The first step in buying a home with Shared Ownership is to assess your eligibility.
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Shared Ownership in Herefordshire
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Local properties in Herefordshire
With one of the lowest population densities of any English county, families and couples seeking a Shared Ownership home often choose Herefordshire for its peaceful, laid-back lifestyle. But work and entertainment opportunities are never far away: alongside the historic county town of Hereford, residents are only a short drive from Gloucester and Worcester, as well as Birmingham, with its international airport.
Explore our homes available in Herefordshire
- Residents of Herefordshire enjoy the best of both worlds: the peace and quiet of rural living, and easy access to the work and recreation opportunities of Birmingham and the wider West Midlands.
- The delights of the big city are never far away. The UK’s second city, Birmingham, is within easy reach, offering world-class shopping in the Bull Ring, superb nightlife, pretty canals and high-profile sports venues such as Edgbaston Cricket Ground and villa park.
- Residents of Herefordshire enjoy excellent transport links, including international airports in Birmingham and Bristol, and easy access to the M50 and the M5 – linking up Birmingham, Gloucester, Cheltenham and Bristol. By rail, Birmingham is around 2.5 hours and London is 3.5 hours away.
- While the population of Herefordshire is small, there are still a number of excellent primary and secondary schools in the county, notably Steiner Academy Hereford, St Mary’s RC High School and Fairfield High School. Good nearby schools are essential for young families seeking a Shared Ownership home, and Herefordshire is home to a number of highly rated establishments.
- Herefordshire is served by a comprehensive range of NHS services, GP surgeries, opticians and dentists. There are also private alternatives such as the Nuffield Health Hereford Hospital.
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.
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
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.
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.
Speak to a qualified independent financial adviser to see how much of the home you can buy.
To secure the property you’ve fallen in love with, complete the application paperwork and pay the reservation fee.
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.
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.
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.
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.
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.