Shared Ownership

Shared Ownership is a form of Low Cost Home Ownership and offers a route into owner occupation for those who would not normally be able to afford their own home outright.

The Council has an interest in approximately 1632 shared ownership properties most of which were originally built by the Development Corporation. The majority of the properties are houses but there are a number of flats and bungalows.

By buying a share in the property, the purchaser may pay a mortgage on the purchased share and will pay a rent on the unsold share of the property.

As part of your decision to buy your home, you need to consider the charges we make to pay towards the upkeep of the local estate or block you live in.

The Shared Owner may buy more shares in the property, which is called staircasing, and eventually can own their home outright.

Shared Owners are bound by conditions of their lease.

Here are some of our Frequently Asked Questions:

• How do I become a Shared Owner?
  
• What is a Lease?
  
• Rent and Service Charges?
  
• How do I pay my rent?
  
• Who maintains my property?
  
• Can I make alterations to my property?
  
• How do I insure my property?
  
• How do I buy more shares in my property?
  
• How do I sell my shared ownership property?
  
• Can I change the name on the Deeds of my property?
  
• Can I keep a pet in my property?
  
• Can I run a business from my property?
  
• Dealing with neighbour nuisance/anti social behaviour
  
• Getting involved

To contact the Shared Ownership Team, please call

Shared Ownership Officer - 01908 253068

Shared Ownership Assistant - 01908 253055

Or by email home.ownership@milton-keynes.gov.uk

If you are experiencing any money worries there is a free and impartial service, please click here to go to the Money Advice Website

Useful links:
Pension credits via the Pensions service
www.thepensionservice.gov.uk/pensioncredit/home.asp

Citizens advice
www.citizensadvice.org.uk

Housing Corporation Homebuy advice
www.housingcorp.gov.uk/index.php



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