Can I buy with my partner?
You can purchase a Shared Ownership property with a partner, but you will need to seek a solicitor's advice.

Am I eligible?
Shared Ownership is available to people who are unable to pay the full market price of a property, but we will give priority to existing Trust tenants who live in the area of the scheme and local first time buyers. Remember that you need to also be able to genuinely afford the mortgage and rent payments.

What are the initial costs?
You will need to pay a valuation fee and legal fees, so it is a good idea to get
You will need to pay a valuation fee and legal fees, so it is a good idea to get some estimate of these costs from your mortgage lender or solicitor. Most mortgage lenders will request a 5% deposit from you. You will need to check with your solicitor if Stamp Duty is payable on the property, as you will be responsible for paying this. You may also want to take into consideration other moving costs, such as removal vans and buying new furniture for your home.

If you are successful in applying for a Shared Ownership property you will also have to pay a £250 deposit to secure the property, which is non-refundable but will be deducted from the sale price when contracts are exchanged.

What are the running costs?
You may need to borrow part or all of the cost of your share from a bank or building society. If this is the case, you need to take into consideration your
monthly mortgage repayments, which will vary as interest rates change.

The monthly rent you pay to the Trust will normally be 2.75% of the value of the share of the property you have not bought. So, for example, if the market value of the property was £140,000 and your share was 50%, the value of the remaining share would be £70,000. 2.75% of this would be £1,925 per year, so your rent would be £160 per month. If your share was 80%, your rent would be £64 per month. The rent you pay will be reviewed every year on 1 April.

You will also be responsible for paying Council Tax to the local authority.

If your home is a house, you must pay for all external and internal repairs and redecoration. The Trust will insure the structure of your home but you will be responsible for insuring your own personal belongings, furniture and the other contents of your home.

If your home is a flat, you must pay for all internal repairs and redecoration. The Trust will be responsible for keeping the building in which your flat is situated in good structural repair, insuring the building structure and keeping any communal areas such as corridors and stairwells clean, decorated and well lit. You will have to pay a service charge to cover these costs and the Trust will tell you how this service charge is spent and consult you before any major repair or maintenance work takes place.

You are responsible for gas, electricity and water bills and for supplying your own fittings and furniture. You are also responsible for the cost of insurance for the contents of your home.

What if I fall behind with my mortgage payments?
The mortgage contract is between you and your bank or building society. If
The mortgage contract is between you and your bank or building society. If you begin to have financial problems that mean you cannot pay your mortgage, you should let them know as soon as possible. If you fall behind on your repayments and cannot reach a solution with your bank or building society, there is a risk that they will take possession of your home and sell it. You would be entitled to your share of the money received, after all of your debts have been paid.

What if I fall behind on rent payment or service charges?
Under the lease you will be obliged to pay your rent and service charges. If you find you have financial problems, you should contact the Trust immediately so that we can advise you on what to do.

Ultimately you could lose your home if you do not keep up with your rent payments.

Can I make improvements or alterations to my home?
You must request the Trust's written agreement if you wish to improve your home or make any structural alterations to it.

Can I sell my home?
If you own 100% of the property then you can sell it on the open market. If you own a share of the property then it may need to be sold through The Wrekin Housing Trust and would be valued independently, to ensure that you would get the current market value.