Shared ownership houses for sale | What is shared ownership?

How does it work?

Eligibility

Staircasing

Considerations

Shared ownership houses

Shared ownership

The Wandle

by Bairstow Eves

Croydon, Greater London, CR0 1GL

2 & 3 bedroom apartments

£110,000 - £116,250 for a 25% share
(£440,000 - £465,000 Full Market Value)

Croydon’s latest new development and possibly the most iconic of buildings in the heart of Croydon. This is the perfect opportunity to acquire a stunning two or three bedroom apartments in this magnificent building which has been designed using natural materials and modern technology to help you live more sustainably. Each apartment has been carefully designed and constructed to maximise living space and natural light and consists of spacious open plan kitchen/living room with engineered oiled parquet block flooring modern and contemporary fitted kitchens with integrated appliances and Silestone work surfaces. The bathrooms are elegant and stylish with white sanity ware, porcelain floor tiles and heated towel rail. There are spacious bedrooms which are carpeted, ample storage space and each apartment has its own winter garden. Other benefits include passenger lift to all floors, communal roof terrace, co-working area and MVHR system for efficient warm air flow and fresh air circulation. Call us today for further details and to arrange your appointment to view one of these amazing apartments.

Shared ownership

Tillingbourne Gardens

by Gascoigne - Pees

Gomshall, Surrey, GU5 9LQ

1 & 2 bedroom apartments and 3 & 4 bedroom houses

£74,375 - £191,250 for a 25% share
(£297,500 - £765,000 Full Market Value)

Tillingbourne Gardens is a new collection of one-, two-, three- and four-bedroom apartments and houses available on Shared Ownership set in the pretty village of Gomshall. You’ll have Gomshall train station within walking distance, connecting you to London in just over an hour. The village is also home to The Gomshall Mill, a refurbished 11th century Mill. Tillingbourne Gardens benefits from local amenities including a convenience shop, petrol station, pubs and vets. Nearby Dorking provides a further range of shops and eateries. *The Shared Ownership scheme is a Part Buy, Part Rent way of owning your own home for a smaller upfront payment. With Shared Ownership, you buy a share of your home using a mortgage from a bank or building society and pay a subsidised rent on the share you did not purchase. The combined mortgage and rent is usually less than you’d expect to pay if you bought a similar property outright. When you’re ready, you can buy more shares until you staircase to owning 100% of your home. Please note, as a Shared Ownership purchase there are likely to be additional legal fees during the conveyancing process, your solicitor can advise you of these. **These photos are for information purposes only and may not represent a true likeness for the units being sold. They may have been digitally furnished to represent how the home could be laid out; the final colours/appearance/specification may differ from the images and are not plot specific.

Shared ownership

Dracan Village at Drakelow

by Midland Heart Housing Association

Burton upon Trent, Staffordshire, DE15 9UA

3 & 4 bedroom houses

£53,750 - £71,250 for a 25% share
(£215,000 - £285,000 Full Market Value)

A selection of brand new 3 & 4 Bedroom Houses available to buy on Shared Ownership. Located on a new development called Dracan Village at Drakelow Park. This new neighbourhood is located next to the river Trent, less than 4 miles south of Burton on Trent. The area offers a great choice of shops, schools & transport links within very easy reach. • 3 Bedroom Houses – from £53,750* • £500 Cashback^ on selected plots • 4 Bedroom House - £71,250 • New Shared Ownership scheme with 990 year lease • Option to buy more shares to own 100% of the property in the future Our homes come with an impressive specification as standard including flooring/carpets throughout, modern fitted kitchens with oven & hob, a private garden and parking. Shared Ownership is ideal for first time buyers, or anyone who qualifies, and cannot afford to buy outright to get onto the property ladder. It is great if you have limited savings, as you only need a deposit for the share you buy. £500 Cashback^ available on selected 3 bedroom plots ^Subject to terms and conditions and only payable upon completion by specific date (dependent upon plot). Contact us today for more information and see how we can help you buy your very own home. *The Prices advertised are for a 25% or 40% share (varies dependent upon plot) and is for illustration purposes only (to give an indication of the cost of purchase, rent, etc); it is not the minimum or maximum that is available for purchase. Other shares are available upon request & will be based on affordability, proceed ability & sustainability. There are opportunities to buy more shares to own 100% of the property in the future. 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. Revised prices apply to plots with solar panels. 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.

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: