Shared ownership houses for sale | What is shared ownership?

How does it work?

Eligibility

Staircasing

Considerations

Shared ownership houses

New phase now available!

Cross Trees Park

by Legal & General Affordable Homes

Shrivenham, Oxfordshire, SN6 8GB

Last 2 bedroom house

£116,000 for a 40% share
£290,000 Full Market Value

Welcome to Cross Trees Park - new phase now available!A high-quality residential development designed to complement the character of the neighbouring village, Cross Trees Park will offer a selection of 2 bedroom traditionally-styled homes in a carefully landscaped setting which integrates the surrounding green areas.Cross Trees Park, offers a superb opportunity to be part of an exciting new sustainable community on the edge of an established village, yet close to a host of local amenities in the surrounding areas.For more information please register your interest and our Sales Consultant will be delighted in helping you find your new home.Available to purchase from a 40% share Financial Breakdown:Full Market Value: £290,000 - £345,00040% Share Value: £116,000 - £138,0005% deposit of 40%: £5,800 - £6,900Rent on unowned share: £363 - £431 per monthService Charge: £85.97 - £95.04 per monthCouncil Tax: TBC* Key Features:10-minute walk to Shrivenham VillageGreat connections to both the M4 and A420Zanussi electric single oven, ceramic hob and cooker hoodPrivate turfed garden with patio area and shedTwo parking baysNHBC 12 year warranty WHAT IS SHARED OWNERSHIP?Shared Ownership is a more affordable way to have the security and stability of owning your own home. Shared Ownership is a government backed part buy/part rent scheme designed to help you take that first step on the property ladder. The scheme enables buyers to purchase a share of the value of the home - this is usually between 25 to 75 percent of the value of the property - and pay a subsidised rent on the remaining portion. You have the option to buy a bigger share in the property at a later date (known as staircasing).Legal & General Affordable Homes are a Registered Provider offering these homes for sale on a Shared Ownership basis. We are creating communities to live, grow and flourish and are committed to removing the stress and anxiety associated with moving house, whilst delivering customer satisfaction and quality new homesELIGIBILITY CRITERIA:To be eligible for a home at Cross Trees Park, you'll need to:Have a combined household income under £80,000 per annumNot already own a property, or part of a property, at the time of completing on your purchaseBe unable to purchase a suitable home to meet your housing needs on the open marketHave a minimum of £5,000 to cover the costs of buying a homePriority will be given to those who can demonstrate a local connection to the Vale of White Horse District If you don't meet the eligibility criteria for this development, you may still qualify for a shared ownership purchase at one of our others, so take a look at our website for more information.The images shown are CGI dressed and show the actual 2 bed homes at Cross Trees Park by Bloor Homes. *Council Tax: TBCCouncil tax bands are often not released until the property is complete. If you need any guidance, please get in touch with our Sales Consultants otherwise the local authority or the developer may be able to help.

Shared ownership

2 & 3-bedroom houses just launched!

The Aviary Shared Ownership

by Peabody New Homes

Oxford, Oxfordshire, OX4 6DU

2 & 3 bedroom houses

£114,900 - £139,500 for a 30% share
(£383,000 - £465,000 Full Market Value)

Modern living in a peaceful, well-connected setting at The Aviary | Now over 50% soldThe Aviary offers a collection of 2 & 3-bedroom homes available through Shared Ownership in Oxford. Built with you in mind, our homes cater to modern living with high-spec finishes, fully integrated Zanussi appliances, private parking*, private gardens & more.So, whether you’re taking the exciting step of buying your very first home, or expanding your family and need extra space, we’ve got the ideal solution for you.Less than 5 miles away, you’ll find the historic city of Oxford which boasts a wealth of shopping, dining, entertainment and educational opportunities.*Limited parking spaces available on selected homes.*Images are computer generated and indicative of a typical Peabody New Homes show home.*Travel timings are taken from Google Maps.

Shared ownership

The Tidings

by Abri Homes

Old Sarum, Wiltshire, SP4 6BU

2 bedroom houses

£101,500 for a 35% share
£290,000 Full Market Value

The Tidings is a new development of two, three and four bedroom homes in Old Sarum near Salisbury. You’ll have day-to-day essentials within easy reach, including a community centre, convenience stores and cafes. And, Salisbury city centre is just a short drive away. History buff? The village of Old Sarum is best known for it’s Iron-Age hill fort. Tenure: Leasehold. Length of lease: 990 years. Reservation fee: £500. Predicted council tax band: New build properties, band to be determined. Service charge is reviewed once a year.

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: