Shared ownership

Shared Ownership makes buying your dream home more affordable.

With high house prices, large deposits and lenders unwilling to lend, the prospect of buying your own home can seem like an impossible dream.

Don’t worry, there are a number of other options to consider. Shared ownership is one of them.

We are delighted to be a SharedOwnership.net partner and are committed to building awareness and understanding of shared ownership.

Shared Ownership logo

Basically, you buy a share of the home (usually around 50%) and the rest of it belongs to us, Peaks & Plains Housing Trust.

You pay a mortgage for the part that you own, and you pay us rent on the rest.

You get all the security of owning your home and you get to make a start on the property ladder, but you only have to pay a fraction of the total asking price.

You can buy more shares of the property until you own 100% (unless otherwise stated in your lease). This is called ‘staircasing’.

As a shared owner, you can buy more shares in your home at any time (unless otherwise stated in your lease). You can buy in minimum 10% shares. 

The price that you pay for each share you want to buy will depend on the value of your home at that time. Instead of increasing your share, you may just want to buy it outright. This means that you will no longer pay any shared ownership rent to Peaks & Plains.

If you live in a flat, or a house with communal services like gardening or maintaining play areas, you will still have to pay a service charge.

New homes. Right up your street.

Chalk is our new development arm at the Trust - it's one of the ways we build new homes in Cheshire East and the High Peak.

Check to see if you are eligible

You can buy a home through Shared Ownership if your household earns £80,000 a year or less and any of the following apply:

  • you’re a first-time buyer
  • you used to own a home but can’t afford to buy one now
  • you’re an existing shared owner

Next steps

Go to Help to Buy to find out if you're eligible for the Shared Ownership government scheme.

You will need to do a financial assessment so that we make sure that we sell you the most affordable share.

Email sales@peaksplains.org and we'll put you in touch with the assessment company.

 

Buying more shares

As a shared owner, you can buy more shares in your home at any time (unless otherwise stated in your lease). You can buy in minimum 10% shares. This is called staircasing.

The price that you pay for each share that you want to buy depends on the value of your home at that time. Instead of increasing your share, you may just want to buy it outright. This means that you will no longer pay any shared ownership rent to Peaks & Plains.

If you live in a flat, or a house with communal services like gardening or maintaining play areas, you will still have to pay a service charge.

Buying more shares (staircasing) in your home has a number of benefits:

  • You reduce the amount of shared ownership rent you are paying to Peaks & Plains, or stop paying altogether if you buy your home outright
  • When you decide to sell your home, the more shares you own, the more profit you will make if the value of your home has increased

Every time you buy more shares (staircase), there will be costs that you need to pay. Before you decide to staircase, please consider the fees involved. These will include:

  • Valuation fees — required by Peaks & Plains in accordance with your lease.
  • Legal expenses — staircasing will involve changes to your existing lease and this will require the services of a solicitor. The solicitor will charge you for this service.
  • Mortgage fees — if you are applying to change lender (re-mortgage) to buy additional shares or to get a better interest rate, you will need to pay the lender’s valuation fee and possibly a mortgage arrangement fee. You may also have to pay penalty charges to your current lender if you re-mortgage before the end of a pre-agreed deal or product that ties you in to set a timescale.
  • Rent and service charge arrears — if you are behind with your rent or service charges, you will need to bring these up to date before the staircasing can be completed.

Interested? Get in touch

Contact our Development Team and start your shared ownership journey today.

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