This scheme (also known as Part Buy, Part Rent) might be for you if you can’t quite afford to buy 100% of a home, by giving you the chance to buy a share (between 25% and 75% of the home’s value) and pay rent on the rest.
Shared Ownership Properties
If you are looking for new homes to developments that are eligible for the scheme, search through our listings of developments below.
Buy a New Home With L&Q
L&Q is one of the UK’s top housing associations as well as being one of the leading residential developers in the Capital. They own and manage more than 70,000 properties in London and the South East. Find your home with L&Q here
Search Shared Ownership Developments:
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SHARED OWNERSHIP From £92,000 | MORE INFO |
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SHARED OWNERSHIP From £128,000 | MORE INFO |
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25% SHARE FROM £69,375 From £277,500 | MORE INFO |
Frequently Asked Questions
What is the Eligibility Criteria?
If you see a development you are interested in, within our listings, you'll need to know whether you are eligible for the scheme, and there are a few factors used to determine this. The scheme is available if you are in a household earning £80,000 a year or less (£90,000 in London), if you are a First Time Buyer, or if you used to be a homeowner but you can no longer afford to buy a property.
If you are aged 55 or over, you can get help from the Older People's Shared Ownership scheme. Once you own 75% you won’t pay rent on the rest.
If you have a long term disability, you can apply for home ownership for people with a long-term disability (HOLD) if other Help to Buy scheme properties don’t meet your needs. With this scheme you can buy up to 25% of your home. If you’re disabled you can also apply for the general shared ownership scheme and own up to 75% of your home.
How Much of the Home Would I Own?
If you are eligible under the scheme, you purchase between 25% and 75% of the value of the property. You will need a deposit and a mortgage to pay for the share of the house that you want to buy. The remaining share is owned by a housing association, and you will pay rent comprising up to 3% of this amount. You can buy additional shares in the property over time until you own it outright - known as staircasing - but you can only increase your share in minimum tranches of 10%.
Although the housing association may have shares of up to 75% 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, which will be charged on a monthly basis. It is a good idea to ask how much the service charge might be before you sign on the dotted line.
How Do I Find Out More About Purchasing a Shared Ownership Home?
To buy a home through a Shared Ownership scheme contact the Help to Buy agent in the area you want to live. You can also find out more on the Government's Help to Buy website.