Shared ownership is an alternative to renting and full ownership. It is particularly suitable for people with a regular income who want to buy their own home but cannot afford to do so. With shared ownership you buy a share of your home often between 25% and 75% depending on how much you can afford to purchase and pay rent on the rest. Shared ownership does not mean that you share your home with someone else.
Solihull Community Housing currently manages eight shared ownership apartments within the South of the borough.
Selling your shared ownership property
As a shared owner, you can sell your home whenever you want, but because you only own part of it, there is a special process that you will have to go through.
Under the terms of your lease agreement Solihull Community Housing as the freeholder has a nomination period in which to find a buyer for your home, this period starts when we receive your notice of intention to sell your home and is usually an eight week period.
During the nomination period you are unable to sell your home privately or through an estate agent. If we unable to find a buyer, you will be able to sell your home through an estate agent after the nomination period has come to an end.
Buying extra shares in your home
A benefit of shared ownership is the ability to purchase further shares when you want to. This process is called stair casing. This can be done in multiples of 25% and in some cases 10% until you own the property outright depending on what your lease says.
If you wish to staircase and purchase additional shares you will need to inform Solihull Community Housing.