New Build Homebuy (previously known as Shared Ownership)

A ’resale property’ has already been bought under the shared-ownership scheme. The owner has decided that they no longer want to live in the property. Under the lease, we have a period to allow us to nominate a buyer for their home. We still own a percentage of the property.

You buy the share that the original owner previously bought (usually between 25% and 75%) and pay us rent on the part you do not own. You will need a mortgage from a qualified lender, or have personal savings for the share of the property you are buying.

When you complete the purchase, we will give you will buy the remaining years on the shared ownership lease. The lease sets out your and our responsibilities.

What are the costs?

It is important to consider the costs and responsibilities of buying your own property before making a decision to buy. These include the initial purchase costs and the ongoing costs.

Purchase costs

We suggest that you have savings of between £2,000 and £4,000 to cover the costs of buying, depending on the value of your property. These costs include:

• A valuation fee;
• Legal fees;
• Stamp duty; and
• Any bank or building society arrangement fee for the mortgage.

You should check all of these costs before you go ahead.

Your responsibilities and ongoing costs

• Mortgage repayments
• Rent payments
• Insurance
• Service charges
• Repairs
• Utility bills (gas, electricity, water and phone)

Witney shared owners

Use our on-line enquiry form

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