Shared ownership is a government scheme to help buyers get on the property ladder. It means that you buy a share in the home that’s right for you. This could be from 10% initially, but it’s typically between 25% and 75%. You’ll pay rent on the share that we own.

To be eligible for shared ownership, you must:

• Have a household income under £80,000
• Not own any other property in the UK or abroad
• Have a relevant deposit and be able to afford the monthly repayments

You can find out more about eligibility in our guide to shared ownership:

Our shared ownership homes are sold on a first come, first served basis.

You can find out more in our first come, first served policy:

Shared ownership isn’t just for first-time buyers. If you don’t own a home when the sale completes, you may still be eligible. You’ll need to have a sale agreed on your current home before applying for shared ownership.

If you previously owned a home, your application will be based on your current situation. If you have any equity from the proceeds of the sale of your previous home, we’ll take this into account when you apply.

You’ll need to demonstrate you can afford to maintain the costs of home ownership in the long term – this usually means you’ll need to provide 3 years of accounts. We’ll consider this as part of the application/sign-off process.

Most lenders ask for a minimum 5% deposit but some lenders will want a minimum of 10% deposit.

The reservation fee is £200. You’ll pay the reservation fee once you’ve been signed off by Metro Finance as part of the application, and when you know which home you want to reserve.

It can take as long as a traditional house purchase. We usually advise around 3-4 months from the date you instruct solicitors but it can depend on any queries that crop up and the speed your solicitor works.

This will depend on the home you want to buy and the funding you’ll be using. The minimum share will be 10% (new model lease only) or 25% and the maximum share will be 75%.

This depends on various factors and whether your home is part of the old or new shared ownership model. On the old shared ownership model, you’ll be responsible for all repairs and maintenance after the initial defect period with the developer. Under the new shared ownership model, an initial repairs period has been introduced which means that shared owners have support from Leeds Federated for 10 years.

As a shared owner, there are some things you’re responsible for, and as a landlord there are other things we’re responsible for.