Shared Ownership Eligibility
As the name suggests, Shared Ownership allows buyers to purchase a share of a home, with the housing developer owning the rest of the share.
Due to the fact that buyers only own a portion of the home, and not the full property, Shared Ownership is typically cheaper than renting or buying a property outright.
However, how do you know if you’re eligible for Shared Ownership?
In the below we have outlined a list of criteria, but it’s important to note that we assess each applicant on an individual basis. So, even if you don’t quite meet the criteria, it’s worth enquiring with one of our friendly sales team.
Preferential treatment is generally given to applicants that live or work within the area in which they’d like to purchase a property.
However, each development has a different criteria, so it’s worth checking with us before you apply.
Existing Home Owners
If you’ve purchased a property in the past, it doesn’t make you exempt in applying for a Shared Ownership property. We consider applications from previous homeowners, however you will need to have sold your home or have it on the market to be eligible. Again, each case is reviewed individually.
If you don’t meet the above criteria, there are other options available to you, such as Help To Buy. Please let us know if you fall into this bracket and our advisors can assist.
Are you looking for a stylish and modern home in London or the South East?
Southern Home Ownership is dedicated to providing stylish, high quality and contemporary new homes for sale on a Shared Ownership basis. If you're a first-time buyer and interested in owning a Shared Ownership property in London or the South East then click on this link to take a look at our latest developments.