Shared ownership is a scheme which has been designed to help people who want to buy a home of their own, but can't afford the cost of buying outright. Shared ownership is specifically aimed at first time buyers and is a part buy-part rent scheme, which can give you the chance to buy part of a new or existing home.
Once you are a shared owner, you'll pay a subsidised rent on the part that you don't own to us, Rosebery Housing Association.
As a shared owner you will have purchased a share in a property and will pay the Association rent on the remainder. You may have purchased a brand new property or purchased a share from an existing shared owner.
If you've bought a flat or a house on an estate, we'll usually provide services for communal areas and you'll pay a service charge to us. Sometimes these services are provided by a management company.
We'll write to you at the start of the financial year (1st April) with an estimate of the service charge. After the end of the financial year, we'll carry out a calculation to compare what we've charged you with what we've actually spent. If we have charged you too much we'll put the money back into your account. If we haven't charged you enough then we'll ask you to pay this and there will be a debit to your account.
You'll have a lease which is the official contract between us. It sets out your rights and responsibilities and explains how you can buy more shares in the property, sell the property and how your rent is increased.
We've produced a handbook which provides more information on shared ownership. Click here to read it