Shared ownership houses for sale | What is shared ownership?

How does it work?

Eligibility

Staircasing

Considerations

Shared ownership houses

Shared ownership

Sterling Gardens

by Gascoigne - Pees

Newbury, Berkshire, RG14 5RQ

1 & 2 bedroom apartments

From £56,250 for a 25% share
(From £225,000 Full Market Value)

Welcome to Sterling Gardens, an impressive new development of one- and two-bedroom apartments set around private gardens. This contemporary development benefits from secure allocated parking and is ideally located close to the town centre. These modern-day apartments have been thoughtfully designed and are light, airy and stylish. They feature state of the art appliances and fittings throughout providing a feeling of elegant sophistication. The large open plan living area looks out to the stunning residents’ gardens and boasts stunning views over Newbury and the wider countryside making it the perfect place to entertain family and friends. The individually designed contemporary kitchens features Bosch appliances and bring a chic feel, exuding style. The fully fitted symphony kitchen features handleless cupboards and under unit LED lighting. Beautiful bedrooms are a haven of peace for relaxing and unwinding at the end of a busy day. The main bedroom features mirrored fitted wardrobes with shelving and hanging rail. Elegant bespoke bathrooms have luxury features and are complemented by chrome fittings, natural finish floors, wall tiles to create a serene space and heated chrome towel rail. Newbury is steeped in history and surrounded by some of the UK’s most outstanding countryside providing the perfect mix of vibrancy and relaxation with a fresh, rural feel. This fabulous location and combination of market town ambience with a wealth of retail and leisure opportunities makes Newbury a sought-after location. On your doorstep you have spectacular surroundings including a vibrant arts scene, fine fining to shopping. Big brand names sit side by side with small independent shops and boutiques offering hidden gems, so you never have to venture far. There’s a bi-weekly market and monthly farmers and artisan market with locally sources goods, a must have for any foodie. Once you’ve shopped until you can drop you can relax is one of the many local bars or cafes. Newbury is nestled between the North Wessex Downs and Berkshire Downs in an Area of Outstanding Natural Beauty. An extensive network of public footpaths ensures that within minutes of leaving the town centre you can be immersed in rolling countryside and woodland retreats. Cycle along the towpaths or take the easier option of a relaxing narrowboat trip along the Kennet and Avon Canal. Sterling Gardens offers an easy commute to Reading, London, Oxford, Swindon and Basingstoke making it perfectly located for work and leisure. There are excellent transport links by rail, car, bus and cycle paths. Newbury Station and Newbury Racecourse Station are within nearby walking distance where the journey time to London Paddington is just over 40 minutes. Gatwick, Heathrow, Luton, Stanstead, Southampton and Bournemouth Airports are all within easy reach meaning at Sterling Gardens style, connectivity and relaxation go hand in hand. Key features include: • High-qualify full height double glazed windows • Amtico flooring • Videophone door entry system • TV/ Sky Q provision/ BT fibre broadband point • Architecturally and ecologically designed courtyard garden designed to enhance biodiversity • Private balcony or terrace to every apartment • Lift access • Bike storage spaces available • Car parking spaces available • 10 year build zone warranty cover *The Shared Ownership scheme is a Part Buy, Part Rent way of owning your own home for a smaller upfront payment. With Shared Ownership, you buy a share of your home using a mortgage from a bank or building society and pay a subsidised rent on the share you did not purchase. The combined mortgage and rent is usually less than you’d expect to pay if you bought a similar property outright. When you’re ready, you can buy more shares until you staircase to owning 100% of your home. In order to qualify for the shared ownership scheme the household income must be less than £80,000 a year and you can’t own another property (unless Sold Subject to Contract). Please note, as a Shared Ownership purchase there are likely to be additional legal fees during the conveyancing process, your solicitor can advise you of these. Disclaimers o Rent on the unsold share is charged at 1.75% for the first year. For exact costings, please speak to an independent financial or mortgage advisor. o Deposits start from 5% of your chosen share value and depends on lender and product availability. o Typically shares up to 75% are available depending on your affordability. Please speak to a member of team for more information o Please note images used in this listing are for illustration purposes and are not exact to the property. o EPC and Council Tax Bands are to be determined as new builds. **Car parking will be £30 annually

