Council services
Shared ownership application
What is Shared Ownership?
Shared Ownership gives an opportunity to buy a home if you cannot afford to buy one.
Schemes are aimed at people with a regular income, who can raise a mortgage.
You can do this by buying a share of the property and paying rent for the remaining share, this is owned either by a Housing Association or the Council.
Shared Ownership gives an opportunity to buy a home if you cannot afford to buy one.
Schemes are aimed at people with a regular income, who can raise a mortgage.
You can do this by buying a share of the property and paying rent for the remaining share, this is owned either by a Housing Association or the Council.
How much will Shared Ownership cost?
When you buy a property there are a number of costs that have to be met:
When you buy a property there are a number of costs that have to be met:
- Legal fees ( this includes local search, registration fees and stamp duty.
- Costs in arranging a mortgage (check with your lender, or Bank or Building Society).
- Valuation fees (your lender, i.e. Bank or Building Society will require you to have a survey on the property). You may also want to have an independent survey of the property.
You will need to have savings of at least £3,000 to cover the above costs.
You will also need a deposit, e.g. this could be around 5% of the price, and don't forget removal costs.
Who can apply?
You will also need a deposit, e.g. this could be around 5% of the price, and don't forget removal costs.
Who can apply?
Anyone can apply to be registered on the Shared Ownership list who has a housing need. The scheme is open to Wokingham Borough Council tenants or Housing Association tenants who get priority. First time buyers and those who have experienced a relationship breakdown or have financial difficulties may also be eligible.
You would not qualify if:
- You have a financial interest in a property
- If you can afford to buy a property outright
- If you are unable to afford the cost of the
rent and the mortgage - If you have been housed by another Council
From your income you will need to budget for your monthly outgoings - everyday living costs. These include:
- Rent
- Mortgage payments
- Gas, electricity, water and telephone
- Repairs, decoration and maintenance costs
- Leasehold charges (if applicable)
- Can I buy more shares in the property?
You may be able to buy further shares in your property. This is known as staircasing, your Housing Association will advise you on this.
What happens if I want to sell my Shared Ownership home?
You can sell your property at any time.
If you own the property outright (100%), you may sell on the open market at any time. Before you consider this you must contact the Housing Association as your contract may require you to offer the property back to them.
If you own the property outright (100%), you may sell on the open market at any time. Before you consider this you must contact the Housing Association as your contract may require you to offer the property back to them.
How are the properties allocated?
We maintain the Shared Ownership Register and records the names and details of all those who are interested in following the Shared Ownership route to home ownership.
Once applicants are accepted onto the Register it is not possible to predict a waiting time as there are more applicants than number of properties available. Applicants will be notified when any new schemes are developed.
Usually properties are allocated on the size and type of accommodation appropriate to your housing need.
In most cases single person households or couples would be offered 1-bedroom properties. Families would be offered accommodation suitable to their needs, although children of the same sex would be expected to share a room.
If you are re-housed into a Shared Ownership property and in time require a larger property, you would need to contact the Housing Association to find out if they could help.
Housing Needs Team
Community Services Department
Civic Offices
Shute End
Wokingham
Berkshire RG40 1WN
Tel: (0118) 974 6760
We maintain the Shared Ownership Register and records the names and details of all those who are interested in following the Shared Ownership route to home ownership.
Once applicants are accepted onto the Register it is not possible to predict a waiting time as there are more applicants than number of properties available. Applicants will be notified when any new schemes are developed.
Usually properties are allocated on the size and type of accommodation appropriate to your housing need.
In most cases single person households or couples would be offered 1-bedroom properties. Families would be offered accommodation suitable to their needs, although children of the same sex would be expected to share a room.
If you are re-housed into a Shared Ownership property and in time require a larger property, you would need to contact the Housing Association to find out if they could help.
Housing Needs Team
Community Services Department
Civic Offices
Shute End
Wokingham
Berkshire RG40 1WN
Tel: (0118) 974 6760
