Shared ownership is a scheme where tenants can buy a proportion (usually 30%) of a new home with a mortgage, and pay rent on the rest. It is also known as part rent/part buy. Over time, you can buy more of the property until you own 100%, which is known as ‘Staircasing’.
Shared Ownership is usually available to the following people:
- First Time Buyers (if they would be unable to afford to buy a home normally)
- People who work in health, education and fire services, the police and local council
- People experiencing a major change in circumstances (e.g. a forced sale because of divorce/separation, overcrowding at an existing home due to a new family addition, having to care for a sick relative)
- Housing Association and Council tenants
You must be able to do the following:
- Register and apply through BPHA on keyhomes-east (you may also have to register your interest in Shared Ownership with your local council – you should register with all the necessary organisations as soon as you know you want to buy a home)
- Get a mortgage
- Show you have enough money to cover the cost of buying a home (at least £4,000)
- Show you have enough money to pay a 5-10% deposit on the property you’re buying
The scheme is not usually available to the following people:
- Those who could afford to buy a house normally or have previously owned their own home
- People who still owe their landlord or lender rent or mortgage payments
- People who can’t get a mortgage
FirstStepsLondon is an independent scheme set up by the Government to help first-time buyers, click here to find out more.
Edgar Court
Location: New Malden
Purpose built apartments in a popular residential area within easy walking distance of the town centre, close to shops, New Malden Station (Zone 4) and all amenities. Edgar Court consists of 17 one-bedroom and 12 studio apartments to lease (Crown Simmo … Read more »
Elizabeth Hart Court
Location: Weybridge
Attractive, converted Edwardian house, plus modern extensions comprising 18 one-bedroom apartments available to lease. Set in a large corner plot in a pleasant residential area, it is within walking-distance of Weybridge town centre and all amenities. … Read more »
Gunters Mead
Location: Esher
Located mid-way between Esher and Oxshott; Gunters Mead comprises 65 attractive one and two-bedroom apartments available to lease (Crown Simmons own between 10% and 20%). The scheme is set in six acres of beautifully landscaped, communal gardens and be … Read more »