Welcome to WM Housing’s Property Finder

Shared ownership is a fantastic opportunity for those who want to get a foot on the property ladder.

Help to Buy – shared ownership

Help to Buy – shared ownership is a fantastic opportunity for those who want to get a foot on the property ladder but cannot afford to buy a home on the open market. It allows you to buy a share in a brand new leasehold property (either a house or an apartment) on a part buy/part rent basis and pay a subsidised rent on the part that you do not own.

Most registered providers or housing associations, offer shares for sale of between 25% and 75% of the property depending on how much you can afford to purchase and charge rent on the remaining share.

The bigger the share you buy, the less rent you have to pay. You will need to be able to raise a mortgage for the share you want to purchase unless you have sufficient money to enable you to do so.

In most cases, as you become able to afford it, you can, if you wish, buy additional shares until you own the property outright. This is known as staircasing.

From time to time, properties originally sold under shared ownership become available for resale.

Register with the Help to Buy Agent at www.helptobuymidlands.co.uk to receive details of new build and resale properties.

All repairs and maintenance to the home are your responsibility, regardless of the share you own. Most brand new homes come with a 1 year warranty period for defects and a longer warranty to cover any structural problems caused by poor workmanship.

When you purchase an apartment, the housing association or management company will generally be responsible for any communal parts of the building and grounds and you will be responsible for all repairs and maintenance to your own flat. You pay a service charge to the housing association or management company, which is used to cover the costs of maintenance and decoration to communal areas.

Eligibility

The Help to Buy Shared Ownership scheme, including shared ownership resales, uses the following criteria to help people to get a foot on the housing ladder:

  • Maximum annual household income of £80,000
  • Unable to purchase a home suitable for your needs without help

Priority is given to the following groups of people:

  • Existing social housing tenants and MOD personnel
  • Local priorities as set by the local authority
  • Other first time buyers

All applicants will need approval from the Help to Buy Agent, Orbit at www.orbithelptobuy.co.uk