Shared ownership houses for sale | What is shared ownership?

How does it work?

Eligibility

Staircasing

Considerations

Shared ownership houses

Shared ownership

Meadowcroft Farm

by Midland Heart Housing Association

Nuneaton, Warwickshire, CV11 6YW

2 & 3 bedroom houses

£56,250 - £70,000 for a 25% share
(£225,000 - £280,000 Full Market Value)

Affordable Homes - Exclusive to Midland Heart A selection of Brand New 2 & 3 Bedroom Houses available to buy on Shared Ownership. These properties are located on a new development on the desirable north eastern edge of Nuneaton, close to the A5. The location offers easy access to the A5 & M69. Nearby Nuneaton and Hinckley offer local amenities, shops & restaurants. • 2 Bedroom Houses from £56,250 for a 25% share • 3 Bedroom Semi-detached Houses £70,000 for a 25% share • Option to buy more shares to own 100% of the property in the future • £500 Cashback^ available on selected plots Our homes come with an impressive specification as standard including flooring/carpets throughout, modern fitted kitchens with oven & hob, a private garden and parking. The properties are well positioned for Nuneaton Town Centre (3.3 miles) and Hinckley Town Centre (3.5 miles). The location offers easy access the A5 & M69. Nearby Nuneaton and Hinckley offer local amenities, shops & restaurants. Prices 2 Bedroom from £225,000 (100%) 25% share = £56,250 Rent = £386.72 3 Bedroom £280,000 (100%) 25% share = £70,000 Rent = £481.25 Plus the following monthly charges: Management Charge: £22.00 Buildings Insurance: 2 bed £17.30; 3 bed £19.76 Estate Charge: £5.53 ^£500 Cashback available on selected plots. Subject to terms and conditions and only payable upon completion by specific date (dependent upon plot). Shared Ownership enables you to buy a share of your home and pay rent on the remaining share. The share you can buy ranges between 25% and 75%, depending on what you can afford. This means you'll need a smaller mortgage and deposit to get you started. Once you've brought your new home you can decide to buy more shares in the property. The more shares you buy, the less rent you'll pay. You can keep doing this until you own 100% of your property. The Price advertised is for the minimum share of 25% and is for illustration purposes only (to give an indication of the cost of purchase, rent, etc). Higher shares are available upon request & will be based on affordability, proceed ability & sustainability. Buyers will be considered on first come first served basis (assuming affordability, proceed ability & sustainability checks are met). Buyers need to demonstrate maximum affordability which will be determined via a Mortgage advisor prior to any agreed sale. Amount advertised is subject to change. An additional monthly rental charge applies that includes rent, buildings insurance, estate and management charge but excludes any mortgage payment. ^Images/photographs shown are for illustrative purposes only & simply represent a typical Midland Heart property.

Shared ownership

Amour Court

by Barnard Marcus

London, Greater London, NW10 7RW

1 & 2 bedroom apartments

£80,000 - £98,750 for a 25% share
(£320,000 - £395,000 Full Market Value)

WHY RENT WHEN YOU CAN BUY | Offering the best of open-plan living, this fantastic development of 1 & 2 bedroom Shared Ownership apartments is in one of the most exciting regeneration areas of London, conveniently placed in Zone 3, you'll benefit from excellent connectivity with access to cycle paths along the canal into London, a nearby bus stop, and plenty of London underground station options, allowing you to travel with ease, including the forthcoming HS2. Stylish indigo and white kitchen units provide plenty of space with fully integrated appliances including an electric oven, hob, extractor fan, dishwasher and fridge/freezer; a free-standing washer/dryer is located in the utility cupboard. Bedrooms are bright and spacious, with built in wardrobes offering plenty of storage. The development further benefits from peaceful communal gardens and private balconies to the apartments with far-reaching views. SHARED OWNERSHIP: You buy the share you can afford and pay rent on the share that's left. BENEFITS INCLUDE: Affordable monthly mortgage payments (compared to full ownership) | Ability to buy more shares in your home via staircasing | Opportunity to build your equity Shared Ownership could be for you if: You are over the age of 18 | Your household income is less than £90,000 | It will be the only property you own *Cash back is plot specific, T&Cs apply ask for details. Images and showreel for demonstration purposes only.

