Shared Ownership

Want to get on the ladder? Consider a RESALE

p92 Houses in a row

p92 Houses in a rowNot everyone wants to live in a brand-new home. Some would prefer somewhere more established. If you think this might be the best option for you, then a resale property bought through a shared ownership scheme could be just what you are looking for >>

Buying a home through shared ownership (part buy/part rent) is a very affordable way of getting a foot on the property ladder. You buy a share of the property and pay a subsidised rent on the share you don’t own. Over time you can buy more shares until you own 100% of the property. Shared ownership is available on brand-new properties or homes that have previously been lived in and are called resales. These properties were new once, but the owner has decided to move on and they are now selling their share.

Once you’ve found the home you wish to buy you need to contact the relevant housing association who will talk you through the application process. If your application is successful, it will guide you through the purchase process. You are also not restricted to buying just the share that the vendor currently owns. If you can afford to buy more, you will be able to do so. You may also have the opportunity to agree fixtures and fittings with the vendor.

Here are the basics:

  • You buy a share of the property with a mortgage.
  • You will pay rent for the share that you do not own. If you buy more shares, your rent will reduce.
  • You will be given a lease that will set out your rights and responsibilities as a shared owner.

‘Shared ownership is often associated with new build homes, and many people are under the impression that if there is not a new development in their preferred area, then they are unable to purchase through this scheme. The reality is that the supply of shared ownership homes is broad, and housing associations like Thames Valley Housing offer a wide range of resale properties in a variety of locations, from one bedroom apartments to four bedroom family houses. Homebuyers are often surprised to discover the diverse selection of resale properties available in their dream location at a cost that suits their budget.’

Kush Rawal, Assistant Director (Sales & Marketing), Thames Valley Housing Association,

Poppy Gray, 40, and Coco, her 17-month old daughter, have recently purchased a three bedroom resale house in Virginia Water through Thames Valley Housing. Poppy had previously rented a small apartment in Virginia Water, close to her mother’s home. However, when Coco was born with a medical condition, Poppy knew they needed a house big enough to accommodate their needs. She says: “Having already lived in Virginia Water – and with both my mother and sister nearby – I did not want to live anywhere else, but I was on a tight budget. It was only after my sister recommended shared ownership that I made enquiries into whether I was eligible.”

Poppy has brought a 50% share, and the combined cost of her mortgage and subsidised rent is just £960 per month -significantly lower than renting a similar property in the area where average rents can be £1,850 a month. She says: “I thought only new developments were available through shared ownership, but when it was explained to me that shared ownership is also available on resale homes, I was amazed to find one that suited us perfectly.”



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