how do I buy a shared ownership property?


New Properties

• Potential purchasers are usually identified by the Local Authority from applicants on their housing list. Broomleigh may also consider applicants who have applied directly.
• Details of the new properties are sent to applicants together with an application form.
• Applicants may be interviewed by Broomleigh.
• If you are offered the opportunity to buy a new home you will need to arrange a mortgage to pay for the share you are purchasing as well as appoint a solicitor to handle the legal aspects of the purchase.
• Broomleigh will supply you with details of the lease; the valuation of the property; details of the rent; notice of any service charges and proposed date for completion of the building.
  
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Resale's

• Properties becoming available through resale are usually offered to applicants selected from the Local Authority housing list. Alternatively, Broomleigh may also consider applicants who have applied directly to it.
• If you agree to purchase the share offered for sale, you will need to arrange a mortgage to pay for the share you are purchasing as well as appoint a solicitor to handle the legal aspects of the purchase.
• Broomleigh will supply you with details of the lease; the valuation of the property; details of the rent and notice of any service charges (if appropriate).

Please note that as demand for Shared Ownership properties is high and there may be few houses available. In some areas there may be no properties available at all. Even if you are accepted as a suitable applicant you may have to wait a long time before a property if offered to you.

Buying further shares
Details of how to buy more shares will be in the lease.
You will need to notify Broomleigh if you wish to purchase extra shares.
You will be required to pay for a value to determine the cost of the extra share.
You will then have 3 months to arrange an additional mortgage and to complete the purchase of the additional shares.

Can I make improvements or alterations to my home?
You must ask Broomleigh for written consent to any improvements or structural alterations you plan. Redecoration and repairs do not require consent.

What happens if I fall behind on my mortgage payments?
If you begin to have financial problems and there is a risk that you cannot pay your mortgage, you must let your mortgage lender know immediately. If you cannot agree a solution, there is a risk that they will take possession of your property and sell it to recover the money owed to them.

What happens if I fall behind on my rent or service charges?
Under the terms of the lease you are legally obliged to pay rent and service charges. As soon as you realise that have a financial problem, contact Broomleigh for advice.

What do I do if I want to sell?
You may sell your share at any time but you must tell Broomleigh that you wish to move. Your lease may have a clause that allows Broomleigh to nominate a prospective purchaser and you may be required to have your property valued to determine the sales price of your share.

You can buy all the remaining shares in your property and then sell the property outright unless there is a restriction on the % share you can buy.

You will benefit from any increase in the value of your share that you own but be aware that you will also be affected if the value of your share falls.