Am I eligible for shared ownership?
Because Shared Ownership schemes receive some government funding, there are a few general restrictions on who can buy through Shared Ownership:
– Maximum household income levels are in place to ensure that properties are accessible to applicants who are unable to purchase on the open market:
There are no minimum income thresholds however we will need to check that you’ll be able to afford to purchase your home and that this will remain the case in the longterm. This is done by completing an affordability assessment with one of the independent financial advisors on our panel. This is one of the first step in applying for a shared ownership property. You will need to call them once you have seen a property that you are interested in, they will review your incomings and outgoings with you to ensure that you are financially eligible for the property.
– If you currently own a property, you will be required to sell before we would accept an offer on a TVH Shared Ownership home- we do this so we can help as many people as possible. In this case, we will require evidence to show that you have a buyer and solicitors have been instructed.
– Some local authorities place restrictions on who can apply for a property within their borough. You will need to check individual property listings to see if there is a live or work restriction in place for that specific property.
– If you are applying for a home outside of a London Borough you will need to apply to your local Help to buy agent. We will only accept an application for shared ownership once we have received an approved registration from your home buy agent. You can find who your local help to buy agent is by visiting the help to buy Website here
Allocating our shared ownership properties
Shared ownership properties are generally in high demand due to the vast number of people looking to get onto the property ladder and we often receive high volumes of interest for each home we have available to sell. Our properties are offered on a first come first served basis, however if we receive more than one application within a 24 hour period we are required by the Government’s Homes and Communities Agency (HCA) to adhere to the following allocation procedure and applicants will be prioritised in the following order: