Help for Homeowners - Frequently Asked Questions

What do I need to do if I want to buy a shared ownership property?
You need to apply to the HomeBuy Agent who covers the area where you currently live and return it to them for it to be processed. It will ask you to include some financial details and if you are using a mortgage to purchase the property you will need to include a copy of your mortgage in principle stating how much you are able to borrow.

Once I have sent back the application what happens next?
Your application will be processed to ensure you meet the shared ownership eligibility criteria. The HomeBuy Agent will contact you by letter to inform you of whether you have been provisionally accepted onto the scheme or not. They will also send a copy of your application form to Friendship Care and Housing who will then complete their own financial checks. This process can take up to 6 weeks to complete.

How long does the sale process take?
From instructing solicitors, to completion takes approximately 3 months.

When can I buy further shares in my property?
You can buy further shares or staircase at any time. Some rural sites have restrictions on them, which means that the maximum amount available to purchase is 80%. This is to ensure that it remains as affordable housing in areas where house prices are high and it would be difficult to replace.

What happens if I want to sell my property?
If you want to sell your property you need to arrange to have an independent valuation by a RICS qualified surveyor. Friendship, have a specified time to nominate somebody from their waiting list to purchase the property for the market value. If we are unable to find a suitable purchaser from our waiting lists in that time then you are able to put the property on the open market with an estate agent.

Can I decorate the property / make alterations?
You are able to decorate, however if you want to make structural changes or add a conservatory, change the kitchen or bathroom then you need to write to Friendship to ask their permission, this will not be unreasonably withheld.

Am I responsible for repairing the property?
Yes, any repairs to the property, both internal and external are your responsibility (unless you are purchasing a flat). Your buildings insurance is included in the rental figure so you will not have to arrange your own cover however you will be responsible for contents insurance.