Welcome to Guildford Borough Council Shared Ownership Housing

Many people even in comparatively well-paid employment find that they can’t afford to buy a home in Guildford. Shared Ownership is a method of getting a first step on the property ladder.

What is it?

The scheme enables you to buy part of a property, with a housing association or the local authority owning the remaining share. Rent is paid to the landlord for the share that you don’t own. Acceptance onto the register will give you access to shared ownership housing in the borough owned by both the Council and housing associations.

The Council will have approximately 100 shared ownership properties available in 2004, from 1-bedroom flats to 3- bedroom houses.

What shares can I buy initially ?

You are expected to buy the largest share you can reasonably afford. The minimum amount you can purchase varies but it is usually between 30% and 50%.

What are the costs?

The initial costs are broadly the same as if you were purchasing on the open market. You will therefore need to employ a solicitor, commission a survey, pay stamp duty, and pay mortgage fees. It is also advisable to have enough savings for a mortgage deposit of 5% of the amount that you will be borrowing. It is suggested that you will need a minimum of £3000 - £5000 to meet these costs.

How are properties allocated?

When a property becomes vacant it will be normally be offered to the applicants who have been on the waiting list for the longest period of time. Applicants will not be restricted to one offer of accommodation.

Further shares and moving on.

It is possible to purchase additional shares in your home. The price paid for further shares is based on an independent market valuation of the property at the time you wish to purchase more shares. (i.e. If the property is valued at £180,000, purchasing an extra 10% will cost £18,000).

If you purchase 100% of the property you can usually sell it on the open market. If you own a percentage of the property and wish to move the local authority will often have first refusal on re-purchasing the property. This will be at the current market valuation.