shared ownership really enable more first time buyers to buy a home? l Shared Ownership Mortgage basics l Benefits and pitfalls of shared ownership l Shared ownership schemes run by house-builders l The First Time Buyers Initiative/English Partnerships
Useful links
www.communities.gov.uk
www.englishpartnerships.co.uk
www.homesandcommunities.co.uk
www.direct.gov.uk
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