Shared ownership houses for sale | What is shared ownership?

How does it work?

Eligibility

Staircasing

Considerations

Shared ownership houses

£1,000 towards legal fees on apartments

Orbit Homes at Hermitage Park

by Orbit Homes

Maidstone, Kent, ME16 9FS

1 & 2 bedroom apartments

from £70,000 for a 25% share
£230,000 - £280,000 Full Market Value

About Orbit Homes at Hermitage Park Introducing Orbit Homes at Hermitage Park, an exceptional new development in Aylesford, Kent, offering a selection of 1 & 2 bedroom apartments and 2, 3 and 4 bedroom houses. Nestled in the picturesque “Garden of England," Hermitage Park combines modern living with the charm of a historic village setting. Aylesford is a vibrant village situated on the banks of the River Medway, renowned for its rich history and scenic landscapes. Residents can explore the beautiful North Downs, with walking trails like the North Downs Way offering stunning views and outdoor activities. The village centre provides a range of local amenities, including shops, traditional pubs, and eateries, fostering a strong sense of community. Hermitage Park is strategically located under five miles from Maidstone town centre, ensuring easy access to a wider array of shopping, dining and entertainment options. Commuters will appreciate the excellent transport links, with Barming Railway Station nearby and Junction 5 of the M20 motorway just over a mile away, facilitating convenient travel to London and the Kent coast. Whether you're a first-time buyer, a growing family, or looking to downsize, this development provides the perfect blend of rural tranquillity and urban convenience.

Shared ownershipGreen features

Lewisham

by Square Roots

Lewisham, Greater London, SE13 7BJ

1, 2 & 3 bedroom apartments and 2 bedroom duplexes

£103,750 - £172,500 for a 25% share
(£415,000 - £690,000 Full Market Value)

A place to call home, Square Roots Lewisham truly offers the perfect work-life balance. Discover the exclusive collection of 141, one, two and three bedroom apartments and duplexes just a 7-minute walk from Lewisham Station. The easily walkable train and DLR rail links provide a swift hop into the heart of London, connecting you to all the cultural highlights of the capital. 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. Move in from this spring

Shared ownership

Holdingham Grange

by Sage Homes

Sleaford, Lincolnshire, NG34 8JG

2 & 3 bedroom houses

£90,000 - £117,500 for a 50% share
(£180,000 - £235,000 Full Market Value)

2 & 3 bedroom homes available now on the Shared Ownership scheme. Register your interest today! A new development on the edge of a friendly market town, with excellent transport links across Lincolnshire. Between Boston and Newark-on-Trent, on the outskirts of Sleaford, stands Holdingham Grange. You can easily reach Leicestershire, Cambridgeshire, Nottinghamshire, and Norfolk from this rural area of southern Lincolnshire. Sleaford is pleased to be the location of the National Centre for Craft & Design in addition to all the other neighbourhood stores and services. This creative centre attracts tourists, which has had a very favourable ripple impact on the town's economy. The Lincolnshire Fens present a distinctive environment and natural habitat to discover right on your doorstep when you're out and about. The stunning Norfolk Coast provides a change of scenery from Skegness, Lincolnshire's well-known coastal town, and makes a great day out! Local Area Information Local area information The town's well-respected secondary schools – Kesteven and Sleaford High School, St George's Academy and Carre's Grammar School - have all been rated 'Good' by Ofsted. There are several primary schools; Sleaford Church Lane, St Botolph's CE and William Alvey CE School, as well as nurseries and day-care facilities. You name it, Sleaford has it. The town is big enough to offer a wide variety of leisure activities - Athletics, golf, football, rugby, and bowling. The River Slea is another local feature, as is the town's great recreation centre. A fully operational mill, Cogglesford Watermill will give your stroll along the riverfront a historical flavour. The main road connections in the area, such as the A15 and A17, are quickly and easily accessible from Holdingham Grange. Sleaford also has a train station, just 6 minutes drive from the development. From there, East Coast mainline services will take you to London King's Cross in about 1 hour 15 minutes. Trips to Grantham and Lincoln are a 30-minute train ride away. Peterborough and Doncaster are also on the schedule. The train ride to Skegness takes around an hour, perfect for a day at the beach. Key Features - Close to local amendities - NHBC Warranty - Allocated parking - Semi detached homes - Ample storage space - Flooring throughout

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: