Why buy through shared ownership?
Shared ownership is useful for people who are unable to afford to buy a house on the open market, but do earn a regular income and can raise a mortgage on a smaller share of the property.

Buying through shared ownership usually costs you about two thirds of the amount of buying your home outright. This is because the housing association will have received government money in the form of a subsidy which will reduce the amount of rent you have to pay on the remaining share.

Buying a property through shared ownership means that you have the same rights and responsibilities as all other home owners. It also means that over time, and as your income increases you can buy further shares in your property until eventually you own your property outright. As you increase your share in the property, the amount of rent that you pay to the housing association decreases.

Who is eligible for shared ownership?
Priority will normally be given to people who are on a local authority waiting list, but can also apply to those renting privately, or who work in the area but are unable to buy privately due to property prices.

What happens when I want to sell?
The first step is to inform the Housing Association of your decision to sell your home. The Housing Association usually has the right to nominate a new buyer for your home. If the Housing Association does not nominate a new buyer or buy back your home, you have the right to sell it on the open market.

Who benefits from any increase in value when I sell?
As the shared owner, you benefit from any increase in the value of the property, according to the share that you own. If the value of your home increases by £5000 and you owned 50%, your share of the increase would be £2500.

Where can I find out more information?
For more information about Pierhead Housing's shared ownership programmes contact Lorraine Pinnington Property Services Manager 0151 224 0626.