Shared ownership houses for sale | What is shared ownership?

How does it work?

Eligibility

Staircasing

Considerations

Shared ownership houses

Shared ownership

Corner Place Shared Ownership

by Southern Housing New Homes

Bow, Greater London, E2 6HH

1 & 2 bedroom apartments

£117,500 - £155,000 for a 25% share
£470,000 - £620,000 Full Market Value

Corner Place - a collection of one and two bedroom apartments in Bethnal Green. Ready to move in now!About Corner PlaceCorner Place is an exciting new development of stylish and contemporary apartments, some are available with Shared Ownership. With a modern feel specification, our apartments benefit from kitchens designed by Champion, with a 4-in-1 instant boiling chrome kitchen sink mixer tap, massage showers set over a bath and LED downlighters to hallway, living room, kitchen and bathrooms.At Corner Place you will enjoy open plan layouts, large windows, and a spacious balcony, terrace or a winter garden to each home. If you were looking for larger open spaces, you will be able to enjoy our rooftop gardens. Some of the homes offer scenic London skyline views.Our homes are built with energy efficient designs in mind, which will ensure that the energy costs are low.For those who are looking to commute, Corner Place offers fantastic connections with Bethnal Green Overground and Underground stations minutes away. *CGIs are for illustrative purposes only. Full specification can be found in the brochure, download to find out more. New build - council tax band/property rates to be determined.Shared OwnershipDid you know the key benefits of Shared Ownership?Low deposit - you only pay from 5% of the share you are buying.Flexibility - you choose when you want to purchase extra share of your home.Accessibility - you can get on the property ladder quicker and Shared Ownership helps you get the mortgage even with a lower salary. Monthly costs can also work our cheaper than renting privately - discover the availability below.Eligibility CriteriaTo be able to own a home through Shared Ownership at Corner Place, you'll need to meet the following criteria depending on your situation:Your overall household income is less than £90,000You are unable to purchase a suitable home to meet your housing needs on the open marketYou do not already own a home or you will have sold your current home before you purchasePriority will be given to those that work or live in the borough Register your interest and book a viewing to find out more!

Shared ownership

Older Person's Shared Ownership

The Maples

by Sanctuary New Homes

Lichfield, Staffordshire, WS13 8GS

2 bedroom bungalows

£122,000 for a 40% share
£305,000 Full Market Value

Available Now! Sanctuary is delighted to present The Maples, a brand-new collection of 2-bedroom bungalows for Older Person's Shared Ownership sale, in Lichfield. This brand-new residential development located in the quiet village of Streethay, Staffordshire - less than a mile away from the historic city of Lichfield is exclusively available for people aged 55+, via  Older Person's Shared Ownership sale. The Maples offers a countryside setting within easy reach of the town centre, making it an ideal location for those looking for a peaceful yet convenient lifestyle. Bungalows are thoughtfully designed and finished to the highest specification, providing comfort and style. Residents will also have free access to a gym on-site at Blackberry Court, as well as access to excellent communal facilities including a restaurant, community garden and hair salon. Older Person's Shared Ownership (OPSO), is an affordable option for those looking to own their home. Under this scheme, you can purchase between 10% and 75% of the home's open market value, paying no rent on the remaining share when you purchase 75%. Please note: all plots are advertised at a 40% share for advertising purposes only. A monthly service charge of £388.14pcm applies

Shared ownershipRetirement

Sweden Lane

by Rooftop Housing Group

Beckford, Worcestershire, GL20 7AQ

2 bedroom houses

From £150,000 for a 50% share
(From £300,000 Full Market Value)

ONLY 2 PLOTS REMAINING - Plots 6 & 7 Shares available from 10% - 75%, subject to affordability assessment. Rooftop Housing are delighted to offer you the opportunity to purchase a Shared Ownership property on the outskirts of the charming village of Beckford. This development will be made up of 4 two bedroom semi-detached new homes for shared ownership. The sustainable and energy efficient homes will feature a contemporary design blending a traditional build with a modern design. Beckford is located on the borders of Worcestershire and Gloucestershire, within easy commute to the bustling market town of Tewkesbury, offering an exciting mix of traditional and modern amenities also a selection of primary and secondary schools. Situated just off the main A46 you also have the option to visit the lovely Regency town of Cheltenham offering a wealth of shops, pubs and restaurants. There are reliable transport links to the surrounding local towns. The real charm of Beckford comes from its proximity to the Cotswolds, allowing you to explore its many charming villages and beautiful countryside, with the great outdoors so close at hand, making this a highly desirable area to live and work. Viewings available subject to eligibility and affordability confirmation.

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: