Shared ownership houses for sale | What is shared ownership?

How does it work?

Eligibility

Staircasing

Considerations

Shared ownership houses

Shared ownership

Haddon Fields

by Cross Keys Homes

Great Haddon, Cambridgeshire, PE7 7AD

2 bedroom houses

From £130,000 for a 50% share
(From £260,000 Full Market Value)

The Great Haddon development is located in the southern suburbs of Peterborough in the village of Yaxley. Provision has been made for retail space, new primary and secondary schools, community facilities and more than 132 hectares of open space. Built by Countryside partnership's, Cross Keys Homes will be providing 66 shared ownership homes on the development, comprising of two and three bedroom homes. They are built to a modern specification and have something to offer everyone, from individuals, growing families & those looking to downsize.

Shared ownership

The Key at Wood Green

by ISHA

Wood Green, Greater London, N22 6FA

2 & 3 bedroom apartments

From £126,250 for a 25% share
(From £505,000 Full Market Value)

A development of two impressive apartment buildings set around a central communal garden, located in the heart of vibrant Wood Green

Shared ownership

Exclusive incentives*

L&Q at Marleigh

by L&Q

Cambridge, Cambridgeshire, CB5 8AA

2 bedroom apartments

from £98,125 for a 25% share
£392,500 Full Market Value

Reserve a selected Shared Ownership home between the 1st - 31st March and receive a £2,000 One4All voucher, plus your new home will come fully furnished at no additional cost* Don't miss out - Final home remaining is ready to move into now.L&Q at Marleigh offer a collection of 2 bedroom apartments in the beautiful sought after city of Cambridge. This brand new development is situated just under 3 miles from the city centre, meaning residents are close to local amenities, whilst surrounded by open green spaces to enjoy.Available exclusively through L&Q's popular Shared Ownership scheme, these properties are perfect for first time buyers and growing families. All of the Shared Ownership homes will be finished to a great specification throughout with contemporary new kitchens and bathrooms and allocated parking spaces with every home. Plus, all master bedrooms come with an en-suite for added privacy!About the development Marleigh is set to provide residents with a primary school, sports pitches, a community centre, a market square, as well as green open spaces, public parks, woodland walks and allotments gardens. The community will have everything they need for daily life right on their doorstep along with plenty of open space to enjoy, offering residents the best of both worlds.Register your interestRegister your interest to be kept up to date with the latest information on the development.Please note all applicants are required to register with L&Q for Shared Ownership.*Images depict L&Q show home photography. Photos are for illustrative purposes only and may not represent a true likeness for the individual units being sold.L&Q terms and conditions apply. *Incentive terms and conditions apply. Offer is available on selected Shared Ownership properties only. Incentive amount is based on the property type and development. The total value of the incentive is capped as a one-off sum which will be made available by way of deduction from monies due at completion or the specified voucher or code - no cash payment will be made by L&Q to a purchaser. For full terms and conditions visit lqhomes.com/terms-and-conditions. Shared Ownership terms and conditions apply. Prices start from £98,125 for a 25% share of a 2 bedroom apartment at L&Q at Marleigh. Full market value of £392,500. 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: