The First Step in Home Ownership
Shared ownership is a great way to get on to the property ladder and start making a home.
All of our properties are new build apartments in desirable locations within stunning developments all across London.
Shared ownership allows you to:
- Get your first step on the ladder (most shared ownerships move into full ownership after their first property)
- Start out with a smaller deposit than what is required for Help To Buy or full ownership
- Get a first-time mortgage even if you're on a smaller wage.
- Staircase your ownership of the property meaning you can invest more over time to reach 100% ownership.
- Create a home of your own. You can decorate, organise and, in many cases, own pets. You do not have to share the property and you can live in your apartment as you would any other private sale property.
Beyond Help To Buy
Help to buy closed on the 31st of October 2022. We've put together a calculator to show what you could buy with your current deposit savings and household income. In many instances Shared Ownership works out cheaper per month than Help To Buy. You can try the calculator here.
Can Shared Ownership Work For You?
We want to give a helping hand to people who are priced out of home ownership. Help to Buy was a great pathway to get on the property ladder but it's not the only route. Shared Ownership is ever more popular and has helped hundreds of thousands of Londoners get their foot on the first rung.
You can apply for Shared Ownership with us if:
- you don’t already own a home (or you’ve sold your current home before you purchase)
- your household income (i.e. the earnings, before tax, of the people who want to buy) is –
- less than £90,000 (if you're buying in London)
You may even get priority if:
- you're a council or housing association tenant
- you already live or work in the area where you want to buy
- your local authority has put you forward.
If you’re unsure about whether you qualify just give us a call and we can talk through your situation.
What Happens Next?
Once you have decided shared ownership is for you the next steps are straightforward. Our team have helped thousands of people through the process and are there to assist you at every stage.
1. Start Your Journey
Chose The right home for you. Look through our developments or give us a call to see what could be the right match for you.
2. Eligibility
Complete our application form. We'll check your form to see if you've met the criteria for shared ownership.
3. Check Out The Development
Book a viewing, either virtual or in person, with our sales experts.
4. Select Your Preferred Home
Have you seen something you like? tell us which home you love.
5. Offer
We'll then offer you this property or something similar in the development.
6. Purchasing Interview
You'll supply evidence of your income, savings and other required information to one of our financial advisors. They will review whether buying the home is affordable for you in more detail and will find you the best mortgage deal.
8. Exchange Of Contracts
You are nearly there; exchanging contracts means everything is tied up. We've legally agreed to sell you the home and you've agreed to buy it.
9. Home Demonstration
When the building is ready, we'll invite you to see the home before you move in. You'll be given an owner's manual and make sure you are familiar with key features.
10. Legal Completion - You're a home owner!
You have brought your home and you are ready to move in!
The Next Steps - Staircasing
An advantage of shared ownership is that you can buy more shares and, in most cases, eventually own your home outright. Buying more shares is known as 'staircasing'.
You can staircase at any time. As you buy more shares in your property, your rent decreases. If you want to buy an extra share, you must first get your home valued. We use this valuation to work out the price of the share.
What are the benefits of staircasing?
There are many reasons why a current shared owner would want to increase the percentage they own in their home. For example:
- Purchasing more shares in your home will increase your mortgage payments while decreasing the rent you pay. This means more equity for you when it comes to selling
- You Can staircase up to 100% leaving you with full ownership and only paying your mortgage, service charges and ground rent.
- You can achieve full ownership of the property, which means you can sell it at 100% equity and benefit fully from house price increases. You also won't be required to allow the NHG to sell it within the shared ownership market first.
- Staircasing to 100% means you have access to the full selection of mortgage options meaning a greater ability to shop around.
Do I have to staircase?
There is no expectation to staircase, you can maintain your level of ownership for as long as you live in the property, staircasing is optional, giving the chance for buyers to additional shares as their financial situation changes.
