Frequently Asked Questions

This list will help you decide if shared ownership is right for you and if you are right for shared ownership.

What is shared ownership?

So who do I share with?

What share do I have to buy?

Can anyone apply for shared ownership?

What guarantee do I have that I'll get a shared ownership property?

How do I know that I will be able to afford the share?

Are there any other immediate costs to take into account?

Can I buy more shares in the property?

Can I negotiate the price?

How do I know that I'm getting a good deal?

What do I do next?

What happens if I see a property I like and want to buy?

What's a resale property?

Who or what is yourhomefinder?

Is yourhomefinder a housing association?

Who chooses who will be offered the property?

What is a Letter of Intent?

Do I have to live in the same borough as the property I am applying for?

What is shared ownership?

Shared ownership helps people who cannot afford to buy a home outright. It's as straightforward as the name suggests. You buy a share of the property, and pay rent on the portion of the share you do not own.

So who do I share with?

In that sense you don't. The home is for you and your family, just as it would be with any other home. The portion of the home you don't buy is owned by a housing association and the rent they charge you is often subsidised.

What share do I have to buy?

That varies with the property and circumstances but, for most of the properties on this website, you'll be asked to buy 50%.

Can anyone apply for shared ownership?

Yes, as long as you can't afford to buy a property outright on the open market. But beware, there are often priorities connected to who gets offered shared ownership. Click here to review the criteria.

What guarantee do I have that I'll get a shared ownership property?

None. In fact it can be quite difficult for yourhomefinder to decide who will get the property. yourhomefinder is charged with allocating the property to the most suitable applicant for shared ownership. See Letter of Intent.

How do I know that I will be able to afford the share?

Affordability is a vital consideration when deciding who to allocate the property to. It would be helpful to know if you have already arranged a mortgage in principle. If you haven't we can put you in touch with some mortgage advisors that have built up experience in arranging shared ownership mortgages.

Note: If you have a County Court Judgement out against you, or you are in rent arrears, you are unlikely to be able to purchase a shared ownership property.

Are there any other immediate costs to take into account?

Sorry, but yes. Just like any other property buyer, you will need to cover the costs of legal fees, surveys, and stamp duty. Just as a guideline, you will probably need savings or access to around £3000. It's worth asking a solicitor. If you don't have one we can provide you with a list of solicitors with shared ownership conveyancing experience.

Can I buy more shares in the property?

After you have been in the property for a time (usually 12 months) and if you find your financial situation improves, then you can buy more shares; in most cases up to the point where you own the property outright. Of course the more you own the less you'll pay in rent to the housing association. Each time you want to buy another share, the property is revalued and you buy the share at the current market value.

Can I negotiate the price?

Definitely not. In order to be fair to everyone, the price is set by an independent valuer.

How do I know that I'm getting a good deal?

You can feel confident buying a shared ownership home because you'll be buying in conjunction with a housing association regulated by the Housing Corporation, who report to Parliament.

What do I do next?

Register by clicking the "Register Now" button and then let us know what properties you want to view. You can send an email to viewings@yourhomefinder.co.uk and we'll put you in touch with the vendor to arrange a viewing.

What happens if I see a property I like and want to buy?

You send us a Letter of Intent so that we know that you want to buy. The easiest way is to email LOI@yourhomefinder.co.uk. We consider all of the letters of intent.

What's a resale property?

When a shared owner is ready to move on they will need to resell their share to another buyer looking for an affordable home and suited to shared ownership. Some housing associations ask yourhomefinder to work with their shared owners to promote the share and find a new buyer. These are the properties you see on our website.

Who or what is yourhomefinder?

yourhomefinder Ltd is an independent company working in conjunction with a number of housing associations to offer shared ownership resale properties to suitable applicants seeking a more affordable way to become home owners. Over time, we hope that more housing associations will offer their resale properties through yourhomefinder, giving a broader spread of more affordable properties and areas covered. That will make it easier still for you to find an affordable home through a single website.

Is yourhomefinder a housing association?

No, yourhomefinder is an independent company working in conjunction with several housing associations to offer shared ownership resale properties to suitable applicants. A housing association registered with and regulated by the Housing Corporation will the part of the property not owned by the shared owner and they will charge a rent of the part of the property they own.

Who chooses who will be offered the property?

Unlike most property transactions, it is not the (shared) owner who chooses who to sell to, but yourhomefinder, who must allocate the property to the applicant best suited to shared ownership. That’s why, if you are interested in a property after you’ve viewed it, you’ll be asked to provide a Letter of Intent, so that your application can be compared to other applicants. The criteria for shared ownership is laid down by housing associations working in conjunction with local authorities, the Housing Corporation and the Government.

What is a Letter of Intent?

Shared ownership properties are not necessarily offered to the person who can most easily afford it, nor the one who can move quickest, but to the applicant best suited to shared ownership.

The Letter of Intent serves to help assess your application and compare it to other candidates.

Do I have to live in the same borough as the property I am applying for?

No, you can apply for any of our properties on the understanding that you can’t afford to buy a property outright. However, if there is competition for the property we may be asked to prioritise candidates that do live or work in the same borough as the property. In some areas, (east and south east London for example) local authorities have banded together into sub regions and have agreed that candidates from anywhere in the sub region may be prioritised. If you need to register with them separately, we’ll let you know.