Shared Ownership

If you are living in shared ownership or 'shared equity' accommodation your first point of call will be the housing association from whom your purchased the property. If you purchased the property from an existing tenant you will need to contact the association to whom you pay rent.

If you are looking to move home

The first thing you need to do is find a property you want to buy. You can either buy from somebody who already owns a shared ownership property or you can approach a local RSL directly. If you buy privately you will still have to apply to the Housing Association to ensure that you meet their criteria. Bear in mind that many Housing Associations will have a waiting list for properties. If they think you will be suitable for the scheme, they will invite you in for an interview and put you forward when properties become available.

Another option is to contact Housing Mobility and Exchange Service (HOMES). Once you've filled in an application form and HOMES thinks you are suitable for a shared ownership scheme, you pay a fee to join the Shared Ownership HOMES scheme. This will allow you to search available properties either advertised in its Property Bulletin or online. It provides a matching service and advertises details to shared-ownership providers who have properties in the areas you are interested.

For existing shared owners wishing to sell their properties, HOMES will advertise the property and can help to match it with a suitable buyer.

Once you have found a property you'd like to buy you need to start thinking about a mortgage. Not every mortgage lender will lend on shared ownership properties and mortgage rates vary widely.

Contacts

If you would like further advice from Torbay Council you can contact us between 9.00hrs to 17.00hrs Monday to Friday