Shared ownership houses for sale | What is shared ownership?

How does it work?

Eligibility

Staircasing

Considerations

Shared ownership houses

Shared ownership

Redwing Court

by Bairstow Eves

Hendon, Greater London, NW9 6GU

1 & 2 bedroom apartments

From £88,125 for a 25% share
(From £352,500 Full Market Value)

Square Roots Hendon is setting new standards in Shared Ownership. Stylish developments with a high quality finish and specification with communal gardens and roof terraces. Square Roots Hendon comes with exceptional customer care giving you peace of mind after you have moved in. Square Roots Hendon is a development of 236 Shared Ownership apartments within 4 separate blocks, creating a community within a community all within a short walk of Hendon Thameslink Station, allowing fast access into London and beyond. A selection of 1 & 2 bedroom spacious apartments are available in Redwing Court, the first phase to be released. Designed with modern living in mind, the apartments are spacious with lots of natural light and all come with private balconies or patios. Ready to move into, please contact us to make an appointment.

Shared ownership

Upper And Lower Fosters

by Barnard Marcus

Barnet, Greater London, NW4 2AA

2 bedroom maisonettes

From £182,000 for a 35% share
(From £520,000 Full Market Value)

LAST PLOT AVAILABLE! Start building your future at Upper & Lower Fosters. A beautiful collection of one, two & three bedroom apartments. Situated in historic Hendon, only 10 minutes' walk from Hendon Central Station & 6 minutes' drive from Brent Cross shopping centre. Each apartment's features award winning Symphony kitchens, elegant bathrooms and 10 year build warranty. These stunning apartments boast an array of modern features and are finished to the highest of standard. Offering underfloor heating, award winning kitchens with integrated appliances, modern bathrooms / en-suites and private terraces. Upper & Lower Fosters is an ideal residential area for young professionals & budding families, these energy efficient apartments are a stone's throw away from a vibrant high street. You'll also find great options for schools including Hendon School, Ofsted-rated 'Good' Middlesex University is also on your doorstep. These apartments are also set among green natural spaces, new play areas and useful amenities, along with being walking distance to Hendon Central Station.

Shared ownership

Edgware Parade

by Sovereign Network Group

Edgware, Greater London, HA8 7GD

1 & 2 bedroom apartments and 3 bedroom duplexes

£81,250 - £166,875 for a 25% share
(£325,000 - £667,500 Full Market Value)

Edgware Parade, a collection of 1 and 2 bedroom apartments plus 3 bedroom duplex apartments available through Shared Ownership. To support you, we’re offering up to £500 towards legal fees when you use our recommended solicitors. The development’s ultra-convenient central location, is a stone’s throw from Edgware tube station, offering easy access to central London, whilst boasting a diverse array of eating, shopping, and leisure experiences right on your doorstep too. A great place to effortlessly live life to its full potential, with the very best of urban living design. In addition to private outdoor spaces for every home, landscaped communal gardens are a perfect antidote to a busy lifestyle. There are also plentiful green spaces and countryside nearby, excellent schools, a vibrant community and regeneration in the London Borough of Barnet, making Edgware a highly sought-after, long-term postcode to call home.

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: