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Frequently Asked Questions

Shared Ownership Questions

Buying a home with SO Resi is exciting, but we understand you might have some shared ownership questions.

We have answered some of the most common questions we are asked here, but if you can't find what you are looking for we are here to help.

 

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.

This is for the share of your home that you don’t own.

You start with a share that’s right for you, then you can buy extra shares over time, so it’s all manageable and suits your income.

The bigger the share you own, the lower your monthly rent payment will be.

You will normally be a first time buyer or be in the process of selling your home. You must not own any other property at the time you buy your new home. You should not be able to afford to buy a home on the open market which is suitable for your housing needs.

You cannot own another home. Shared Ownership purchasers are often first time buyers but if you do already own another property (either in the UK or abroad) you must be in the process of selling it.

You will not be eligible if your household income (i.e. the earnings, before tax, of the people who want to buy) is more than £90,000 (if you're buying in London) and £80,000 outside London.

You won't be able to purchase a shared ownership home, if you don’t plan to live in the home yourself.

You are required to keep up with all payments on your property (mortgage, payments on the share you don’t own and service charges) but speak to your Mortgage Provider or Housing Association if you need any advice.

You may be able to depending on the nature of the lease. Check the terms of your lease or contact your Housing Associations property management team for advise.

First step is to visit our visit www.soresi.co.uk and the complete the 'Apply to Buy' application. You can speak to one of our customer service agents who will signpost you to the right property and people to speak to.

Yes sometimes and this depends on the development, location and price. Each site is unique and we can let you know anticipated demand and whether we have any priority groups.

Please speak to one of our customer service agents as there may be reasons why you havent been successful just yet. We are able to signpost you to the right specialist advice.

We can help you with this as we have a specialist panel of Solicitors and will advise of of the right time. Once you have found a property, completed the affordability assessment and been offered a property, it is then the right time.

As part of the buying process, you will be speaking to our specialist financial advisor. They will complete a headline assessment and then help you to apply for a mortgage. You can choose to use your own mortgage company if you prefer.

The processes are very similar, although you are not buying a new home with warranties. Please get in touch with our customer service agents who will put you through to the resales team.

It is to officially reserve the property, so the property will not be offered to anyone else, whilst you go through the buying process. It is then dedicted from your legal fees at the end.

Generally speaking no. It really dependens on the condition of your home. The 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, call your property manager.

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 eight weeks to find a buyer. Depending on your lease, the freehold may be transferred to you, so you own the land as well as the home on it.

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. Contact your Housing Association for further guidance.

If we don’t sell your home within the 8 week period, you can sell on the open market. Contact your Housing Association for further guidance on the selling process.

SO Resi offers a range of homes from 1 bedroom apartments to 4 bedroom family homes.

If brand new isn’t for you, don’t worry – SO Resi has a large selection of homes to suit your needs.

SO Resi new homes are usually sold ‘off plan’ – before the building is finished, if you buy one of these, you will be the first person to live there.

Yes. The size of the share you can buy depends on your affordability assessment. If we can offer you a bigger share, we will.

When you tell us you are interested in a SO  Resi home we put you in touch with specialist independent financial advisors (IFAs) 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.

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 Financial Advisor whose details we will send to you. 

The affordability assessment helps us and you decide if shared ownership is right for you. The IFAs we put you in touch with understand shared ownership and also let us know what share of a property we can offer you. 

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, but if a pet is important to you it’s a good idea to ask us for guidance early on.

Your SO Resi home has to 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. 

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! 

A poor credit rating does not automatically rule you out 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. 

So Resi homes have a fixed price, we will try to help as many people as we can, most of our homes are offered on a first come first served basis. Due to the special place they have in our hearts we will always prioritise serving MOD personnel. 

Some local authorities like to give priority to people who live or work in the area. Look at the listings for each SO Resi home on our website to find out if you need to live or work in the area, or if buyers from all areas can apply. 

Help to Buy agents are appointed by the Government’s Home and Communities agency. They have the authority to give you the go-ahead to buy through the shared ownership scheme. Find your local Help to Buy agent on the Help to Buy website.  

As a SO Resi homeowner you are free to decorate and carry out minor works. But if you are planning any major work, including structural changes, you need our written consent so we can make sure everything is safe. To find out more, please get in touch with your property manager. 

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