Shared Ownership Houses for Sale

How does it work?

Eligibility

Staircasing

Considerations

Shared ownership houses

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

Green Oaks

by Linden Homes

Quedgeley, Gloucestershire, GL2 2FY

3 bedroom houses

£167,500 for a 50% share
£335,000 Full Market Value

ð" What3words: ///twist.define.votes

Shared ownership

Montgomery Place

by LSL Land & New Homes

Market Drayton, Shropshire, TF9

3 bedroom houses

From £142,500 for a 50% share
(From £285,000 Full Market Value)

***£1000 towards legal costs and moving fees. Offer ends 28th February*** **Open Day 1st March 10am-4pm** Asking price £142,500 for 50% share, based on full market value of £285,000 A well-proportioned three-bedroom home featuring a spacious kitchen/dining area with double doors leading out to the garden. The ground floor is complete with a generous-sized living room. Upstairs is the main bedroom featuring an en suite, two further bedrooms and a family bathroom. Historic and friendly, Market Drayton is a true market town in the heart of Shropshire as well as a great base for exploring the neighboring counties of Staffordshire and Cheshire. The area is rich in famous gardens, heritage sites and canals, with examples such as the five lock flight at Tyrley on the Shropshire Union canal under an hour away on a scenic stroll. The historic streets feature half-timbered buildings, Georgian homes and Victorian works all rubbing shoulders around the Buttercross market, just the place to try the local beers brewed in the town from spring water, perhaps try the famous Gingerbread or some of the plentiful of organic food grown in the area. For those of a more adventurous spirit, there is a thriving nightlife of live music in the town’s many pubs.

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: