Shared ownership FAQs

Yes, as long as you are still living in your home you can choose to have a lodger.

Of course! When you’re ready to move, just contact our friendly Sales team who will be able to explain everything you need to know about the sales process.

No, if you are a shared ownership we have to supply buildings insurance. At 100% ownership, you may have to arrange your own buildings insurance.
You will need to arrange contents insurance.

No, you don’t have to use our recommended panel members for your mortgage or solicitors, however, they are on our panel as they are experts in the shared ownership field. Their experience and history of working with us can help make the process quicker.

If you wish to use your own mortgage adviser or solicitor, please ensure that they are aware you are buying through the shared ownership scheme.

No, you do not need a mortgage before you apply. In fact, we’ll help you with finding a mortgage and guide you through the process with our shared ownership specialists every step of the way. 

It’s a good idea not to complete any credit checks or agreement in principles at this stage as that will leave a stamp on your credit report and may make it harder for you to obtain a mortgage when the time comes. 

Yes, as long as your current home is under offer and you do not own another home, you can apply for a shared ownership home.

Yes, you do not need to be a first time buyer to apply for a shared ownership home, however you will not be eligible if you currently own a home which is not under offer.

People from all walks of life can buy a shared ownership home. You’re probably eligible if:

• Your annual gross household income is less than £80,000
• You do not currently own a home which was purchased on the open market 
• You have no outstanding credit problems.

When you register with Help to Buy, they will confirm if you are eligible to apply for a shared ownership home.

Often, we have more applicants than we do homes, so we allocate our homes in line with Homes England guidance. 

We estimate the sales process will take two to three months. Take a look at  the steps involved in the shared ownership sales process.

You will have a dedicated Sales Executive to guide you through the process and keep you updated with how your new homes build is progressing.

Selling your home or buying additional shares (known as staircasing) also takes a similar length of time and our team is here to help every step of the way.

One of the benefits of shared ownership is significantly lower deposits. Your deposit is calculated based on the size of the share you will be purchasing. You only need to put down 5% of the total value of your share. For example, if you were buying a 50% share at £100,000, your deposit would be £5,000.

As a shared owner, you are classed as a homeowner. Therefore, all repairs and maintenance are your responsibility.

On our new homes, there is a short defects period and then usually, a 10 year build warranty for structural repairs.

Here are some examples of repairs and maintenance which fall within your responsibility: 

• Annual gas service for boiler 
• Window cleaning 
• Clearing the gutters 
• Grass cutting 
• Replacing the boiler due to breakdown 
• Replacing light bulbs
• Replacing flooring 
• Repairing or replacing a broken toilet, shower or bath

If you live in an apartment there will be different arrangements for shared communal areas, and these are covered in your service charge.

This list is not exhaustive but shows you what you will need to be prepared for if you chose home ownership.
 

You will need to pay a reservation fee of £500 for a new build home and £250 for a re-sale home.

The deposit you pay to the mortgage lender typically start at 5% of the share you purchase. 

Solicitor fees vary and it is worth getting more than one quote. Fees usually start at £1,500 for a leasehold home.

Mortgage and / or valuation fees are dependent on your mortgage lender. There are some products with no fee. Your mortgage broker may also charge a fee for arranging your mortgage.

Stamp duty is a tax that the government apply when purchasing a property. You will need to seek clarity from your solicitor.

We’ll give you the details of the costs of the solicitors and financial advisers on our panel of experts when you apply. If you choose to select your own solicitor or financial adviser, costs will vary.

This is only an indication of costs. You are responsible for getting quotes for solicitors and mortgage brokers and ensuring you are clear about the fees you will be need to pay.

A service charge is a payment made by the shared owner/leaseholder to contribute towards any communal services.

These services include grounds maintenance and cleaning of communal areas. There will also be contributions to insurance costs and management fees.

A breakdown of your service charge will be supplied upon reservation. You will also receive a yearly update on your service charge included in your rent review.
 

Many of our shared ownership homes are available to buy as leasehold properties. That means you own the property for a fixed number of years, as defined within your lease (usually 125 years). You do not own the land your home is built on, but you do have the right to live there. CKH will remain the freeholder of your property.

As a result, you may be expected to pay service charges for repairing, maintaining and securing your building or the surrounding estate.

If you choose to staircase (buy additional shares) up to 100%, you may be able to obtain the freehold of your home.

Shared ownership is designed to support to you buy the biggest share you can. Before deciding what size share we can offer you, you’ll undergo a financial assessment. The calculations we use work out the size share you should buy based on your current financial situation while making sure the offer is affordable for you. You cannot choose to buy a lower share than the assessment recommends.

The share we offer you is based on your current circumstances but also takes into consideration factors that could change in the future.

Our calculations ensure your mortgage, rent and service charges won’t be more than 45% of your income, so you can afford to maintain your lifestyle as well as your dream home.

If you are purchasing off-plan as a new home, a viewing will be offered once we have taken handover of your home from the developer. This is when we receive the keys from the builder.

If you are looking to buy a re-sale home, we will arrange a viewing with you as soon as we have received your financial interview results through the vendor.
 

You are likely to pay service charges in addition to your monthly rental fee. Charges vary depending on where you live and in what type of home. We will explain what services charges will apply to your home before you complete your purchase.