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01 | 04 | 22

Shared Ownership: an easy step-by-step guide

If you're looking to get on the property ladder but can't afford a hefty deposit or 100% of the mortgage, then you’re in luck. There is another way to own a home that relieves some of that financial pressure. The ‘Shared Ownership’ scheme, also known as ‘part buy, part rent’, allows you to buy a share of your new home while paying the rent on the remaining share.
Figuring out the financials

Instead of the typical 10-20% deposit required to buy a home on the open market, Shared Ownership mortgages allow you to put down anything from as little as 5% of the share value, hugely reducing your upfront costs. As for your share of the property, you’re required to buy between 25-75% percent, and you pay rent on the rest.

Let’s see how it works in practice: say you’d like to buy a one-bedroom apartment in FABRICA’s Brooklands Park in Ashford, Surrey. If the home is valued at £270,500 under the Shared Ownership scheme and you want to buy 50% of the share, worth £135,250, the other £135,250 belongs to the housing association. You pay your share with a monthly mortgage and pay rent on up to 3% of the remaining share (owned by the housing association). So in this case, you’d pay £310 a month in rent (£3,719 a year), plus the mortgage payments on your 50% share. Under the Shared Ownership scheme, your monthly repayments tend to work out cheaper.

Am I eligible?

If you're a first-time buyer, or have previously owned a home but currently are not a home-owner, or if you're an existing shared ownership homeowner looking to move house – and your household income is less than £80,000 (outside London) or £90,000 (London) – then the answer is yes! It’s worth noting though that for the Shared Ownership scheme, priority is often given to those living or working in the borough, as is the case for our Brooklands Park homes: applications from customers living or working in Spelthorne customers get considered first.

Finding a Shared Ownership home

Shared Ownership homes are available through housing associations. All Shared Ownership properties are leasehold, though usually with the option to extend.

Here at FABRICA, we have newly-built Shared Ownership properties available, including the new Brooklands Park – a collection of skillfully produced studio, one, and two bedroom apartments in the heart of Ashford, Surrey. A 38-minute train journey from London, this sought-after development is surrounded by acres of private parkland, and is just minutes from Surrey’s picturesque countryside. For more information on Brooklands Park, please get in touch with one of our sales team by calling 0800 783 2159 or by completing an enquiry form.

Staircasing: what is it?

If, later down the line, you decide you want to increase your share of your home, you can do just that, though the cost of your increased share will depend on the current market value. For example, if your home has increased in value since you bought your original share, the new share price will be higher, but if it’s dropped in value, it will be lower. Upping your share is called ‘staircasing’, and you can do it more than once. Of course, buying additional shares of your property means you’ll be paying less rent, and in many cases, you can ‘staircase’ up to 100% of the shares, which would mean you own the property outright and no longer have to pay rent.

Selling your Shared Ownership home

Some more good news: you can sell your shared property at any time, but just bear in mind that the housing association has a brief window to find a buyer before you put it on the market. Typically this period, known as the ‘nomination period’, will last between one or two months. It's also worth pointing out that you have to pay for the valuation of the property, but once you sell, the amount you and the housing association receive depends on the amount your property ends up selling for.

Why is the Shared Ownership scheme a great idea?

Firstly, there are less upfront costs, and Shared Ownership mortgages are more accessible to those on lower incomes. But apart from being a lot more affordable, the scheme also offers you security of tenure; you can live in your Shared Ownership property for the duration of the lease. Plus, your monthly payments are in most cases cheaper than if you had a mortgage or rented privately. You can also up your share – sometimes buy outright – and yet you're not tied in either; you can sell at any time. In the case of Brooklands Park, you also get a 12-year construction warranty and a 2-year developers’ warranty (which covers defects). All in all, it’s an attractive option for those struggling to get on the property ladder, especially with new, highly sought-after homes like FABRICA’s Brooklands Park available under the scheme.

For more information on Shared Ownership at Brooklands Park call our sales team on 020 3925 6034 or complete an enquiry form