Shared ownership houses for sale | What is shared ownership?

How does it work?

Eligibility

Staircasing

Considerations

Shared ownership houses

Reserve for just £99!

Whitstable Heights

by Hyde New Homes

Whitstable, Kent, CT5 1SH

2, 3 & 4 bedroom houses and 2 bedroom apartments

From £81,250 for a 25% share
(From £325,000 Full Market Value)

Moving costs contribution of up to £4,500 on all new reservations* Reserve for just £99 and enjoy modern comfort, excellent transport connections and the best of Whitstable!* A superb selection of 3 and 4 bedroom houses and a limited collection of 2 bedroom apartments available with shared ownership at Whitstable Heights ready to move into now. Marketing suite and show home viewings take place Tuesday - Saturday, 10am - 4pm, by appointment only. Discover Whitstable Heights • Be part of a brand new community in the heart of Whitstable • Wide range of homes suitable for first time buyers, young families and relocators • Popular destination, well-known for its beach, harbour and annual oyster festival • 6 miles to motorway network via M2 • 1 mile to Whitstable station offering services into London • Allocated parking • Turfed private gardens • Selected homes ready to move into The Hyde Difference • High specification as standard • Contemporary kitchen units with integrated appliances • Quality flooring included • Garden laid to lawn • Specialist in-house sales team • Over 90% customer satisfaction for 13 consecutive years *T&C's apply!

Shared ownership

ICON at Burnt Oak

by Sovereign Network Group

Edgware, Greater London, HA8

2 bedroom apartments

£107,500 for a 25% share
£430,000 Full Market Value

We’d love to see you at our Open Day at ICON on 28th of February — don’t miss out! 90% Reserved! A collection of 2 bedroom high-quality Shared Ownership apartments in Edgware. Ready to move into! To support you, we’re offering up to £1,500 towards legal fees and mortgage advisor costs when you use our recommended solicitors and independent financial advisor (IFA). ICON is located to the south of Burnt Oak Station in the London Borough of Barnet and is situated a short walk from the historic Watling Avenue and Burnt Oak Broadway interchange. Just moments from an array of local shops and handy convenience stores. Be part of the wider community with schools, dental and doctor surgeries, places to worship and open spaces. Living at ICON you will also have easy access to Barnet's wide collection of parks and open spaces. Silk Stream Park is within a short 5 minutes' walk from your new home. This is a large open space with recreation facilities and the Silk Stream water way running through it. This green area leads directly into Montrose Playing field, which is another extensive open park land. The new homes at Icon are available to purchase on a Shared Ownership basis, offering a perfect opportunity for local people to get a step on the property ladder. The Shared Ownership scheme aims to help those who might not otherwise be able to get into home ownership. At Icon, Shared Ownership gives you the opportunity to buy a share of your new home, starting at 25% or more if you can afford it. The rest is owned by Network Homes and you pay a subsidised rent on this portion in addition to your own mortgage. You will also need to have savings to cover any deposit required by your mortgage lender and the costs involved in moving.

Shared ownership

Older Person's Shared Ownership

The Maples

by Sanctuary New Homes

Lichfield, Staffordshire, WS13 8GS

2 bedroom bungalows

£76,250 for a 25% share
£305,000 Full Market Value

LAST PLOTS REMAINING.......Available Now! Sanctuary is delighted to present The Maples, a brand-new collection of 2-bedroom bungalows for Older Person's Shared Ownership sale, in Lichfield. This brand-new residential development located in the quiet village of Streethay, Staffordshire - less than a mile away from the historic city of Lichfield is exclusively available for people aged 55+, via  Older Person's Shared Ownership sale. The Maples offers a countryside setting within easy reach of the town centre, making it an ideal location for those looking for a peaceful yet convenient lifestyle. Bungalows are thoughtfully designed and finished to the highest specification, providing comfort and style. Residents will also have free access to a gym on-site at Blackberry Court, as well as access to excellent communal facilities including a restaurant, community garden and hair salon. Older Person's Shared Ownership (OPSO), is an affordable option for those looking to own their home. Under this scheme, you can purchase between 10% and 75% of the home's open market value, paying no rent on the remaining share when you purchase 75%. Please note: all plots are advertised at a 40% share for advertising purposes only. If you'd like to find out more, make an enquiry today. Or, come and visit our Sales Office. We are open Mon - Fri, 10am - 5pm. *A monthly service charge of £388.14pcm applies

Shared ownershipRetirement

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: