Shared ownership houses for sale | What is shared ownership?

How does it work?

Eligibility

Staircasing

Considerations

Shared ownership houses

Shared ownership

Heritage Green

by Fulfords

Exeter, Devon, EX2 8TS

2, 3 & 4 bedroom houses

£67,500 - £156,250 for a 25% share
(£270,000 - £625,000 Full Market Value)

FINAL RELEASES NOW SELLING AT HERITAGE GREEN, ALPHINGTON, EXETER! The affordable way to buy with less deposit and a lower mortgage*; Heritage Green offers a selection of spacious Shared Ownership homes, perfect for a wide range of buyers. Exeter city centre is just 11 minutes’ drive providing a great selection of education, retail, employment, sport and leisure. 2 bedroom homes from £108,000 based on buying at 40% share 4 bedroom homes from £130,000 based on buying at 25% share 5 bedroom home at £156,250 based on buying at 25% share These homes will feature: Stylish specification Carpets & flooring throughout Integrated appliances Parking Solar Panels

Shared ownershipGreen features

Shared Ownership & Outright Sale

The Cocoa Works

by Latimer Homes

York, North Yorkshire, YO31 8TA

2 bedroom apartments

from £79,375 for a 25% share
£317,500 - £420,000 Full Market Value

Outright Sale From: £196,950 Shared Ownership From: £105,000 for a 35% share 5% deposit contribution

Shared ownership

Deanston Wharf

by Mann

Newham, Greater London, E16 2AX

1, 2 & 3 bedroom apartments

£96,875 - £161,250 for a 25% share
(£387,500 - £645,000 Full Market Value)

East River Wharf is an exciting brand new riverside neighbourhood offering a collection of 1, 2 & 3 bedroom shared ownership apartments. Located close to the river Thames, this area of London has recently undergone a significant programme of regeneration and investment. The development also boasts fantastic transport connections and is well connected to Custom House on the Elizabeth Line that provides fast-whizzing links to Canary Wharf, the City and Heathrow. Silvertown DLR station is approx. 0.2 miles and under a 5 minute walk providing easy access to Canary Wharf and London City Airport in under 15 minutes. There are an abundance of local independent shops and cafes as well as local schools. Lyle and Thames Barrier parks are also close by. The development benefits from a location which provides both urban convenience and riverside living. The apartments are now fully completed and comprise spectacular open plan kitchen/living room with beautifully appointed fully, fitted, contemporary kitchen with quality worktops, under cabinet LED lighting and integrated Siemens appliances. The living area is bright and spacious which opens onto your own private decked balcony area. There is a spacious double bedroom with built in wardrobes and an elegant bathroom suite comprising Vitra white bathroom suite with bath and glass shower screen, close coupled soft close WC, Vado concealed thermostatic mixer tap and rain shower head. Other benefits include a 24 hour concierge service, access to a state of the art residents gym, swimming pool and spa. There is also access to a 16th Floor sky lounge offering stunning river views. Each home comes with a 12 year NHBC build warranty.

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: