Shared ownership allows you to part-buy and part-rent a home of your own. These schemes are mostly aimed at first-time buyers who can’t afford to buy outright on the open market.
When you buy a shared ownership home, as well as your mortgage, you pay rent to a housing association for the share you don’t yet own. You also pay service charges.
From 1 April 2021, shared owners can purchase a minimum share of just 10%. You will also be able to buy further shares (known as ‘staircasing’) starting at 1%.
In addition, for two years from 1 April 2021, new buyers will have the added bonus of landlords being responsible for covering their repairs and maintenance costs for a 10-year period. This is designed to allow leaseholders to staircase more quickly.
Who is eligible
- You must either live or work in the local authority area where the property is located.
- You must be 18 years or over.
- You must be a first-time buyer.
- You cannot be the owner of another property.
- You must have a good credit history.
- You must not have rent or mortgage arrears.
Shared ownership with Westway
We have embarked on an ambitious shared ownership development programme and havetwo upcoming schemes.
Montpellier Road, Ealing Broadway
We are developing 12 shared ownership homes, alongside four homes for affordable rent, at our scheme in Ealing Broadway.
We are encouraging our tenants and household members who have a connection with the London borough of Ealing to take advantage of this opportunity – especially, if they meet mortgage and income requirements, the shared ownership homes.
Tulk House, St Bernard’s (Southall)
We are working with a profit-making registered partner (DPH), under a section 106 planning agreement, to purchase 18 homes that are already completed. We expect handover in the near future.