Shared ownership

Herons Lake

by Abri Homes

Theale, Berkshire, RG7 5JQ

2 bedroom apartments and 2 bedroom houses

£136,000 - £148,000 for a 40% share
£340,000 - £370,000 Full Market Value

Herons Lake is a new collection of two, three and four bedroom homes offering Shared Ownership in Reading. Nestled in the charming village of Theale, these homes put everyday conveniences close at hand, from local shops and cafés to friendly pubs along the high street. Need a quick trip into town? Reading is just 15 minutes by car, with plenty to see and do. Surrounded by parks and waterside walks, Herons Lake brings a perfect balance of village calm and city connections for anyone looking to settle in the area. 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

Exclusive offers available*

L&Q at Bankside Gardens

by L&Q

Reading, Berkshire, RG2 6AB

1 & 2 bedroom apartments

£70,000 - £96,875 for a 25% share
£140,000 - £193,750 for a 50% share
£280,000 - £387,500 Full Market Value

Reserve a Shared Ownership home between 13 July - 12 September and you'll receive a £2,000 holiday voucher, plus a £99 reservation fee!*Prices start from £70,000 for a 25% share of a 1 bedroom apartment*Prices start from £82,500 for a 25% share of a 2 bedroom apartment* Now 67% sold! Register your interest to find out more. L&Q at Bankside Gardens presents a contemporary collection of 1 & 2 bedroom Shared Ownership apartments in the leafy suburbs of Reading, perfect for those looking to escape city life and embrace peaceful waterside living.Set among a network of lakes and 22 acres of open parkland, Bankside Gardens offers a peaceful setting designed for rest and relaxation. With Reading Green Park station only a 3 minute* walk away, you are able to go straight to Reading Central station, taking you out to the capital in under half an hour.** Reading town centre is also just a 7-minute drive away, providing an excellent selection of bars, restaurants and leisure facilities to enjoy.All homes feature a fully-inclusive specification, including integrated appliances, flooring, as well as private outdoor space and one allocated parking space. Residents at Bankside Garden can also enjoy access to a range of fantastic on-site amenities including a Tesco Express and The Residents' Club 51. From a concierge service and fully equipped gym to a private cinema and co-working space, everything you need for the perfect work-life balance is right on your doorstep.A fully inclusive specification at no additional costFlooring to living/kitchen areas, hallway and storage /utility cupboardCarpet to all bedrooms throughoutCommunal heating system includedPaint to all walls and ceilingsLarge aspect composite windows and doorsWasher dryer positioned in storage / utility cupboardDouble wardrobe to master bedroom with mirrored sliding doors (wardrobe)Contemporary tiled bathroomContemporary kitchen with soft close doorsand drawers and matching upstandStainless steel splash backLED pelmet lighting to wall unitsIntegrated appliances including oven, ceramic hob, fridge/freezer, dishwasher and extractor Unfamiliar with Shared Ownership?Under the Shared Ownership scheme, you part-buy/part-rent your home, making it possible for first-time buyers and families to get on the property ladder.The minimum share you can purchase is 25%, and the maximum is 75%. You will usually pay a mortgage on the part you own and a subsidised rent on the part you don't own. As your income rises, you can increase the share you own until you eventually own 100%.Register your interestRegister your interest now to find out more information and book a viewing!L&Q terms and conditions apply. *Incentive terms and conditions apply. Offer is a £2,000 TUI holiday voucher on all available homes as per the displayed pricelist. The £99 reservation fee will be returned to you at completion of the purchase by way of deduction from monies due at completion of your purchase. For full terms and conditions visit lqhomes.com/terms-and-conditions. Shared Ownership terms and conditions apply. Prices start from £70,000 for a 25% share of a 1 bedroom apartment at L&Q at Bankside Gardens. Full market value of £280,000. Prices start from £82,500 for a 25% share of a 2 bedroom apartment at L&Q at Bankside Gardens. Full market value of £330,000. Please visit lqhomes.com/shared-ownership for more information. Times obtained from Google Maps.

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: