Shared Ownership Properties in Greater Manchester

Location
Borough
Bolton
0 projects
Bury
0 projects
Oldham
1 project
Rochdale
0 projects
Salford
4 projects
Stockport
0 projects
Tameside
1 project
Trafford
1 project
Wigan
3 projects
Price / ft2
Price / ft2
178 £
291 £
178 £ 291 £
Bedrooms
Bedrooms
Studios
1 project
1BR
3 projects
2BR
3 projects
3BR
1 project
4+ BR
0 projects
Houses
5 developments
Сompletion of construction
Сompletion of construction
Finished
4 projects
Delivery in 2024+
3 projects
Shared Ownership
Buying Schemes
Help to Buy
51 projects
Shared Ownership
12 projects
12 developments

Shared Ownership in Greater Manchester

Shared Ownership is a government-backed home-buying scheme. With the help of this program you can purchase a share of real estate from a housing organization. Thus, buyers get the chance to become homeowners not only of new buildings but also of houses that are resold.

Using Shared Ownership scheme, purchasers are only required to pay the mortgage on their part of the home. They pay the rest of the cost as rent to the housing organization. In this case, the amount of the mortgage is significantly lower. The required deposit amount is also less than a direct purchase.

 Shared Ownership available on properties until 2023 Shared Ownership available on properties from 2022
Minimum deposit5% of the share in the property5% of the share in the property
Minimum share of property for sale25%10%
Minimum ‘Staircasing’10% share annually1% share annually, with reduced fees
Who pays for repairsThe buyerThe buyer receive support from his landowner for necessary repairs for 10 years
Exclusivity period for landowner to sell8 weeks4 to 8 weeks

How does Shared Ownership Greater Manchester work?

To put it simply:

  • Buyers decide for themselves how much of the property they can afford. The minimum share is 25% while the maximum share is 75%, depending on the house builder. In some cases, in the staircasing process, you can buy out 100%.
  • Next, buyers pay a deposit, which must be at least 5% of the value of their share (not the full purchase price!).
  • To cover the rest, you need to take out a mortgage.
  • Monthly costs: you pay rent on the part you do not own + mortgage payments.

*If desired, buyers can increase their share in the home. This process is called staircasing. Typically, this process can continue until the tenant owns 75% of the property. It is very rarely 100%. However, not all housing associations allow this, so if you plan to do this, you must first check this information with the organization.

What are the eligibility criteria for Shared Ownership Greater Manchester?

Greater Manchester Shared Ownership gives many people the opportunity to become the owner of their desired home. But before opting for this scheme, you need to make sure that you match the established criteria. To take advantage of the part buy part rent scheme, the purchaser has to ensure that it complies with the following rules.

  • Be at least 18 years old.
  • Annual household income must be less than £90,000 (in London).
  • Annual household income must be less than £80,000 (outside of London).
  • Not allowed to own another home. If you already own another property (in the UK or abroad), you must be in the process of selling it.
  • The buyer should not have the money to buy a home that meets his needs on the open market.
  • To purchase one of the Shared Ownership homes, you must prove the absence of mortgage or rent arrears.
  • Able to demonstrate a good credit history and show that you are able to afford the regular payments and costs involved in buying a home.
  • It is preferable that the purchaser has some savings. He should be able to procure at least £4,000 to cover the costs of buying a home.

*Eligibility criteria may vary per housing association and therefore you should always check the exact criteria with the developer or housing association responsible for the exploitation of the property.

Can I increase my share of my Shared Ownership property to 100%?

Buyers who participate in Shared Ownership Greater Manchester can gradually or immediately raise their shares of home ownership. As previously mentioned, this process is called staircasing. If you are going to take this opportunity, before concluding a Shared Ownership agreement, check with the housing association for the specific staircasing conditions for the property you are about to purchase. Usually, conditions stipulate that the process will take place in at least 10% tranches. But sometimes, purchasers can immediately get the piece of ownership that they want. The cost of the additional share depends on the price of their home at the moment of staircasing. To be able to take possession of 100% of the house immediately, check your lease. Some housing associations restrict the proportion that a buyer can acquire as a result of staircasing, for example, to 75%. Therefore, always check the conditions with the developer.

How does staircasing work?

When participating in the staircasing process, you can usually acquire 1% of the home at a time as an additional part. Also, the price of this share depends on the current market cost of the home. To get a reliable cost analysis, ask a certified appraiser who will advise the housing organization how much should be charged for the additional share in one of the Shared Ownership houses that you want to buy.

Furthermore, do not forget about other expenses. Even though the additional part is already part of the existing home, the purchaser needs to restructure the mortgage or pay Stamp Duty. The average sum of costs you will spend during the staircasing process is around £2,000. However, it can change according to several external factors.

Shared Ownership Greater Manchester pros and cons

Shared Ownership houses for sale are a great opportunity to buy a home that you cannot pay fully right away. However, for this tempting scheme to work for you, you need to become familiar with all the details.

ProsCons
+ Low deposit. You can purchase the house you want by paying a much lower mortgage than when purchasing the entire property.- Unstable price. Although rents are initially low, they can rise over time.
+ Staircasing. You can raise your share of home ownership anytime.- Extra fee. You will also have to pay for land and home maintenance.
+ Unproblematic sale. You can sell your piece of the home at any time.- Repair limitations. To upgrade your home, you need a permit from the housing association.
+ Your decision. You decide for yourself how much of your house you want to own.- Prohibition on subletting. The Housing Association may place restrictions on your renting out house.

Popular locations for Shared Ownership