Right to Shared Ownership

Eligible residents can buy an initial share of their home in cash or through a Shared Ownership lease agreement. You will pay North Star rent for the rest of the share and any service charges.

As time goes on, you can buy more shares when you can afford it – this is called ‘staircasing’.

You must have been a North Star tenant in a new home built between 2021 and 2026 as part of the Affordable Homes Programme 2021-2026. Homes funded through other sources will not have the Right to Shared ownership. North Star will be able to tell you if your home is eligible.

You probably are eligible if you meet all the following criteria:

• you are over 18 years old

• you live in a home where the Right to Shared Ownership applies

• you have been living in your current home for at least 12 months

• you have been a tenant of a home for Social Rent or Affordable Rent for at least three years

• you are not in rent arrears

• you are not subject to legal proceedings or court order for possession of your home

• you are not subject to bankruptcy proceedings or unfulfilled credit arrangements

• you meet the Shared Ownership eligibility requirements including the income requirement (currently, it is that you have an annual gross household income of £80,000 or less)

• you do not already own a property

• you are unable otherwise to buy a home suitable to meet your housing needs on the open market

• you meet immigration requirements

In the case of joint applications, all applicants must either be tenants or family members who have lived in the property for 12 months prior to purchase. All applicants who join the application must be party to the purchase at completion.

Certain homes are exempt from the Right to Shared Ownership, including:

• specialist homes for older, disabled or vulnerable people
• homes built in remote rural areas

First, let us know you want to apply. If you’re eligible, you’ll then follow the process to apply.

You must meet other costs in addition to the cost of buying a percentage of your home:

• Rent on the percentage of your home you have not bought yet.

• Mortgage payments – you will have monthly mortgage payments unless you buy your share in cash.

• Service charges that could be due for the maintenance of communal areas.

• Building Insurance – this will be included in the service charge.

• Stamp Duty Land Tax (SDLT) – you may need to pay SDLT when purchasing your share of your home.

We may be required to support you with the cost of repairs and maintenance for a time period known as the ‘Initial Repair Period’. This will depend on how old your house is. The ‘Initial Repair Period’ covers repairs and maintenance to things like:

• the external fabric of the building and structural repairs to walls, floors, ceiling and stairs inside the home

• installations inside the home for the supply of water, gas, and electricity, as well as for sanitation, pipes, and drainage