Shared ownership houses for sale | What is shared ownership?

How does it work?

Eligibility

Staircasing

Considerations

Shared ownership houses

Shared ownership

Axion House

by Mann

Lewisham, Greater London, SE13 7GE

1 & 2 bedroom apartments

£105,625 - £145,625 for a 25% share
(£422,500 - £582,500 Full Market Value)

A brand new, development for shared ownership which are now fully completed and ready for occupation immediately. Situated beside the River Ravensbourne, in the heart of Lewisham Centre, with excellent transport links to central London and Canary Wharf. The development comprises a range beautifully designed and constructed 1 & 2 Bedroom apartments and duplexes which have been carefully thought through to maximise living spaces. Call our Lewisham Office today to register your interest and arrange a viewing one of stunning homes.

Shared ownership

Square Roots Lewisham

by Square Roots

Lewisham, Greater London, SE13 7BJ

1 & 2 bedroom apartments

£107,500 - £145,625 for a 25% share
£430,000 - £582,500 Full Market Value

SHARED OWNERSHIP HOMES IN LEWISHAM Square Roots Lewisham is a new Shared Ownership development designed to support a balanced modern lifestyle. It comprises an exclusive collections of 141 one, two and three-bedroom apartments, all located just a seven-minutes walk from Lewisham Station. PERFECT POSITION Excellent rail and DLR connections are within easy walking distance, offering fast and convenient journeys into central London and providing access to the capital's diverse cultural, retail and leisure destinations. YOUR HOME, YOUR WAY Lying next to the Ravensbourne River, every home will benefit from a private balcony or terrace. Residents on the upper floors will have views across the famous London skyline whilst others will look out onto newly-landscaped gardens below. For more information, please speak to our Sales Executives BOOK YOUR APPOINTMENT Square Roots Lewisham Sales Suite 1 Silver Road, SE13 7BJ

Shared ownership

Shared Ownership apartments!

Spring Acres

by Hyde New Homes

Bapchild, Kent, ME9 9AD

2 bedroom apartments

From £65,000 for a 25% share
(From £260,000 Full Market Value)

New to Spring Acres, stunning apartment set around a landscaped crescent - book your appointment to view our show home now! Reserve for just £99* Beautiful 1 & 2 bedroom shared ownership apartments set around a green crescent in the heart of the community. Speak to our expert sales team and find out how to get the best financial advice. Make your move with deposits from just £2,625* Marketing suite and show home viewings take place Tuesday - Saturday, 10am - 4pm, by appointment only. Life at Spring Acres A new community within a country park setting Perfect for first time buyers, young families and downsizers Excellent road links via A2, M2 and M20 Local Ofsted rated good to excellent schools Travel to London by train from Sittingbourne or Teynham stations Vibrant town centre with places to shop, eat and relax What is shared ownership? Perfect for first time and repeat buyers alike, shared ownership is a government backed scheme which allows you to purchase a home which may be out of your price range by allowing you buy to a share of a home and pay a subsidised rent on the remaining share. You can buy a 25% – 75% share of your new home. You’ll pay a mortgage on this and a subsidised rent to Hyde New Homes on the remaining share. As time goes on and your income rises, you’ll have the option to ‘staircase’ – to increase the amount you own and eventually, you can own 100% of your home, and no longer pay rent. Eligibility criteria applies. The Hyde Difference Over 90% customer satisfaction for 13 consecutive years High specification as standard Contemporary kitchen units with integrated appliances Quality flooring included Experienced in-house sales team

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: