1Eligibility
The first step in buying a home with Shared Ownership is to assess your eligibility.
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Register your interest for Essex
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Shared Ownership in Essex
Explore our affordable Shared Ownership properties in Essex
Local properties in Essex
Essex is a popular choice for commuters thanks to its proximity to London. The county also enjoys an international airport at Stansted and Southend. There are great shopping and entertainment options in urban areas including Chelmsford, Brentwood and Harlow. Whether you’re a young professional looking for your first home, a new family or looking to get onto the housing ladder, a Shared Ownership home could be ideal.
Why Essex?
- Homes enjoy rolling countryside, beaches and woodland, and vibrant towns with magnificent job prospects and excellent transport links with London.
- Living in Essex means that everything from medieval castles and ancient woodland to theatres and bars will be on your doorstep.
- Schools in Essex vary from comprehensive education to sixth-form centres, academies, grammar, and private.
- Commuters can get direct national rail trains into London from many towns including Colchester, Witham, Chelmsford, and Harlow.
How does Shared Ownership work?
The Shared Ownership scheme is simple, you buy an initial share of between 25% and 75% of the apartments full value and pay a subsidised rent on the remainder.
You may purchase further shares (up to 100%) as your circumstances change, should you choose to.
How do I know what percentage I can purchase?
You can purchase any share from 25% to 75% of the initial purchase price, but some properties may carry specific minimum share restrictions. You will be asked to speak to a financial advisor to assess what share you can buy that is both affordable and sustainable.
How to buy a Shared Ownership home: a step-by-step guide
2Find a home
Search for available properties on our website here. Once you’ve found a property you’re interested in, you’ll need to arrange a viewing.
3Arrange a viewing
To find the ideal home that suits you, it’s best to see the property yourself. Book an appointment with us here to arrange online or in-person viewings.
4Affordability
Speak to a mortgage broker to see how much of the home you can buy.
5Application
To secure the property you’ve fallen in love with, complete the application paperwork and pay the reservation fee.
6Legal paperwork
With the reservation complete, you’ll need to instruct a solicitor and begin your legal paperwork to purchase the property. We make the process as smooth and seamless as possible, including breaking down technical terms with our jargon buster.
7Secure mortgage
Alongside the legal paperwork, you need to find a mortgage that suits you and complete your mortgage application. You can either do this yourself or use a mortgage broker. Your lender will carry out affordability checks to ensure that you can afford the mortgage repayments. See our affordability calculator to understand what you can afford.
8Sign contract
With the mortgage in place, get ready to sign on the dotted line and pay your deposit. This is an exciting part of the process where you’re really close to your dream of homeownership.
9Exchange
It’s time to exchange contracts, which are legally binding agreements between you and us for the purchase of your property. You will also find out more about your completion and move in date during this stage of the process.
10Move in
Congratulations! You can now move into your new home and make it your own.
You’ll still need to pay rent on the remaining share of the property you don’t own. The rent is usually set at 2.75% of the share that you don’t own. You can also choose to increase your ownership share over time, a process known as staircasing.
