Shared ownership houses for sale | What is shared ownership?

How does it work?

Eligibility

Staircasing

Considerations

Shared ownership houses

Shared ownership

Sage Homes @ Meridian One

by Sage Homes

London, Greater London, N18 2DX

1 & 2 bedroom apartments and 2 bedroom duplexes

£88,750 - £139,375 for a 25% share
£355,000 - £557,500 Full Market Value

Exclusive Offer Reserve a 1 or 2-bedroom apartment at Meridian One and enjoy savings of up to £2,730 on our furniture pack incentive. Terms and conditions apply. Contact our agents for more information. Presenting this collection of brand-new apartments at the popular Meridian One development. Brought to you by Countryside Homes in partnership with Enfield Council, Meridian One boasts a selection of 1 & 2-bedroom apartments located in the London Borough of Enfield. Meridian One shows off as North London’s newest and most upcoming place to live. World-class public spaces, dynamic places to work, not to mention a wealth of nature – convenient access to the edge of Lee Valley Regional Park as well as on-site skate park, community garden and playground! Forming part of the first phase of Meridian Water’s regeneration plan, Meridian One will create up to 1,000 new build apartments in North London, a new station square, plus a host of shops, leisure facilities and recreational spaces. Local Area Information Popular leisure attractions, shopping facilities, and country parks are within a close reach of the development. Edmonton Green shopping centre is just 1.5 miles away, only a 6 minute drive. A mix of high street stores and independently run amenities are easily accessible here. Meridian Water train station is a 10-minute walk from the development and services the Lea Valley Line. Meridian Water provides commuters with direct access south towards Stratford and London Liverpool Street. To the north, the station connects to Stansted and Cambridge. North Middlesex University Hospital is also close by. Accessible by car in 6 minutes, or via public transport in just 17! Meridian One is also spoilt for choice with options for education. An abundance of 'good' Ofsted rated schools are less than 1 mile away. Key Features -Sought after location -1 & 2, bedroom apartments -Local amenities -Lift access -Underfloor heating -Integrated appliances -White goods included -Three piece bathroom

Shared ownership

Herons Quarter

by VIVID

Warsash, Hampshire, SO31 9LY

1 bedroom apartments and 1 bedroom maisonettes

From £47,500 for a 25% share
(From £190,000 Full Market Value)

Apply now for brand new 1 bedroom apartments and maisonettes now available at Herons Quarter, Warsash! We will also soon have brand new 3 bedroom houses coming soon. Click here to join our mailing list and be contacted when these become available to apply for! View Brochure

Shared ownership

Swandon Gardens

by PA Housing

Wandsworth, Greater London, SW18 1FW

1 & 2 bedroom apartments

£123,750 - £167,500 for a 25% share
£495,000 - £670,000 Full Market Value

With an eye-catching, modern exterior and a full range of 1and 2-bed Shared Ownership apartments on offer, Swandon Gardens is a hugely attractive development for singles, couples, professionals and families.Each open plan home enjoys comfortable, contemporary and carefully considered interiors including sleek kitchens and stylish bathrooms.Update - You are no longer required to have a connection to either live or work in the Borough of Wandsworth in order to buy a Shared Ownership home at Swandon Gardens.Now Offering Three months Rent & Service Charge paid for! T&Cs apply. Please ask our Sales Executives for more information.

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: