FAQs

Shared Ownership properties are usually purchased as leasehold, making you a leaseholder. These leases are often long, with new Shared Ownership properties typically being sold on a lease of over 990 years, but always check the details of your lease to confirm this.

In this scenario, the housing association who owns the remaining share of your home becomes the landlord of the property. Full detail of each party's responsibilities for maintaining your home and its surroundings will be detailed in your lease agreement.
 

Your lease agreement document is especially important for Shared Ownership. It lays out
essential details such as the leasehold length and any charges that come with it as well as your
obligations toward maintaining and repairing your residence as a part owner.

If your rent on the remaining share owned by the landlord is subject to annual increases or reviews, your lease agreement will also detail the process through which this will be decided, giving you full transparency into the process.
 

Shared Ownership leases normally include a provision for staircasing, a process which allows the homeowner the opportunity to increase their share in the property. For more information on increasing your share, visit our 'looking for a home' section in the Home Ownership Hub.

Yes, you may have to pay stamp duty land tax on a shared ownership property depending on the properties value. How and when you pay it can vary.

Staircasing in shared ownership refers to the process by which a shared ownership customer gradually purchases additional shares of their home from Bromford. 

This allows the customer to increase their ownership percentage of their home over time, potentially up to full ownership, depending on their lease.

Yes you are! You don't need our permission to paint, hang wallpaper, and personalise your home to your own tastes. We do however ask that you wait a year if you are moving into a new build to do any decorating to allow your home to settle.

Absolutely! We love pets. We simply ask that you clean up after them, and think about the type and number of pets you own and their suitability for your home. A giraffe won't fit in your spare bedroom, no matter how much you'd like one! 

You would need to check your lease for this information. Most leases will not allow you to sublet (rent out) your entire home unless you either:
• own a 100% share or
• have Bromford's permission
and
• have your mortgage lender’s permission if you have a mortgage.

We will only give permission to sub-let your home in exceptional circumstances. Find out more here. 

Not necessarily. We have customers from all walks of life, from first time buyers to marriage separations and retirement. You can only own your Shared Ownership home and no other however, so if you do own a home, you would need to sell that home in order to purchase your Shared Ownership home. 

No, Shared Ownership is not the same as a house share scheme. You will not need to share with someone else when you buy a Shared Ownership home.

Shared Ownership is an affordable way to buy a home. You buy a portion of a property, which you will pay a mortgage on, whilst renting the remaining portion at a reduced rate. Bromford will act as your landlord, and you will pay the rent to them.

Shared Ownership is designed to help people with a connection to the local area they are buying in, set up a safe, secure home.
 

You’ll notice that on most of our property listings we say that a local connection to the area is needed. This is because the homes for sale in these areas have been built specifically to help meet the needs of local people who can’t afford to get on the housing ladder any other way.

The local area connection criteria varies between sites, but generally it’s based on:

• Being a resident (or employed within) the area for a number of years (usually between 2 to 5)

• Family connections – for example, parent, grandparent, child, grandchild or adult sibling – who have lived in the area for at least three years

This local area connection is set by the Local Authority.
 

With Bromford Shared Ownership, you can't buy 100% of the home initially because the scheme is designed to help people who may not be able to afford a full mortgage on a home. 

Shared ownership is intended to make home ownership more affordable for people with lower incomes or limited savings. By allowing the purchase of a smaller share, it reduces the amount of the mortgage needed and the size of the deposit.

At Bromford we encourage customers to staircase, gradually buying more shares in their home over time, eventually reaching 100% (where the lease allows). This process is designed to be gradual so that homeowners can manage their finances better as their income or financial situation improves.

The deposit required to buy a shared ownership home is generally much lower than what you would need for a traditional home purchase. 

The deposit is usually a percentage of the share of the property you are buying, not the full market value of the property. Commonly, lenders require a deposit of around 5% to 10% of the share you intend to purchase.

Different mortgage lenders may have varying requirements for the deposit. Some might ask for a higher percentage, depending on your credit score, financial situation, and the lender's criteria.

Besides the deposit, you should also consider other costs like legal fees, mortgage arrangement fees, stamp duty (if applicable), and moving costs when planning your purchase.

No, allocated simply indicates that this home is on hold for five working days whilst a potential buyer is being financially qualified. Please read our first come first serve policy for more information. 

Where we are building your home, we will do everything possible to avoid delays. Some of our homes are built by other house builders and we unfortunately have less control over their build delays. We try to mitigate this as much as possible and we will always keep our customers informed where delays occur. 

You must be 18 years of age to buy a Bromford home. Shared Ownership schemes are in place for those aged 18 to 54 years old. If you're aged 55 or over at the time of buying the home, you can buy up to a 75% share through the Older Persons Shared Ownership scheme.

No, share percentage is determined by your mortgage advisor based on affordability, surplus income and outgoings. However, future events that may affect your financial position will be taken into account by your mortgage advisor. 

This does not apply to purchasing a resale property, where you must purchase the advertised share or have the choice to buy more. 

Ask a sales consultant for more information.

Unfortunately we are unable to offer a discount to Armed Forces personnel? You do, however receive priority over our first come, first served applicants.