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Shared ownership

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Shared ownership

Welcome to the sales and marketing division of emh.

Specialists in affordable home ownership, our friendly, experienced team can help you find a new build home that suits your circumstances and budget.

Also known as part buy, part rent - shared ownership allows you to purchase a share of a home.

  • Find a home

    Discover the homes and ownership options we have available, to make your dream home a reality.

  • Apply online

    Follow the steps below to apply for the Shared Ownership or Rent to Buy Scheme with emh.

    Step 1
    You can apply with the Homebuy agent by clicking here.

    Should you experience any difficulties in completing the application you can call the agents on 03333 214 044 or email them at AHO@helptobuyagent2.org.uk

    Please be aware that there are eligibility criteria including:

    • Your household earns £80,000 a year or less
    • You are a first-time buyer
    • You used to own a home but cannot afford to buy full ownership now
    • You are an existing shared owner and want to move

    More information on eligibility can be found by clicking here.

    Step 2
    Once you have completed your form and have confirmed approval, please let us have your Help To Buy reference number and the information below:

    • Proof of ID – passport or driving licence
    • Proof of address – recent utility bill
    • Last 3 months’ payslips*
      * If you are self-employed - your last 3 months' audited accounts
    • Last 3 months’ bank statements
    • Proof of savings/gifted deposit
    • Proof of any Benefits you may receive
    • Agreement in Principle (if applicable) – provided by your mortgage advisor
    • Credit Report (in full) – this can be obtained free of charge (www.checkmyfile.com)

    You can email the above to us at sales@emh.co.uk.  We can then access your application  and confirm the next steps of the process.

Right to Buy

Please note that shared owners are not eligible for the Right to Buy as this is only available to local authority tenants in rented accommodation that meet the various applicant and property criteria or, in certain circumstances, former local authority tenants through the Preserved Right to Buy. This is set out in the Government’s Right to Buy information websites – see Right to Buy: buying your council home: Overview - GOV.UK or Own Your Home | Right to Buy Scheme.

Shared Ownership FAQs

  • 'What' is a Help to Buy Agent and 'Why' do I need to apply to them?

    Help to Buy agents are appointed by Homes England. The Help to Buy agents administer headline eligibility for our Shared Ownership developments.

    Help to Buy Agent 2 is the Help to Buy agent for the Midlands and London.

    Before you can buy a Shared Ownership property you will need to register with Help to Buy Agent 2; which involves completing an application form.

    See here for more information on how to do this.

  • What am I responsible for?

    You are a homeowner, so you are responsible for keeping the property in good condition and to repair anything you are not happy with. If you have purchased a house, you are responsible for the repairs and maintenance inside and outside. If you are living in an apartment, you are responsible for the repairs and maintenance of the inside of the apartment and you will contribute to a service charge for the upkeep of the external and communal areas of the building.

  • Do I have to buy the 40% share advertised?

    The share you purchase is determined by the affordability assessment carried out taking into consideration the property price, your income and any monthly outgoings.

    Generally, our new developments are advertised from 40%, however some of our Shared Ownership properties can be purchased from 25% but this can vary by development. Please ask us for further details.

  • Why do you need my financial information?

    As our Shared Ownership properties are government funded, we are required by Homes England to carry out an affordability and sustainability assessment prior to confirming your eligibility for a Shared Ownership property. To enable us to carry out the assessment, we require your latest financial information.

  • What is Stamp Duty, and do I have to pay it?

    When purchasing a new shared ownership lease, you can pay Stamp Duty Land Tax on either the full market value or on the share percentage you are buying.

    If you pay Stamp Duty on the full market share, you are exempt from paying Stamp Duty on any future staircasing actions. However, if you pay Stamp Duty only the share percentage you are buying, you may have to pay Stamp Duty in the future when you staircase.

    Please speak to your solicitor to find out more and exact calculation on the property you are purchasing.

  • Can I buy more shares?

    Yes, you can. It is known as staircasing.

    Staircasing is a term that refers to increasing the share of the property you own. You can do it gradually over time on most developments, to eventually own 100% of your home. However, some developments may have a restriction on staircasing.

    The cost of additional shares is calculated by the market value of your home when you decide to start staircasing.

  • Am I buying Leasehold or Freehold?

    All homes purchased through Shared Ownership are leasehold. You will have a lease, usually this is for 125 years

    If you go on to purchase 100%, the property will become freehold.

  • Can I extend my Shared Ownership Lease?

    When the remaining number of years left on your lease falls below the accepted term for a mortgage lender (this varies from lender to lender but usually less than 80 years remaining) our procedure at EMH is for your existing Lease to be surrendered and re-granted using the modern form of the Homes England Lease. Your new Lease would be re-granted at 125 years.

    There is a cost involved in lease surrender and regrant, which are the legal fees required to draw up your new lease. Please contact us to provide further information on the costs involved.

  • Can I sublet?

    No, you are not able to sublet your Shared Ownership property. You are able to have lodger. (Subletting means renting out your whole house, lodging is just one room.)

  • What do I do if I want to sell?

    Selling your Shared Ownership home is known as a resale. Please contact us for further information and to access a resale pack.

  • Can I make changes/improvements to my Shared Ownership property?

