Shared ownership is an affordable housing option to help people across York get on to the property ladder.
Our York Shared Ownership Programme offers greater choice and flexibility when purchasing your home by:
- enabling you to purchase properties that are available on the open market
- enabling you to purchase properties directly from us
- not limiting you to only new build properties
Making your application for Shared Ownership
Step 1 – your financial situation
Contact a financial advisor to assess your financial situation, they can find out how much you can afford and provide a mortgage offer in principle.
Step 2 - your application through Help to Buy
Apply for Shared Ownership through the Help to Buy website. You must state on the application form that the registered provider is the City of York Council. Your application may be delayed if this is not stated on the form.
Your completed application will be assessed by the Help to Buy Agent who will inform you if you qualify.
Step 3 - if your application for shared ownership is successful
Help to Buy will inform us if you are successful and we will send you a further application form. As part of your application to us you will need to provide:
- photo ID (passport or driving licence)
- proof of current address (such as a recent utility bill sent within the last 3 months)
- employment details (such as your last 3 payslips)
A financial assessment will be carried out and you will receive an offer letter if you are successful.
Initially you will be placed on a waiting list, funding restrictions mean that priority is given to applicants who can buy a share of 50% or more (lower shares may be available), you must buy the maximum share that you can afford.
Eligibility for Shared Ownership
You may qualify for the Shared Ownership Scheme if:
- your household earns less that £80,000 per year
- you are a first time buyer or used to own a home but cannot afford to buy one now
- you are unable to afford housing on the open market
- you are able to get a mortgage
- you are military or ex-military personnel
- you have savings for a minimum of 5% deposit and savings or access to £2,500 to cover the fees for buying a property
Buying a Shared Ownership property
You will have 3 months to choose and complete the purchase of the property that you would like to buy.
You can buy a property:
- on the open market from any estate agent or seller
- directly from us - see available properties
Contact our Shared Ownership Programme Officer for more information about our York Shared Ownership Scheme.
The property you choose to purchase must:
- be within the price guidelines set out in the offer letter
- be within the City of York boundary area
- not be a listed building
- be in good mortgage-able condition
- not have had any previous shared ownership grant funding
- have a property value in line with an independent valuation and not exceed the recommended amount
We will also view the property if an offer is accepted. This will not be a formal survey or valuation but will provide an opportunity for us to discuss the purchase and highlight any obvious repair or maintenance concerns with you.
You will then need to arrange a valuation of the property (your mortgage provider may arrange this for you). You are not allowed to buy a property for more than its market value.
If the purchase is approved you will need to tell us which solicitor you plan to use and who your mortgage is with. You will need to instruct your solicitor straight away; we will guide you through the buying process.
When all the legal work is completed including signing of the lease agreement and contracts have been exchanged a completion date will be arranged.
On completion you will need to pay rent in advance to us for the share that we own. We will set up a rent account for you and give you the details. The rental value will be set at 2.75% of the unsold share.
Rent will be payable for the rest of the month in which you complete plus one months rent in advance. After that, you will need to set up a Direct Debit payment for the same date each month.