Kelham Central, Sheffield
Kelham Central, Alma Street, Sheffield S3 8SA, UK
- Available now, call to book a viewing at our show home.
- Fantastic range of 3 & 4 bedroom townhouses
- Available for Shared Ownership
Are you looking to get your foot on the property ladder? Shared ownership is the affordable way to buy a new home.
You can buy a share of a home that you can afford, usually between 25 – 75%, you will then pay rent on the share that you don’t own. In the future, if your circumstances change or if you’re in the position to do so, you can buy more shares or purchase the property in full. Because you’re buying a share in a property, rather than buying it outright, this means that you’ll need a smaller deposit and mortgage. This makes shared ownership a really affordable route into home ownership.
Visit our Shared Ownership Information Hub to get all your questions answered!
From your initial introduction to shared ownership, to understanding the buying process, to buying more shares in your home, you’ll find everything you need to know about shared ownership.
Kelham Central, Alma Street, Sheffield S3 8SA, UK
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There are two key points of eligibility criteria that you need to pass before looking to buy a Shared Ownership home. You must not able to buy a suitable home for your needs on the open market and you must have a gross household income of less than £80,000 per year. To check your eligibility for a shared ownership home, use our shared ownership affordability calculator.
We offer a range of properties available to buy with shared ownership in Manchester, the North West and parts of Yorkshire. Our shared ownership Manchester homes are located all across the city, and are ready for new owners. Contact a member of our team or register your interest at one of our developments.
As with any mortgage or loan, you need to be able to go through an affordability assessment to prove you can make the repayments. If you have a property in mind and want to quickly check what the monthly payments might look like, why not check out our affordability calculator?
Once you are ready to progress, you would need to speak to the financial advisor we work alongside, Metro Finance. Metro will confirm your affordability and will also be able to help you secure a mortgage in principle. You can contact Metro Finance on 0114 270 1444 for your assessment, or you can input your details online at www.metrofinancelive.co.uk to start the process.
Part of Metro’s assessment will involve completing a budget planner with you, including factoring in a monthly minimum income surplus – essentially this means making sure you have a percentage of your income left over after factoring in all your monthly costs to help act as a buffer for any unexpected expenses or future increases in costs. For more information, please see our Sales Application Policy.
Although you would need to complete the assessment and sign-off with Metro Finance, you are welcome to use a different mortgage broker to arrange your mortgage if you prefer.
Once you’re ready to purchase your Shared Ownership property, you’ll need to provide documents that prove you’re in a position to buy a home and obtain a mortgage. Metro Finance, who carry out all our affordability checks, will also collect and check your supporting documents. Visit our buying process page to view the list of documents that you’ll need.
As time goes on in your shared ownership home, you have the option of buying more shares in the property if you wish to do so. This is a process known as ‘staircasing’, which will reduce the monthly rent you are paying. You will also have the option to buy your home outright, which will cease rent payments.
As the homeowner, you are entitled to sell your home if you wish. Firstly, after telling the Plumlife sales service team that you want to sell, we have a ‘nomination period’. This gives our dedicated resale agency Plumlife Move time to find a buyer for your home. You will also need to complete an intention-to-sell form. To receive a valuation on a shared ownership home, it must be completed by a surveyor who is registered with the Royal Institution of Chartered Surveyors (RICS). A solicitor must also be appointed to act on your behalf for the sale of your home.
If you already own a home, including overseas and existing shared owners, you may not be eligible for the Shared Ownership scheme.
However, if your existing home no longer meets your needs and you are unable to purchase a suitable home because of financial constraints then you may still be eligible – we treat every application on a case-by-case basis. In this instance, you will need to demonstrate that you are in housing need and have an agreed a sale on your current home prior to applying.