    Yes, you can but if you intend to make any structural improvements to your property including a new kitchen or bathroom then please contact us prior to starting the works as we are required to consent to any improvements.

  • Can I have pets?

    If you are buying a house, then there are usually no restrictions on having a pet. If you are buying an apartment, then there could be a restriction in your lease. Please refer to the lease of the property you are purchasing.

  • I've got more questions to ask...

    Our team are here to help you. Please get in touch if there are any further questions you have.

    You can call the team on t: 0300 123 0918 (office opening hours Monday-Friday | 9-5pm)

    We look forward to hearing from you!

Older persons shared ownership

Also known as (OPSO)

  • How does it work?

    If you are aged 55 or over, the Older Persons Shared Ownership (OPSO) scheme in England could help you buy a home that’s for sale on a shared ownership basis (part-rent/part-buy). You could buy a share of your home (up to 75% of the home’s value) and pay rent on the remaining share.

    It works in the same way as the general shared ownership scheme, but you can only buy up to 75% of your home. Once you own 75% you won’t have to pay rent on the remaining share

  • What do I do next?

    Search for a property using our Property Search tool to view all our available properties. Our over 55s schemes will be easily identified with an 'over 55s' banner across the development details.

Not sure on the terminology?

Use our jargon buster to understand more

  • Affordability

    The amount you can reasonably afford to buy, taking into consideration all of your monthly outgoings - shares start at 25% and increase by 5% increments up to a maximum initial purchase of 75%.

  • Affordable home ownership

    A range of schemes to help you purchase a share of a home and get on to the property ladder.

  • Completion date

    The day when ownership of your property is passed to you and all conditions of the mortgage come into effect. The balance of the purchase price is paid.

  • Eligible

    Are able/allowed to.

  • Equity

    The market value of your home minus the outstanding amount you have to pay on your mortgage.

  • Exchange of contracts

    When both the buyer and seller sign contracts and are then legally bound to complete the transaction.

  • Help to Buy Midlands

    A government-appointed agent in your region able to offer advice on affordable home ownership.

  • Housing association

    Independent not-for-profit bodies that provide low-cost social housing for people in housing need.

  • Independent Mortgage Advisor

    A professional who can advise you how much you are able to borrow to buy a house and will assist you in finding a suitable mortgage product.

  • Leasehold

    Leasehold: The right to hold, occupy and use a property for a fixed period of time at a given price.

  • Mortgage

    A document from the mortgage lender which shows that you have borrowed money and agree to pay the money back to your mortgage lender over a certain time period of time.

  • Part Buy/Part Rent

    Part Buy/Part Rent: See Shared ownership.

  • Resales

    Shared Ownership properties that are being sold on, that have previously been lived in.

  • Service charge

    A set amount of money to cover the upkeep of communal areas payable monthly or annually. Applies mainly to flats.

  • Shared ownership

    Where you own part of the property and the landlord (or housing association) owns the other part and rent is paid on the share not owned.

  • Staircasing

    You buy further shares in your shared ownership home, until you own 100% of the property (or lower on some rural schemes).

Staircasing - Buying more shares

Shared owners can buy more shares of their home from emh, known as staircasing.

If your lease permits, you can eventually buy up to 100 per cent and own your home outright. Buyers of resale properties, however, may purchase further shares after the first three months of ownership.

How does it work?

If you decide to staircase, please contact us for an application pack straight away.

  1. We will ask you to obtain a valuation of your property, to be carried out by a RICS certified valuer. You will need to cover the cost of the valuation and send us a copy of the report.
  2. Once the valuation has been received we will write to you with an offer of what you will need to pay for your further shares.
  3. Once you agree to the offer you will need to appoint a solicitor to work on your behalf throughout the staircasing legal process. The transaction must be completed within three months of the valuation date.
  4. Once the legal work is finalised, we will agree a completion date with you and our records will be updated with your new level of ownership.

For more information, please contact us e: sales@emh.co.uk / t:0300 123 0918.

Insurance cover

As a leaseholder or shared owner emh, as your landlord, has the responsibility of insuring the property.

It is the homeowner’s responsibility to ensure that the contents of the property are insured.

You will find the policy summary below.  This gives you the details of what the insurance covers and how you can make a claim.

Please note that for a claim to be considered the damage must have been caused by an event the policy covers e.g. fire, water, storm, theft etc. The policy summary has full details of the insured events.

In an emergency you should take any immediate action required to protect your property from further damage, such as boarding up, switching off gas, water or electricity.

If you require emergency assistance Arthur J Gallagher (Gallagher) will be able to assist in guiding you on the best way to secure and undertake emergency repairs, including security and weather-proofing measures. This service is provided regardless of whether an insured claim will be made or not.

To make a claim, please telephone Gallagher during office hours or if it is an emergency (e.g. your property is uninhabitable) your call will be diverted to a company called Questgate who has permission to act on our behalf.

During office hours:

  • Contact Gallagher on 01245 341200

In an emergency, outside of normal office hours:

  • Out of hours – calls automatically divert to Questgate.

  • Confirm the name of the housing association (emh) and that cover is arranged by Gallagher and they will be able to advise and assist you.

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