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FREQUENTLY ASKED QUESTIONS
The answers to your most frequently asked questions about buying a Shared Ownership home with SO Resi.
We've answered some our most frequently asked questions here, but if you can't find what you are looking, contact us. We're here to help!
Eligibility for Shared Ownership
It depends. A poor credit rating does not automatically prevent you from buying a SO Resi home, but you may find it hard to get a mortgage.
Before you apply for a SO Resi home, you need an affordability assessment – this will help you and us understand your financial situation.
It depends. You won’t be eligible if you’re buying together but your partner already owns another home.
If your partner used to own but has sold the home, you’re still eligible.
It depends. We look at applications on an individual basis.
If the land has a value that means you could afford to buy outright, then you will not be eligible. If you are selling the land asset, you may be able to proceed if that land is sold before you exchange contracts.
Check the listing of the home you’re interested in. It will say if you need to live or work in a specific area. Some local authorities like to give priority to people who live or work in the area but in most cases, homes will be offers on a first come, first served basis.
Yes sometimes and this depends on the development, location and price. Each site is unique and we can let you know anticipated demand, explain our allocation policy and let you know whether we have any priority groups for the development you are interested in.
The buying process
Yes. The size of the share you can buy depends on your affordability assessment. If we can offer you a bigger share, we will.
It is to officially reserve the property, after an affordability assessment, so the property will not be offered to anyone else whilst you go through the buying process. It is then deducted from your legal fees at the end.
When you tell us you are interested in a SO Resi home we put you in touch with a specialist independent mortgage advisor (IMA) for an affordability assessment. The advisor talks through your finances, such as your incomings, outgoings and savings. Then they let us know the share we can offer you in-line with your affordability.
It is important to give the advisor accurate information because if you forget to include all information, this could impact your ability to buy.
Your initial affordability assessment will need to be completed by the specialist Independent Mortgage Advisor (IMA) whose details we will send to you. You do not have to use this advisor to find a mortgage for you if you choose not to.
Solicitor - once you have found a property, completed the affordability assessment and been offered a property.
Broker (if you're using one) - after you have completed the affordability assessment and spoken to a mortgage advisor. They will help you find a mortgage, but you can use your own broker if you prefer.
The processes are very similar, although you are not buying a new home with warranties. Please contact us for more information.
Living in a Shared Ownership home
No - you don’t need to have anyone else living with you – it’s called shared ownership because you have bought a portion of your home and SO Resi owns the rest of it. But don’t worry we won’t be living with you!
Yes. You can make small improvements, like decorating or changing carpets. You need our permission before making large improvements – like an extension or replacing a kitchen. To find out more, visit the Metropolitan Thames Valley website
It depends on your lease. Usually, you can’t run one if it impacts your neighbours – for example, a pet day care centre. Check the terms of your lease. If you’re still not sure, contact Metropolitan Thames Valley.
You must get our permission before having a pet. Generally you can’t keep pets in a flat but it may be possible in a house. The lease for the home you buy gives full details.
See what pets are allowed and apply for permission on the Metropolitan Thames Valley website.
You are required to keep up with all payments on your property (mortgage, payments on the share you don’t own and service charges).
If you're struggling with payments, contact Metropolitan Thames Valley.
Service charges cover the costs of looking after communal areas of the building you live in. They are sometimes called communal costs. Some of these are buildings insurance, cleaning of shared areas, repairs to the building, gardening and window cleaning. All SO Resi homes have services charges.
How Shared Ownership homes are valued
An independent RICS qualified Surveyor sets the values for Shared Ownership homes. They consider all market conditions when deciding what the value of a property is.
No, the rent is set when you buy a home and then increases each year in line with the retail price index or consumer price index. It will not decrease.
Property prices may go up or down. Whether you are selling or buying more shares, the value of your home is based on it's current market value. Ask an independent RICS surveyor to carry out an up to date valuation of your home.
Selling my Shared Ownership home
If we don’t sell your home within the nomination period in your lease, you can sell on the open market.
Your SO Resi home must be under offer before you can apply for another shared ownership home. If you’re ready to move on, your first step is to get in touch with our team.
Generally speaking no. It depends on the condition of your home. The more presentable it is, the more likely it will attract the right buyers quickly. It is also worth noting that, if your lease is below 80 years it may affect your chances of selling. To find out whether you can extend it, get in touch with us.
It’s not necessarily easier, but the process is different.
If you own 100% of your property, you can advertise on the open market via an estate agent.
If you own a share of your property, under the terms of your lease SO Resi has between four and eight weeks to find a buyer.