Shared Ownership Explained: A Quick Guide for Prospective Kent Homeowners

Purchasing a home in the beautiful county of Kent can seem daunting, especially with rising property prices which are higher than the national average. Shared ownership offers an accessible pathway to homeownership, allowing you to buy a share of a property and pay rent on the remaining share. In this comprehensive guide, we’ll walk you through the shared ownership process, but we’ve summarised the need to know. From eligibility criteria to application steps, find the benefits of choosing shared ownership in Kent.

Understanding Shared Ownership

What is Shared Ownership?

Shared ownership is a government-backed scheme that helps individuals purchase a portion of a property, typically between 10% and 75%, and pay rent on the remaining share.

Over time, you can increase your ownership share through a process called staircasing, eventually owning the property outright if you choose.

2. Eligibility Criteria

Who Qualifies for Shared Ownership?

Love Living Homes publishes and updates its eligibility criteria here. It covers the income limits, current home ownership, required deposit, affordability, and housing association requirements.

Specific Requirements

Sometimes, a development needs buyers to have a local connection, such as living or working in Kent. We start to market new developments up to 6 months before we expect to release to the market. This gives us an opportunity to build up a database and ensure buyers have time to register their interest.

During this time, we are also collating all the information we require to sell the homes, such as conveyance plans, specifications, technical information, leases, and contracts and all the legal information, without which we cannot sell the homes. We will update all our marketing outlets as more information becomes available, e.g., Nomination agreements.

More information will be available when properties are released for reservation or updated before the release. In rare circumstances, nomination agreements can come into effect after we launch. In this event, we will contact actively interested buyers initially and the wider dataset following this if properties are not reserved.

Build programmes can vary and change so releases are not confirmed until 12 weeks before the houses are due to be build complete. Please note that build completion dates are only estimated at the point of the release to the market.  All CGIs generated ahead of launch are subject to change depending on the build programmed and availability.

3. The Application Process

See our full comprehensive guide here

Step 1: Seek financial advice & do your research.

Step 2: Begin your property search.

Step 3: Starting the reservation process.

Step 4: Complete a mortgage assessment.

Step 5: Viewings and reserving a property.

Step 6: Mortgage application

Step 7: The Legal process

Step 8: Completion

4. Benefits of Shared Ownership in Kent

Affordability:

• Lower Deposits: Shared ownership typically requires a smaller deposit compared to buying a property outright.

Flexibility:

• Staircasing: Increase your ownership share gradually when your financial situation allows, reducing the rent portion over time.
• Option to Sell: You can sell your share at any time, with the housing association often assisting in finding a buyer.

Living in Kent:

• Scenic Beauty: Enjoy the picturesque landscapes, from the rolling hills of the Kent Downs to the stunning coastline.
• Rich History: Kent is home to historic towns and landmarks, offering a unique blend of cultural heritage and modern amenities.
• Convenient Transport Links: Benefit from excellent transport links to London and other major cities, making it an ideal location for commuters.

See our fantastic blog on Shared Ownership in Kent

Shared ownership provides a valuable opportunity for prospective homeowners in Kent to step onto the property ladder affordably and flexibly Love Living Homes offers new build, shared ownership  homes and provides guides to help you make an informed decision about your homeownership journey.

If you’re ready to explore shared ownership opportunities in Kent, take a look at our available developments.