Shared ownership houses for sale | What is shared ownership?

How does it work?

Eligibility

Staircasing

Considerations

Shared ownership houses

Over 85% sold!

Cavalier Court

by Legal & General Affordable Homes

Gillingham, Kent, ME4 4RX

1 & 2 bedroom apartments

£54,250 - £66,500 for a 25% share
£217,000 - £266,000 Full Market Value

OVER 85% SOLD!Home of the week event | Saturday 6th SeptemberJoin us on Saturday 6th September from 10am - 4pm for our open day and explore our home of the week, available with Shared Ownership with a deposit starting from just £3,113*. Bookings are by appointment only, visit our website to secure your place.Where tranquil waterfront living meets town livingOverlooking the historic Chatham Docks, this new collection of 1 and 2 bedroom Shared Ownership apartments brings an exciting new community in Gillingham, a town well known for its rich maritime history.Cavalier Court is perfect for commuters, with Gillingham Station only a 20 minute walk away, offering regular trains into London St Pancras and London Victoria in under an hour. Living here, you'll be within walking distance to a range of local amenities, green open spaces and a beautiful new waterfront boulevard, perfect for a walk or jog along the water's edge.Each home has been built around your lifestyle including modern, open plan living areas that are full of natural light. Kitchens are streamlined and well equipped, with a range of integrated appliances, a freestanding washer/dryer to the utility cupboard and access to beautiful landscaped communal gardens. Private balconies and parking are available with selected homes.With a bustling high street and town centre, Gillingham has a variety of shops, equipped with essentials for everyday living including The Pentagon Shopping Centre. With over 70 high street favourites, the centre is a great place to splurge, grab a bite to eat or stop for a coffee.Homes at Cavalier Court are ready to move into now.For more information, please register or contact our Sales Consultant who will be delighted in helping you find your new home.Key Features:Indesit electric single oven, ceramic hob and integrated cooker hood Indesit integrated fridge/freezer Indesit freestanding washer/ dryer to utility cupboardBalcony to selected apartmentsParking to selected apartmentsClose to a range of local amenitiesGreen open spaces just a stone's throw awayGreat transport connectionsRegular trains to London in under an hourNHBC 12-year build warranty WHAT IS SHARED OWNERSHIP?Shared Ownership offers you the chance to buy a share of your home (typically between 25% and 75%) and pay rent on the remaining share. Later on, you could buy more shares of your new home when you can afford to and, if you chose, own the property outright. Monthly costs to purchase a home via Shared Ownership are generally less than purchasing outright or renting, making it a fantastic option to get onto the housing ladder.ELIGIBILITY CRITERIA:To be eligible for a home at Cavalier Court, you'll need to:Have a combined household income under £80,000 per annumNot already own a property, or part of a property, at the time of completing on your purchaseBe unable to purchase a suitable home to meet your housing needs on the open marketHave a minimum of £5,000 to cover the costs of buying a homePriority will be given to applicants with a living or working connection to Medway Local AuthorityIf you don't meet the eligibility criteria for this development, you may still qualify for a shared ownership purchase at one of our others, so take a look at our website for more information.For more information, please register or contact our Sales Consultant who will be delighted in helping you find your new home.Council Tax: TBCCouncil tax bands are often not released until the property is complete. If you need any guidance, please get in touch with our Sales Consultants otherwise the local authority or the developer may be able to help.

Shared ownership

SO Resi Peckham

by SO Resi

Peckham, Greater London, SE15 1NL

1, 2 & 3 bedroom apartments

From £106,250 for a 25% share
(From £425,000 Full Market Value)

SO Resi Peckham is a collection of contemporary 1, 2 and 3 bedroom apartments nestled within a beautifully designed development on the ever-evolving Old Kent Road. Bordering Brimmington Park, with its outdoor gym, walking trails and playpark, and with coffee, groceries and outdoor space just downstairs, this is more than contemporary urban housing. It’s a place with an unobtrusive sense of community built in. Welcoming, convenient and grounded – modern Peckham through and through. SO Resi Peckham is a car free development. Residents will not be eligible for a parking permit.

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

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: