Your Path to Homeownership Starts Here—Apply for Shared Ownership Today

The Right to Shared Ownership scheme allows eligible tenants in England to buy a portion of their rented home while continuing to pay rent on the remaining share. If you qualify for this scheme, you must follow a structured 9-step application process to complete the purchase.

This guide outlines each step to help you understand how to apply, what to expect, and how to navigate the process smoothly.

Step 1: Inform Your Landlord About Your Interest

The first step is to notify your landlord that you want to buy a share of your rented home under the Right to Shared Ownership scheme.

• Your landlord will respond within four weeks to confirm if your home is eligible.

If Your Home is Not Eligible

• Your landlord must provide a written explanation of why the property is not eligible.
• If you disagree with their decision, you have the right to file a complaint. Your landlord will explain how to do this.

Step 2: Submit Your Application Form

If your home is eligible, you must:

• Fill out a Right to Shared Ownership application form.
• Submit it to your landlord for review.

Your landlord will check your eligibility, which may take up to eight weeks.

If You Are Not Eligible

• Your landlord must explain why your application was rejected.
• They will also provide information on how to appeal the decision.

Step 3: Attend a Home Ownership Meeting

If your application is approved, you will meet with your landlord to discuss the next steps. During this meeting, your landlord will:

• Explain how shared ownership works.
• Outline your legal responsibilities and ongoing costs.
• Provide key information documents about shared ownership.
• Give you an estimate of your home’s market value.

Step 4: Check if You Can Afford It

At this stage, your financial situation will be reviewed.

• Your landlord will refer you to a mortgage or financial adviser, or you can choose your own.
• The adviser will conduct an affordability assessment to review your income, expenses, and financial stability.
• They will determine the maximum share of the home you can afford to buy.

If the adviser confirms that you can proceed, you must inform your landlord. This can be done by you or directly by your adviser.

Step 5: Get a Property Valuation

Once your financial eligibility is confirmed:

• Your landlord will arrange for an independent valuation of your home by a RICS-certified surveyor (Royal Institution of Chartered Surveyors).
• This valuation will determine the home’s current market value.
• The valuation process may take up to six weeks.

If the Valuation is Higher Than Expected

• Your mortgage adviser may need to reassess your finances to see if you can still afford the share you initially planned to buy.

Disputing the Valuation

• If you disagree with the valuation, you can pay for a second independent valuation.
• This must be done within three months of receiving your landlord’s valuation.

Step 6: Choose a Legal Professional

To handle the legal side of buying a share in your home, you must hire a solicitor or a licensed conveyancer.

• They will explain the shared ownership lease terms.
• They will review the mortgage conditions, if applicable.
• They will ensure that all legal requirements are met before the purchase is finalized.

If you do not already have a legal professional, you can search for a conveyancer or solicitor online or ask for recommendations.

Step 7: Receive an Offer Notice

Once the property’s value is confirmed, your landlord will send you an offer notice. This document will include:

• The final market value of your home.
• The size of the share you will be purchasing and its cost.
• The amount of rent you will pay on the remaining share.
• Additional costs, such as service charges.
• The length of the lease.

Step 8: Accept or Decline the Offer

You must inform your landlord whether you accept the offer.

• If you accept, you must confirm your decision within four weeks of receiving the offer notice.
• If you decline, you can continue renting your home as a tenant.

Step 9: Complete the Purchase

Once you accept the offer, your landlord and solicitor will finalize the legal process. This includes:

• Reviewing your mortgage offer (if applicable).
• Exchanging contracts between you and your landlord.
• Completing the sale, making you a shared owner of the property.

After this, you will officially own a share of your home and begin making mortgage payments (if applicable) and reduced rent.

The Right to Shared Ownership scheme provides an excellent opportunity for eligible tenants in England to take their first steps toward homeownership. By following the nine-step application process, tenants can gradually increase their ownership over time while reducing their rent costs. If you are interested in this scheme, start by checking your eligibility with your landlord and seeking professional financial advice to ensure you can afford the purchase.

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