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Frequently Asked Questions

  • Who is Shared Ownership for?

    Our affordable schemes are for people who can't afford to buy a suitable property outright, such as first time buyers or those buying a home following a relationship breakdown.

     

    Many of our developments receive government funding to provide affordable homes to people who can't afford to buy on the open market. As a guide, someone can buy with us if the monthly cost is less than 45% of their disposable income. Our simple home cost calculator shows customers what this means for them.

  • Can you earn too much?

    Usually, if a customer can afford to buy outright, they will.


    Our home cost calculator shows when someone earns enough to easily afford an outright purchase - if the monthly rent and service charge are 35% or less of their disposable income, we would consider that they may not need the assistance of Shared Ownership. They could perhaps buy a larger share of the property, or if still ineligible, would need to buy on the regular open market.

     

    A rough guide

    • Household income must be under £80,000 a year
    • Must have savings to cover legal costs and any deposit required
    • Monthly mortgage + rent + service charges costs must not be less than 35% of monthly income after tax, or greater than 45%

     

  • How much does it cost?

    This depends on the value of the home and the share available. Our funding means the rent on the remaining share is reduced so it's cheaper than buying outright.

     

    Owning a share = smaller mortgage and smaller deposit.

     

    In addition to rent, there is a monthly service charge payable.

     

    Customers can find a property then put some example figures into our home cost calculator to give them an idea.

     

  • What about fees and deposits?

    Buyers will usually need to have some savings to put towards a mortgage deposit and to cover legal fees and moving fees.


    The deposit needed will depend on the mortgage lender's criteria and the individual circumstances of the buyer. We do not stipulate any specific level of deposit. 

     

    Riverside Home Ownership must carry out certain work, such as granting consents, as required by the lease. An administration charge is also payable for this service.

  • How to refer your customers

    Step 1 - Overview and development info

    Give an overview of the product. Use our literature / website to help.

     

    Step 2 - Is it right for them?

    Use our simple home cost calculator to help see what they can afford and how different shares can affect the monthly costs.

     

    Step 3 - Understanding the costs

    Be clear what percentage of the property the customer will own, and that rent and service charges are also payable.

    Let us see your promotional material, so we can help make sure the details are correct. We cannot take responsibility for information published by estate agents.

     

    Step 4 - Contact us or make an application

    Get in touch or help your customer complete our application. Direct them to our how to apply information.

  • Leasehold Properties - Non-Shared Ownership

    Our involvement with 100% owned leasehold property sales is more limited than with Shared Ownership homes. We act as landlord and/or management company for these developments.

     

    Under the terms of the lease, we must still perform certain duties such as granting consent to the lease assignment, however the purchaser is not required to complete an application form.

     

The answers to the questions everybody is asking

Tell me more

We've covered here all of the basics, and the questions that most people ask. There's always more to know though, so if there's anything else, try us!