Can I get a Shared Ownership Flat if my annual household income is above the set threshold of £90,000?

Unfortunately you can't. The shared ownership scheme is an affordable housing scheme aimed to help people get onto the property ladder who earn under £90k as a houshold.

Is there a minimum required income for Square Roots Kingston?

It depends on your size of deposit, however, if you had circa £10k for a deposit you would require a household income of around £50k.

How are the costs of the communal areas distributed between shareholders and the landlord?

The costs of the common areas are included in the service charge and are split between the leaseholders

Is it possible to do the affordability checks in advance to get an agreement in principle?

Yes absolutely - get in touch with a mortgage provider who will be able to help carry out an affordability check

What happens if I want to sell a shared ownership property?

You would contact Square Roots who will have a 6 to 8 week nomination period to find a buyer to buy your percentage share. If we can't find a buyer then you can sell the property on the open market and you will receive your share percentage from the sale.

Will I be accepted for shared ownership if I work part time?

Yes you can be accepted if you work part time, however, it is based on affordability. You would need to speak to a financial advisor and they will advise you

Can you re-negotiate your repayments if your income increases?

You can buy more shares, this is called staircasing. This will allow you to own more of the property or eventually own it 100%.

Can I use Shared Ownership if I'm retired?

If you have enough income from your pension or savings then you can still buy a shared ownership property.

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We were delighted to welcome so many of you to our webinar in collaboration with Share to Buy and Censeo Financial on Tuesday 21st February.

We hope that you found it informative and we were able to provide an insight into the multiple benefits of buying with Shared Ownership in the current London property market.

We also hope that this webinar was helpful to any first time buyers who wanted to learn about shared ownership eligibility and how you can start your shared ownership journey.

Thank you to all who asked questions during the webinar. We were sorry that we weren’t able to get through them all. We have added some of the most commonly asked questions below the recording of the webinar for you to peruse.

If you have any further questions, please don't hesitate to contact us.

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FAQs

Can I get a Shared Ownership Flat if my annual household income is above the set threshold of £90,000?

Unfortunately you can't. The shared ownership scheme is an affordable housing scheme aimed to help people get onto the property ladder who earn under £90k as a houshold.
Is there a minimum required income for Square Roots Kingston?

It depends on your size of deposit, however, if you had circa £10k for a deposit you would require a household income of around £50k.
How are the costs of the communal areas distributed between shareholders and the landlord?

The costs of the common areas are included in the service charge and are split between the leaseholders
Is it possible to do the affordability checks in advance to get an agreement in principle?

Yes absolutely - get in touch with a mortgage provider who will be able to help carry out an affordability check
What happens if I want to sell a shared ownership property?

You would contact Square Roots who will have a 6 to 8 week nomination period to find a buyer to buy your percentage share. If we can't find a buyer then you can sell the property on the open market and you will receive your share percentage from the sale.
Will I be accepted for shared ownership if I work part time?

Yes you can be accepted if you work part time, however, it is based on affordability. You would need to speak to a financial advisor and they will advise you
Can you re-negotiate your repayments if your income increases?

You can buy more shares, this is called staircasing. This will allow you to own more of the property or eventually own it 100%.
Can I use Shared Ownership if I'm retired?

If you have enough income from your pension or savings then you can still buy a shared ownership property.

Shared Ownership Eligibility Check

I/We are aged 18 or older

My/Our annual household income if buying inside of London is less than £90,000 (or less than £80,000 for outside of London)

I/We are a first-time buyer(s) or are in the process of selling my/our home before buying your new home

I/We will be buying the property to live in and understand it cannot be a buy to let property

I/We are able to demonstrate that I/We have a good credit history (no County Court Judgements or bad debts) and can afford the costs and regular payments involved in buying a home

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