Frequently Asked QuestionsBack to Help & Advice
Are there any Eligibility Criteria for Shared Ownership?
Yes. To be eligible for the scheme:
- your household must earn £80,000 a year or less outside London, or your household earns £90,000 a year or less in London
- you are a first-time buyer, you used to own a home but can’t afford to buy one now or, you are an existing shared owner looking to move.
- Aged 18 or over
You will also be assessed for the particular property you are interested in to ensure you can afford and sustain the associated costs.
Your credit history may also effect your ability to obtain a mortgage.
How do I Know if I’m Eligible for Shared Ownership?
You can speak to our team, we will be able to advise you. You will also need to apply to the Government appointed Help to Buy Agent for the area you live in.
Are There Any Upfront Costs?
There are cost involved with purchasing a home, these are typically:
- Reservation Fee – £500 (New Homes Only)
- Deposit to mortgage lender – usually starting from 5% of the purchase price (cost of your share)
- Solicitors Fees – These will vary, It is always best to get more than one quote
- Mortgage and / or valuation fee’s – These are dependent on your mortgage lender, sometimes lenders offer products with no fee.
- Stamp Duty – This is a tax to the Government when purchasing property. You should always seek advice from your solicitor.
Who Are Homemade and Accent Housing?
Accent Housing are a Housing Association registered and Regulated by Homes England (the Government regulator). Homemade Homes are the Sales Team within Accent Housing.
Can Homemade provide financial advice?
No. We are not qualified to provide financial or mortgage advice. We work with a panel of Financial Advisors who are qualified to do so and are specialists in Shared Ownership mortgages.
What Happens When I Want to Sell?
The property is valued and placed on the market. Once a buyer has been found, the legal process will commence. You take any equity in your share with you. More details can be found here.
Can I Buy More of my Home?
Of course, this is referred to as staircasing. Some properties are capped (normally at 80%) as to how much you can buy. It is always best to check if your property is capped at the point of enquiry. More details can be found here.
Do I Have to Insure my Shared Ownership Home?
No. If you are a Shared Owner Accent will insure the building. You will need to arrange contents insurance.
Can I Decorate My Shared Ownership Home?
Absolutely. We want you to enjoy making your house a home. Just be aware that when decorating a new home, any damaged caused will not be covered by any defect period.
What is a Service Charge and Why do I Have one?
A service charge is a payment made by the leaseholder (shared owner) to contribute towards any communal services you receive. Examples of these services are grounds maintenance and cleaning of communal areas. There will also be contributions to insurance costs and a management fee. The management fee is a fee Accent to administer the service.
We will provide a breakdown of your service charge upon reservation and upon request. You will receive a budget each year, this is an estimate of what your annual service charge will be. You will also receive a yearly invoice to return any over payment or request any shortfall. The overall service charge, and elements within in, can increase or decrease.
Why are Shared Ownership Properties Leasehold?
The lease details both yours and Accent responsibilities. Think of it as similar to a tenancy if you were to rent a home, being clear on what you and your landlord are responsible for and what is required of each party.
Who Do I Pay my Rent to?
Your rent will be paid monthly to Accent Housing via direct debit.
What Happens Once I’ve Purchased my Home?
You will have a specific contact within Accent . Our Home Ownership Specialists can help you should you have any queries.
I’m Buying a new Homemade Home, why Can’t I View it?
We release all of our new homes for sale during the construction phase. This is to ensure the homes are occupied as quickly as possible once they are complete. As building sites can be dangerous, as well as muddy, we are unable to offer viewings at the build stage. As soon as your home is complete we will show you your new home. We know reserving a new home without seeing it is a big commitment so we prepare images and floor plans to help.
I Have a Poor Credit Rating – Can I apply?
Most Shared Ownership purchasers obtain a mortgage, you have a lower chance of being able to secure a mortgage with a poor credit history. We do not accept mortgages from organisations that specifically lend to customers with poor credit and charge higher interest rates.
Can I Have a Guarantor?
No. Those using the Shared Ownership scheme must demonstrate that they can afford and sustain the costs involved with home ownership.