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Shared Ownership Houses

What does shared ownership mean and how do I find housing association shared ownership houses near me?

Learn how you can part buy part rent a property with shared ownership

Shared ownership is a home ownership scheme. There is housing association shared ownership as well as private providers offering it. If you are first time buyers, or you have owned a property before but no longer do so, you could be eligible to get your foot on the property ladder. Part buy part rent with a shared ownership home.

Shared ownership in a nutshell

Let us help you find shared ownership houses to part buy part rent with a housing association

We have seen some incredible housing association shared ownership properties in our time. Believe us when we say that it really does mean being able to part buy part rent a beautiful, hassle free shared ownership home. Like help to buy it’s a tenure that helps people buy a home affordably.

You are probably aware of help to buy. Perhaps you have heard about shared ownership, or part buy part rent, but you’re not quite sure how it all works? Or you’ve landed on this page because you are thinking about a part ownership property, but want to know more.

Shared ownership offered by housing associations and private operators

Shared ownership is a different type of scheme to help to buy. Housing associations typically offer shared ownership, but private providers are now offering this tenure. Put simply, shared ownership means that you are buying a share of between 10% – 75% of a property. Therefore, you pay rent on the remaining share which is usually owned by a housing association. Each month you pay a combination of mortgage and rent. There is an option to purchase more of the property as your finances increase over time meaning you could eventually own the property outright.

For some, the combined mortgage and to pay rent for their shared ownership home is less than the rent they are currently paying. It is seen as an affordable option to buy a home.

Many are new homes and are purpose built new build properties. So there is no need for large renovation costs or repairs. You will honestly be pleasantly surprised by what is on offer.

Ready to start your search? What are you waiting for??! Start your search and prepare to be stunned by the housing association shared ownership part buy part rent properties available. Find your shared ownership new home or resale properties today.

If you would like to learn more about how to buy a home with shared from housing associations and other affordable housing providers before heading off, have a read below…

Am I eligible for shared ownership?

To be eligible to for shared ownership part buy a home your our combined household income must be less than £80,000 (in London, it’s less than £90,000). Because the shared ownership scheme is aimed at first time buyers, last time buyers called older people’s shared ownership as well as those who may have had a relationship breakdown looking to get their own place.

Do I need a shared ownership mortgage?

As with any property purchase, you will need to take out a mortgage to pay for your share of the home’s purchase price. Shared ownership mortgages are a specialist mortgage product and not always available from the high street banks.

Will I need a deposit for a shared ownership mortgage?

You will most likely need a 5% deposit on your share of the property. So, this will depend on the shared ownership lender. You will need to seek professional financial advice.

Is the rent paid on shared ownership expensive?

The rent charged is usually less than rent on the open market and usually calculated at 2.75% of the property value per annum. Therefore, you need to do your sums to see if it is a viable option for you.

Do I need to pay stamp duty and solicitors fees for shared ownership?

You will still be liable for all the normal house buying administrative costs such as stamp duty, shared ownership solicitors fees and moving fees etc should you proceed to part buy part rent one of these homes. Stamp Duty tax can generally be deferred until your share reaches 80%.

Can I buy a bigger share of my shared ownership home?

You can increase the shares that you own as you can afford to do so, a process known as ‘staircasing’. So in most cases you can buy 100% and own the property outright, however you need to check this with the housing association or private operator. Please be aware that valuation fees occur when buying additional shares.

Are shared ownership properties freehold or leasehold?

Shared Ownership part buy part rent properties are always leasehold. Find out more about shared ownership leasehold and how it works.

Which housing associations build the most shared ownership homes?

According to the 2021 Top 50 biggest builders survey by Inside Housing, housing associations developing the most affordable home ownership schemes include Clarion, L&Q and So Resi (Metropolitan Thames Valley).

If you still need more information, take a look at our detailed ‘Shared Ownership: All you need to know’ page, we also have a dedicated Help section.  If you can’t find what you are looking for get in touch and one of our helpful team members will be in touch.

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