Shared ownership

Move in this summer for incentives up to £5,000*

Shared Ownership at Royal Albert Wharf

by NHG Homes

Royal Docks, Greater London, E16 2GU

2 bedroom apartments

£50,000 - £52,000 for a 10% share
£500,000 - £520,000 Full Market Value

Move in this summer for incentives up to £5,000* Get onto the property ladder with shared ownership at Royal Albert Wharf, a contemporary development offering waterside living in the London Borough of Newham. Fronting directly onto the river in Royal Albert Wharf's most premium location, these 1-3 bedroom homes are the final chance to buy new at this award-winning 15-year regeneration project. Located at the East End of the historic Royal Docks, Royal Albert Wharf showcases Shared Ownership flats for sale in the London Borough of Newham. The Skipper Collection offers fabulous one-, two- and three-bedroom apartments on the 1st to 11th floor of the riverfront Skipper building as well as the last available riverside two-bedroom duplex with a private street entrance and east-facing terraces overlooking the river and gardens. Each apartment has been finished to a premium specification with luxury touches, such as stone worktops, integrated appliances and ceramic feature tiling. These homes also benefit from private residents' services, including a podium garden, concierge, site security and communal lounge and workspace. *Incentives available on selected homes that are purchased with a minimum of a 25% share. Terms & Conditions apply. See nhghomes.com/summer-incentives for more information.

Shared ownership

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How does Shared ownership work?

Shared ownership allows you to buy a share of a new house and pay rent on the remaining part. It is a government-backed incentive scheme, primarily aimed at helping first time buyers onto the property ladder. You can also use it to buy a bigger home than you can afford on the open market.

The percentage you can purchase may be different depending on where you buy the home:

In England, you can buy shares of between 10% and 75% of the full market value
In Scotland, you can buy a 25%, 50% or 75% share
In Wales, you can buy shares of between 25 and 75% of what the home is worth

Shared ownership is also known as ‘part-buy, part-rent’.

You will purchase your shared ownership property via a housing association or council. The home will be a new build or a re-sale of an existing shared ownership property, of which you’ll need to purchase the same percentage of shares as the existing owner, or more.

You will need a deposit and a mortgage on your share of the property that you are buying. The remaining share is owned by the housing association or council, and you will pay rent comprising up to 3% of this amount.

Although the housing association may have shares of up to 90% in your home, you will become the owner of the lease. As the leaseholder, you will be responsible for repairs inside the property and the housing association will take care of the outside.

To cover any costs that might be necessary for outside work, you will need to pay a service charge, usually paid monthly. It is a good idea to find out how much the service charge is and factor that into all monthly outgoings before you agree to buy.

Shared ownership eligibility

In England, this scheme is available to those in a household with a combined income of less than £80,000 a year (or £90,000 in London), and you are unable to afford a deposit and mortgage payments on a suitable property for you and your family. In Wales, you must have a combined income of less than £60,000.

There are other criteria you must meet, such as:

being a first time buyer, or
if you used to own a home but can no longer afford to buy outright, or
you want to move from one shared ownership property to another, or
you're setting up a new household, for example after a relationship breakdown, or
you currently own a home, and wish to move but cannot afford to buy outright.

You will also need to have no outstanding credit issues, so make sure you get your finances in order before you apply.

Criteria varies by country, so be sure to check before applying.

A development of Shared Ownership homes in England

What is Staircasing in Shared ownership?

You can buy additional shares of your home, usually in increments of 10%, until you own the majority or all of your home. Some older leases set the minimum amount at 25%, and newer ones may allow you to buy as little as 5% at a time. There are some instances where you may be able to buy 1% shares.

This process is called staircasing and allows you to own more of your home as you earn more money or can afford a bigger mortgage. Each time you wish to purchase more shares, these will be based on the value of the home at the time of buying the shares, and not the value of your home when you first bought it.

You will need to pay for a professional valuation of your property to determine the value of the shares before you can buy them. Buying more shares in your home will also mean paying less rent.

Things to consider before buying a Shared ownership home

There are other factors which may impact your decision on whether shared ownership is right for you:

You will still need a deposit for the mortgage portion of your home, usually between 5% and 10% of the value of the mortgage.
All usual moving fees apply including surveys, stamp duty and legal costs.
If you’re aged 55 or over, you may be eligible for Older People’s Shared ownership (OPSO) but bear in mind, you will only be able to own up to 75% of your home.
If you are a key worker, then a percentage of properties through housing associations will be allocated to those who work for the NHS, police, local authorities, Ministry of Defence and many more. Ask the housing association for more information.

Useful links

Find out more about shared ownership in England

Find out more about shared ownership in Scotland

Find out more about shared ownership in Wales

Shared ownership providers

The following housing associations and developers have shared ownership properties available throughout the UK which you can enquire via this website: