…or have previously owned a home but are unable to afford one on the open market.
Am I eligable for shared ownership?
Shared ownership is available to people who meet the following criteria:
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You are a first-time buyer.
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Have a household income of less than £80,000 per year.
(or £90,000 for properties in London)
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Are unable to purchase a home outright without assistance.
It’s an excellent option for people who want to take the first step toward homeownership without the high costs associated with buying a property outright.
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Local connection
On some of our available homes you will be asked to provide evidence of your connection to the area.
Can I visit the site?
They are live and active construction sites, so customers cannot visit independently. Any site visit must be arranged in advance and visitors must be accompanied by a member of the South Lakes Housing Team.
Our shared ownership customers will receive regular update on the progress of their home alongside opportunities to visit the homes once it is safe to do so.
How much of the home can I buy?
Our shares range from 10% up to 75%. Please note that the share percentage you can purchase is based on the outcome of your financial assesment.
How much deposit do I need?
South Lakes Housing require a minimum of 5% deposit which is calculated on the share value you are purchasing. Cash purchasers are accepted.
What monthly costs will I pay?
As a shared owner you will typically pay the following charges, however these may be subject to change:
- A mortgage on the share you own (if applicable)
- Rent on the share retained by South Lakes Housing
- Monthly service charges
- Household bills and council tax
What is a service charge?
A service charge is a contribution paid by residents towards the upkeep and maintance of shared areas. Other charges such as buildings insurance, communal electric and management fees will also be included in this charge. A detailed breakdown of the service charge will be provided to purchasers.
Can I buy more shares in the future?
Yes, this is called staircasing. Shared ownership leases allow you to purchase additional shares and reduce the rent you pay on the share retained by South Lakes Housing.
Can I decorate or make changes to my home?
Decorating, such as painting walls, may be permitted, but any alterations or improvements should not be carried out without first obtaining written permission from us.
Can I sell my shared ownership home?
Yes, if you decide to move, there is a process for selling your shared ownership home.
