In a nutshell, what is shared ownership?
Shared ownership means you part buy a property, say 50%, and pay a rent to Riverside Home Ownership on the other share. You can buy more shares from us in the future if you want to.

Do I qualify?
We need to make sure we sell our homes to the people who need them most, so we do need you to fill in an application. We also need to know that you can afford the costs of owning and running a home.

You are likely to qualify if you are –

• A first time buyer
• A council or housing association tenant
• Buying a home for the first time after a relationship breakdown
• Moving to the area for work or family reasons and can’t afford to buy outright
• Unable to stay in your current home for health reasons
• Able to afford your mortgage, rent and service charge payments, and have enough left over each month.

If you’re not sure, call us for a chat to find out.

How do I go about getting a mortgage?
You can apply to a lender of your choice for a mortgage. If you’re not sure where to start, contact us and we can help you find an independent financial advisor who can go over your options with you. We need to approve your mortgage offer when it comes through, before your purchase can complete.

Can I use my own solicitor?
Yes, you can choose your own. If you’re not sure how to find one, contact us and we can give you details of firms who have dealt with shared ownership before.

What happens when I want to sell?
Firstly, you should contact us.

There are a number of requirements that have to be met, but we will help you through the process to make it as straight forward as possible. You can select your own estate agent to advertise your share for sale and eventually find you a suitable buyer.

Visit our Customer Information Zone if you need more details.

How do I buy more shares?
Firstly, you will need to have a qualified surveyor value your home to determine the price of the extra shares. You will also need to arrange to borrow more from your mortgage lender if need be, and appoint a solicitor.

Buying more shares is known as ‘staircasing’ and is a similar (but shorter!) process to when you first bought your home. It’s not as difficult as it seems, and we will help you each step of the way.

What am I responsible for?
You are responsible for all your own ongoing bills such as gas, electricity, telephone and council tax.

Which repairs you are responsible for depends on the terms of your lease, but generally, you will be responsible for any repairs within your property, like most other home owners.

What is Riverside Home Ownership responsible for?
Our responsibilities are set out in the lease agreement, but in general we are responsible for the maintenance of communal areas, if there are any on your development.

What does the service charge cover?
If you live in a shared ownership apartment, the service charge covers the cost of services to your property such as gardening, window cleaning and maintenance of lifts and communal areas. We will send you a set of accounts and budgets each year which will give you the exact breakdown.

Whether you live in a house or an apartment, the service charge includes our management fee.

How does buildings insurance work?
You will be required to pay an annual buildings insurance charge to us. You will be covered under Riverside’s block insurance policy, but will need to arrange your own insurance cover for contents.

Can I make my own home improvements?
In most cases you can, with our permission. If you are just decorating, putting up shelves or installing fitted wardrobes then you don’t need to tell us. If you’re replacing a kitchen or bathroom, or looking to extend your property, you will need to contact us first. We will ask you to fill in a Home Improvement Form for all the details.

What is Rent to HomeBuy?
Rent to HomeBuy is available on certain properties and allows you to rent a home from us and live in it before you buy it. The rent you pay is often discounted below the local market rate. You can buy shares in your home from us in the future and eventually own your home outright.

How can I contact you?
You can phone us on 0845 155 9029. If you’re calling from a mobile, it may be cheaper to dial 0345 155 9029. You can email us at ownership@riverside.org.uk.