Test Valley · Shared Ownership Resale
Share percentage 45%, full price £272,500
West Suffolk · Shared Ownership Resale
Share percentage 55%, full price £255,000
No – this is a common misconception but the ‘shared’ aspect of the scheme simply means you’re sharing ownership of your home with a housing association.
If you decide to buy a Shared Ownership home, you’re effectively purchasing a portion of your property. Your initial share will usually be between 25% to 75%, paying a mortgage on the part that you own and a below market value rent on the remaining share.
As a home-buying product aimed at helping those who can’t afford to purchase a property on the open market, there are certain requirements that buyers will need to meet to be considered eligible for Shared Ownership.
For example, there are caps on household income which means that you must earn less than £80,000 to be eligible for the scheme – or less than £90,000 if you would like to buy a home in London. The criteria also states that buyers must be at least 18 years of age and do not own another property either in the UK or abroad.
All Urban Moves properties are listed here. Should we not have something you are looking for then Share to Buy lists thousands of Shared Ownership homes all across the country – including new build properties and those available through resale. Shared Ownership is available on a variety of homes including cosy studios, stylish apartments and traditional family homes. Check out our property search tool to start looking for your new home today!
Shared Ownership is available on a variety of homes including cosy studios, stylish apartments and traditional family homes. Check out our property search tool to start looking for your new home today!
Yes – Shared Owners can choose to buy additional shares in their property by ‘staircasing’.
When buying a Shared Ownership home, you will initially purchase a minimum percentage somewhere between 25% to 75%. Down the line, if you find that your financial circumstances have changed, buyers will have the option to buy more shares.
If you choose to buy a higher percentage, your mortgage repayments will increase while the rent you pay will decrease. In the majority of cases there aren’t any restrictions and you can buy 100% of your home – in this instance, you would become the outright owner.
Shared Ownership properties enable you to put down a smaller deposit compared to those required on the open market – buyers will usually need to put down 5% to 10% of the share that they’re buying, rather than the full market value of the home.
On a monthly basis, buyers will be required to pay their mortgage, a subsidised rent and service charge on their home, however, these repayments often work out cheaper than or equal to renting privately in the same area. Other costs to consider when buying a home include solicitor and mortgage broker fees – you can find out more about these costs here.
You will first need to inform them you intend on selling, each housing association has a slightly different process, you will need to obtain a RICS valuation, ensure you have an in date EPC and complete various forms for your housing association. Urban Moves works with many housing providers and if we have an agreement with your housing association they will contact us once you have submitted this information. For housing associations we don’t have agreements with if you have already been through this process and they have released you from their nomination period you can come straight to Urban Moves.
We will require the following information in order to provide you with a free no obligation quote:
If you proceed we will let you know what information we require from you in order to sell your property. Contact Us
We understand the need for peace of mind when you are buying or selling a property that you are getting the best advice to assist you.
With decades of experience in selling shared ownership properties, we have put together panels of trusted Surveyors, Mortgage Advisors and Conveyancing Solicitors to assist buyers and sellers with their respective purchases/sales.
Merlin House is an excellent example of some of the properties available as Shared Ownership Resales. Located in Suffolk with parking, good environmental impact ratings, close to Stowmarket Railway Station. Properties like Merlin House are a great way to get on the property ladder.
