Shared Ownership FAQs

You must meet the following criteria to apply for a Shared Ownership home.
• You must be 18 years or older.
• You cannot own another home. Most Shared Ownership buyers are first-time buyers, but you can apply if you are in the process of selling another property.
• Your annual household income must not exceed £80,000, or £90,000 per year in London.
• You must be in a position where you cannot currently afford to buy a home that meets your housing needs on the open market.
• You will need to demonstrate that you are not in mortgage and/or rent arrears.
• You’ll need to share details about your financial situation so an accurate affordability assessment can be carried out. This includes providing full disclosure of any relevant financial information to help ensure the home is affordable for you.

You only need a deposit for the share of the home you intend to purchase, with 5% being the ‘minimum’ deposit required.
For example, if you wanted to buy a 25% share of a home listed for £250,000, that would be £62,500. So, you’d need 5% of that as a deposit – just £3,125.

The short answer is yes. Buying a Shared Ownership home involves all the same processes and fees you’d pay if you were purchasing a house outright, such as solicitor fees and stamp duty. Below is a handy list of things to be aware of that you will need to be prepared for.

IMPORTANT: Please be aware that you are responsible for 100% of these costs whatever percentage share of the home you are purchasing.

There are fees to pay, just like with any other home purchase, such as:
• Your deposit.
• Mortgage survey fees and any mortgage arrangement costs.
• Solicitors’ fees.
• Stamp duty may be applicable. Please refer to the government website for further information.
• Contents insurance, any mortgage protection insurance and possibly life insurance if your mortgage provider requires it.

When you take ownership of your new home you will also need to pay:
• The rent on the remaining share of your home.
• Council tax.
• Gas, electric, water, telephone and any other household bills.
• Redecoration costs are your responsibility and will not be covered by Raven Homes.
• A service charge to Raven Homes.

All Shared Ownership homes are leasehold.
If you staircase to 100%, some houses may become freehold depending on the lease. Flats remain leasehold.

You can change your mortgage product or switch to a new provider; however, you may need legal support to do this and there may be a fee payable to Raven Homes.
If you do free up funds by remortgaging, you can use that money to purchase more shares in your home via staircasing.

Yes! A process called staircasing allows you to buy more shares, in some cases to 100% ownership.

Raven Homes will calculate your rent payments based on the share of the property still owned by Raven Homes.
The amount of rent will vary for every home as it depends on the percentage of ownership and property value at the time of purchase.
The higher percentage of the home you own, the less rent you pay.

Absolutely! When you are ready to move on and want to sell your home, the process is very similar to selling any other home.
The only real difference is that Raven Homes must be allowed the opportunity to find a suitable Shared Ownership buyer for your home initially.
Your lease agreement will outline the important requirements to be aware of before selling, and you can also see our Roadmap to Selling your Shared Ownership Home here.

Generally, pets will be allowed in your home. There may be some exceptions.

Yes, you can make your home your own. For resale Shared Ownership properties, once you get your keys, it’s your home, regardless of the share you’ve purchased. Feel free to decorate and put your own stamp on the place.

Some changes, however, may need permission from Raven Homes. For example, structural alterations or certain types of flooring. It’s always best to check with your Home Ownership team before starting any major work.

For a New Build Shared Ownership Purchase, decorating is not advisable for the first year after completion. This allows the property to fully dry out and settle.