Shared ownership houses for sale | What is shared ownership?

How does it work?

Eligibility

Staircasing

Considerations

Shared ownership houses

Shared ownership

The Bindery

by Aster Homes

Petworth, West Sussex, GU28 0FN

2 bedroom apartments

£76,500 - £81,000 for a 30% share
£255,000 - £270,000 Full Market Value

WHERE IS THE BINDERY?The Bindery is located in Petworth which has a population of approximately 3,027 in 2021, its a thriving market town nestled in the heart of the South Downs National Park. Steeped in history, Petworth can trace its origins back to medieval times. Its importance as a centre for antiques and has been recognised by its award as Best Antiques Town and it has nearly forty arts and antiques dealers all within a half mile radius.Petworth is ideally situated for exploring the South East of England by road. Just a 1hr drive from the M25 London Ring Road on the located on A283, it is within easy distance of not only the local attractions but beautiful beaches, historic dockyards and of course the stunning scenery of the South Downs National Park.Although Petworth is situated in beautiful countryside, it is very easily accessible, being only 50 miles from central London and an hour from Heathrow and Gatwick airports. AMENITIES NEAR BY:Great connections to the rest of West Sussex and beyond, the nearest train station is only 4.6 miles away at Pulborough and buses serve Chichester, Horsham, Midhurst and Worthing.Petworth is only 40 minutes' drive from Gatwick Airport. Heathrow Airport is 1 hour away from Petworth. Southampton Airport is over 1 hour away from Petworth.Haslemere and Pulborough train stations, are approximately 20 minutes from Petworth.The town offers a wide selection of shops, pubs and restaurants. WHAT TO DO IN PETWORTH?Petworth has something for everyone including shops, cafés and restaurants. Unlike many larger towns, Petworth has a wide range of independent shops and businesses including gift shops, hairdressers, grocers, haberdashery, clothing, travel and estate agents and a butcher and bookshops. There are also numerous sporting activities available in the area, including several local golf courses, racing at Goodwood and polo at Cowdray Park.Making The Bindery the perfect place to start your own story. SHARED OWNERSHIP - GET THE KEYS TO YOUR NEW HOMEYou might not know about shared ownership, but it could be just the solution you've been looking for if you want to get a foot on the property ladder. You buy an affordable share, pay rent on the remaining amount, and increase your shares as your finances permit. It allows you to get on the property ladder much more easily than buying outright. You can find out more about how shared ownership works here, or talk to Louise to have all your questions answered - there's no such thing as a silly one! MAKE AN ASTER HOUSE YOUR HOMEOur aim at Aster is to find you a home, not just a house - and with our fabulous shared ownership approach, you can find a home in a lovely location that may otherwise be out of your reach. Just get in touch! So, if you're ready to find out more about our stunning shared ownership homes at The Bindery, Petworth, get in touch with Louise today! *While we endeavour to make our property descriptions and plans fair, accurate and reliable, they are only a general guide to the property and may be subject to change. Accordingly, if there is any point which is of particular importance to you, please contact the office and we will be pleased to check the position for you, especially if you are contemplating travelling some distance to view the property. Shared ownership homes are bought as leasehold properties, for more information speak to our team. Service charges and rent payable on the unsold equity of this property will be reviewed annually with any changes coming into effect on the 1st April each year. Your home may be at risk of repossession if you don't maintain your mortgage and rental payments.

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

Charnock Grove

by Your Housing Group

Chorley, Lancashire, PR7 5LZ

2, 3 & 4 bedroom houses and 2 bedroom bungalows

£90,000 - £156,000 for a 40% share
£225,000 - £390,000 Full Market Value

Charnock Grove is our latest development of 76 affordable new homes in the beautiful village of Charnock Richard, Chorley. At Charnock Grove, you will find a wonderful selection of two, three and four-bedroom family homes and two-bedroom bungalows, available through shared ownership and affordable rent. With it's beautiful location and links to nearby Chorley, Charnock Grove is the ideal development for first time buyers and growing families. Register your interest today to be the first to find out more! Key Details • Two, three and four-bedroom houses • Two-bedroom bungalows • Driveway parking for each plot • Spacious and open plan layouts • Energy efficient kitchen appliances with Symphony fitted units included with shared ownership properties • Contemporary tiling and designer taps in bathrooms • En-suite bathroom on selected house types • Electric car charging points • Air source heat pumps fitted to all properties • Turfed front and rear gardens.

Shared ownershipGreen features

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: