Shared ownership houses for sale | What is shared ownership?

How does it work?

Eligibility

Staircasing

Considerations

Shared ownership houses

Shared ownership

Victoria Riverside

by L&Q

Manchester, Greater Manchester, M4 2AD

1 & 2 bedroom apartments

£86,625 - £123,900 for a 35% share
£247,500 - £354,000 Full Market Value

L&Q at Victoria Riverside presents a brand new collection of Shared Ownership apartments in Manchester's thriving city centre. Located amidst the vibrant city centre, this iconic development comprises one and two-bedroom apartments in Manchester's up-and-coming Red Bank neighbourhood. These homes, available in one and two-bedroom options, are located in Victoria Riverside's City View Tower which comprises 17 floors. The building's facade features captivating colours that mirror the breathtaking views visible through the floor-to-ceiling "picture-frame" windows in each apartment, seamlessly blending the essence of the local surroundings with the essence of every home. Enjoy captivating views of Manchester alongside the vibrant city life. Embrace the surroundings, relish the proximity to the city centre, and explore all that this extraordinary city has to offer. Residents are well catered for in L&Q at Victoria Riverside with an impressive array of onsite amenities that are rare to find with Shared Ownership homes. A state-of-the-art gym is kitted out with a full selection of exercise equipment, making for a convenient and complete workout experience right at your doorstep. Comfortably work from home in the flexible communal workspace, great for focus time away from your new home. Sitting in between City View and Park View, the Podium Garden is a lush, green space for relaxing, socialising and working. And for those with a busier lifestyle, the on-site concierge service is exactly what you need to never miss a delivery. You're not just getting a home at L&Q at Victoria Riverside, you're buying into a lifestyle.

Shared ownership

The Pastures

by Linden Homes

Bideford, Devon, EX39 3GJ

3 bedroom houses and 4 bedroom townhouses

£142,500 - £160,000 for a 50% share
£285,000 - £320,000 Full Market Value

What's my budget? Check your affordability CLICK HERE Home to sell? Complete an online valuation CLICK HERE Considering shared ownership? Estimate your monthly costs CLICK HERE

Shared ownership

Hendon

by Square Roots

Hendon, Greater London, NW9 6GP

Studio, 1, 2 & 3 bedroom apartments

£73,125 - £151,250 for a 25% share
(£292,500 - £605,000 Full Market Value)

BRAND NEW SHARED OWNERSHIP HOMES IN HENDON An exciting development of studio, one, two and three bedroom apartments and duplexes. In the heart of North London, make way for a modern landmark development and a new urban community setting new standards for Shared Ownership. Square Roots Hendon is part of an exciting regeneration area aiming to create a new mixed neighbourhood of social, private and affordable homes PERFECT POSITION Commute, work, or play. Wherever you need to be, you're ideally positioned to travel out from London. M1, North Circular, Northern Line. Take your pick of routes. It's just a 14- minute walk to Hendon station and on the A5, it's a straight 7line to Marble Arch. Not to mention nearby Brent Cross, Wembley and more. YOUR HOME, YOUR WAY Integrated appliances, a USB port to all living paces, and a balcony or terrace to every apartment are just some of the features that make up your new contemporary home. For further information please speak to our Sales Executives. BOOK YOUR APPOINTMENT Square Roots Hendon Sales Suite Edgware Road, NW9 6LB

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: