What is a resale home?
When one of our Leaseholders wants to move on, we will offer their Shared Ownership home to others who want to buy through the scheme. It's much the same as buying one of our new build homes, with the added benefit that you'll be able to see exactly what you're buying and the flexibility to negotiate the move in date with the seller to suit you both!
We only list our resale properties on Share To Buy. Take a look at the listings of all our available resale homes and see if there's a home for you here.
You'll be able to buy the resale home at the same share the current owner has or a higher share if the lease permits, this is known as staircasing. Please speak with an Independent Financial Advisor to complete your free financial assessment and check your affordability for Shared Ownership. You can find a list of mortgage advisors we have previously worked with here.
What is Staircasing?
Staircasing is the process of purchasing more shares in your Shared Ownership property. You can buy a minimum of 10% at a time and often purchase 100% of the property to become an outright owner if the lease permits.
What happens if I want to sell my Shared Ownership property?
For the first 8 weeks Notting Hill Genesis will try and find a buyer for your home as per the terms of your lease. This helps other prospective purchasers get a foot on the property ladder and be able to purchase a Shared Ownership home just as you did! You contact us via the link below once you have a valuation, we will arrange a photographer to get some photos of your property in it’s best light and market it on Share To Buy. For more information please see our step by step Resale guide.
Am I eligible for Shared Ownership?
The general eligibility criteria set by the Government for Shared Ownership is as follows:
- You must be at least 18 years old.
- Outside of London your annual household income must be less than £80,000.
- In London, your annual household income must be less than £90,000.
- You cannot own another home. Shared Ownership purchasers are often first time buyers but if you do already own another property (either in the UK or abroad), you must be in the process of selling it.
- You should not be able to afford to buy a home suitable for your housing needs on the open market.
- You must show you are not in mortgage or rent arrears.
- You must be able to demonstrate that you have a good credit history (no bad debts or County Court Judgements) and can afford the regular payments and costs involved in buying a home.
- If you are not a first time buyer, you must be able to evidence you have secured a buyer for your current property.
You should have savings or be able to access at least £4,000 to cover the costs of buying a home. This is a guideline figure – the actual amount may vary.
In regards to a deposit, you will generally need between 5-10% of the equity share that you are purchasing.