Shared ownership houses for sale | What is shared ownership?

How does it work?

Eligibility

Staircasing

Considerations

Shared ownership houses

Shared ownership

Harriers Croft

by Home Reach

Sutterton, Lincolnshire, PE20 2JX

3 bedroom houses

From £72,299 for a 30% share
(From £240,995 Full Market Value)

Located in the picturesque Lincolnshire village of Sutterton, Harriers Croft is a stunning development of 3 bedroom homes. This development offers a tranquil setting, ideal for those seeking a rural location, while remaining close to Boston. Harriers Croft also benefits from excellent transport links, with the A16 and A17 just a minute's drive away, providing direct access to Sleaford, Spalding, Peterborough, Holbeach and beyond.. EPC rating : PEA- B Images are for illustrative purposes only. Please speak to Sales Adviser for full details

Shared ownership

The Maples

by Persimmon Homes

Weston, Lincolnshire, PE12 6RA

2 & 3 bedroom houses

£95,000 - £115,000 for a 50% share
£190,000 - £230,000 Full Market Value

Welcome to The Maples – a welcoming community of beautiful new houses for sale in Spalding Nestled in the peaceful village of Weston, The Maples brings you a collection of two, three, four and five-bedroom homes designed for modern living. This development is all about space – both inside and out – with energy-efficient homes set against a backdrop of open countryside. A green heart at the centre of Weston living Life at The Maples revolves around its generous green spaces. At the heart of the development, you’ll find a large, landscaped area complete with a play park – a perfect spot for children to play and neighbours to meet. If you’re looking for new homes in Weston that put outdoor living first, this is the place. Well connected for work and play, close to Holbeach and Peterborough Despite its rural charm, Persimmon Homes' The Maples is just minutes from the A16, giving you easy access to Spalding, Holbeach and Peterborough. Spalding train station, only 4 miles away, offers direct services to Peterborough and Lincoln for stress-free commuting. Everyday essentials close by Weston has a village store and post office for daily needs, while Spalding offers supermarkets, schools and leisure facilities. Holbeach is also nearby for even more choice. Explore the outdoors in Weston Step outside and enjoy the Lincolnshire countryside, with scenic walks and cycle routes on your doorstep. For a change of scene, the Norfolk coast is within easy reach for family days out. Ready to make your move? To explore our new houses for sale in Spalding and start your new build journey, speak to one of our sales advisors today.This development offers the following schemes:Forces Help to Buy Scheme: Support for British Armed ForcesBank of Mum and DadPart Exchange your homeHome ChangeEarly Bird SchemeDeposit Boost: 5% Deposit Contribution SchemeArmed Forces, Key Workers & NHS Discount SchemeOwn New Rate Reducer SchemeNew Build BoostSchemes are available on selected plots only, subject to status, terms and conditions apply. Contact the development for latest information.The Post Office and Village Stores, Weston St Mary CE primary school and the community hall are all focal points in village life here. Spalding and Holbeach are conveniently close for a wider range of shops, services and secondary schools, including Spalding Academy and Spalding High School. The Springfields Shopping Outlet is just 3 miles away on the outskirts of Spalding and 5 miles away the superstore on the edge of Holbeach will cover all you might need. Spalding’s town centre adds cafés and independent shops to the list as well as leisure and health services, and a community hospital.Weston is a stone’s throw from the historic fens. This is a unique area just inland from The Wash, covering 500 square miles. Exploring this landscape will give you a real insight into the history of your local environment and the market towns that have played a part in life here. At the same time, you will be able to discover and enjoy all the walks and cycle routes that this area offers.For business and pleasure, the A15, A16 and A17 are the closest main routes that serve Weston, Lincolnshire and the East Midlands. Together, they connect with Peterborough, Kings Lynn, Sleaford, Lincoln and Grimsby. The A1 is a bit further to the west and is a great route if you want to travel even further afield. Stagecoach East Midlands operates the services that link Weston and the other villages in the area with Spalding and Kings Lynn. The nearest train station is in Spalding, 4 miles away, with services provided by East Midlands Railway.Monday 10:00 - 17:00, Tuesday Closed, Wednesday Closed, Thursday 10:00 - 17:00, Friday 10:00 - 17:00, Saturday 10:00 - 17:00, Sunday 10:00 - 17:00

Shared ownership

Holdingham Grange

by Sage Homes

Sleaford, Lincolnshire, NG34 8JG

2 & 3 bedroom houses

£90,000 - £117,500 for a 50% share
(£180,000 - £235,000 Full Market Value)

2 & 3 bedroom homes available now on the Shared Ownership scheme. Register your interest today! A new development on the edge of a friendly market town, with excellent transport links across Lincolnshire. Between Boston and Newark-on-Trent, on the outskirts of Sleaford, stands Holdingham Grange. You can easily reach Leicestershire, Cambridgeshire, Nottinghamshire, and Norfolk from this rural area of southern Lincolnshire. Sleaford is pleased to be the location of the National Centre for Craft & Design in addition to all the other neighbourhood stores and services. This creative centre attracts tourists, which has had a very favourable ripple impact on the town's economy. The Lincolnshire Fens present a distinctive environment and natural habitat to discover right on your doorstep when you're out and about. The stunning Norfolk Coast provides a change of scenery from Skegness, Lincolnshire's well-known coastal town, and makes a great day out! Local Area Information Local area information The town's well-respected secondary schools – Kesteven and Sleaford High School, St George's Academy and Carre's Grammar School - have all been rated 'Good' by Ofsted. There are several primary schools; Sleaford Church Lane, St Botolph's CE and William Alvey CE School, as well as nurseries and day-care facilities. You name it, Sleaford has it. The town is big enough to offer a wide variety of leisure activities - Athletics, golf, football, rugby, and bowling. The River Slea is another local feature, as is the town's great recreation centre. A fully operational mill, Cogglesford Watermill will give your stroll along the riverfront a historical flavour. The main road connections in the area, such as the A15 and A17, are quickly and easily accessible from Holdingham Grange. Sleaford also has a train station, just 6 minutes drive from the development. From there, East Coast mainline services will take you to London King's Cross in about 1 hour 15 minutes. Trips to Grantham and Lincoln are a 30-minute train ride away. Peterborough and Doncaster are also on the schedule. The train ride to Skegness takes around an hour, perfect for a day at the beach. Key Features - Close to local amendities - NHBC Warranty - Allocated parking - Semi detached homes - Ample storage space - Flooring throughout

Shared ownership

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: