You can get a shared ownership home through a housing association or through Harrogate Borough Council. You buy a share of your home (between 25% and 75%) and pay rent on the rest.
You can buy a home through shared ownership if your household earns £80,000 a year or less (or £90,000 a year or less in London) and any of the following apply:
- you're a first-time buyer
- you used to own a home, but can't afford to buy one now
- you're an existing shared owner
How it works
Shared ownership properties are always leasehold. You are responsible for maintenance and upkeep of the property.
Buying more shares
You can buy more of your home after you become the owner. This is known as 'staircasing'.
The cost of your new share will depend on how much your home is worth when you want to buy the share.
It will cost:
- more than your first share if property prices in your area have gone up
- less than your first share if property prices in your area have gone down
The housing association or council will get your property valued and let you know the cost of your new share. You'll have to pay the valuer's fee.
Selling your home
If you own a share of your home, the housing association or council has the right to buy it first. This is known as 'first refusal'. The housing association or council also has the right to find a buyer for your home.
If you own 100% of your home, you can sell it yourself.
Interested in Shared Ownership in Harrogate district?
- make sure you have a suitable deposit, usually at least 10% of the amount you want to borrow for your share
- go to see a mortgage advisor to get an independent assessment of your options and a mortgage agreement
- register your interest in Shared Ownership opportunities with Harrogate Borough Council by emailing AffordableHousing@harrogate.gov.uk.
- keep your eye on our affordable housing property listings for more details of opportunities in the district
- check out the list of financial advisors on the Help To Buy for the North East, Yorkshire and Humberside webpage if you need help finding a mortgage
How can I apply?
The local Help to Buy Agent for North Yorkshire and Humberside is Help to Buy NEYH. They can provide advice on the schemes available, check if you are eligible and help you to find a property. All applicants for Shared Ownership properties should fill out the online application form, which can be found here: http://www.helptobuyneyh.co.uk/get-help-to-buy/shared-ownership/
For general details about all the affordable home ownership schemes available, please visit www.helptobuyneyh.co.uk, alternatively speak to the team directly on 0113 825 6888 or email admin@HelptoBuyNEYH.co.uk.
Page last updated 19/07/2016