What is Shared Ownership?

Connect with Shared Ownership

What is Shared Ownership?

Shared Ownership is a scheme where people can part own their own home by sharing the responsibility to pay the mortgage with a local authority. The scheme usually allows people to purchase between 25% and 75% of the property and pay rent on the remaining percentage.


The idea behind shared ownership is that it makes homeownership more affordable, as you only need to purchase a percentage of the property. You also don’t need to save up for a large deposit, as you can typically buy a share in the property with just 5-10% of the sale price. Shared Ownership schemes are usually aimed at first-time buyers or those who don’t have access to traditional mortgage products.

Who Are We, How Can We Help You?

At RHP, we understand the importance of a strong connection to one's home. We also understand that not everyone has the same opportunity to rent or buy in the private housing market.


That's why we have a stock of over 10,000 homes in West London and ambitious plans to deliver even more affordable housing options. Our shared ownership homes are just one way that we are working to provide good-quality affordable homes to those who need them most.


We believe that everyone deserves a safe and comfortable place to call home and we are committed to helping make that a reality for as many people as possible. So if you're looking for a housing group with a strong social purpose, look no further than RHP. We're here to help you find your perfect home.

Connect with Home from RHP Group on Vimeo.

Why Would I Contact RHP About Shared Ownership?

At RHP , we're always striving to provide the best possible service to our customers.


We know that happy customers are the key to a successful business, so we go above and beyond to make sure that everyone who comes to us is satisfied.


We've won a number of national customer service awards and rank alongside Amazon and John Lewis on the Customer Service Index: a national measure for customer satisfaction that's based on real experiences. We're constantly looking for ways to improve our service and reduce costs, so that we can pass those savings on to our customers.

Tell Me More About Shared Ownership

If you are buying a share ownership home you decide how much of your ownership you are allowed to acquire at a home association.


The share ownership system allows buyers who meet the criteria to obtain refinanced loans to buy a 25% - 75 % equity stake in the property while reselling the rest to the private property developers who control the property.


The remaining shares of your lease are sold at discount rates, usually 2.75% of the property price per year. Under the program, the cost of buying a property will increase as the homeowner starts to own 25% of a property and the deposit may amount to 5%instead of the entire property value.


You can increase the ownership of a property using staircasing, until the property holds 76% of the property and 100% in many cases.

Tell Me the Concept of Shared Ownership

Shared ownership in the UK usually allows you to purchase between 25% and 75% of the property and pay rent on the remaining percentage. You can increase the ownership of a property using staircasing, until the property holds 76% of the property, and 100% in many cases.


Staircasing is when you purchase more shares in your home, until you own it outright. This can be done at any time, as long as the housing association agrees.


What are the Advantages of Shared Ownership?

Sharing ownership is a more efficient solution than fully owned ownership. Due to having just one loan the minimum deposit required is small. Although your mortgage and rental payments are more than the total mortgage payment, the lower deposit needed makes this easier to accomplish and easier to get.


Share ownership may be preferable as part of an ownership interest will increase with the increase in property value. If it happens, you will be able to gain equity for your future home purchase.


What are the Disadvantages of Shared Ownership?


Shared ownership can be a great way to get onto the property ladder, but there are some disadvantages to consider before you make your decision.


One disadvantage is that your monthly payments will be higher than if you bought the property outright. This is because you're not just paying for the mortgage on the property, but also for the rent on the remaining percentage.


Another downside is that if you want to sell your property, you may not get back as much as you paid for it. This is because part of the sale price will be based on the current market value of the share you own, and not on the entire property value.


Finally, shared ownership can be difficult to staircase up, meaning that it can take a long time to own the property outright. This is because you have to wait for the housing association's approval before buying more shares.


How do I apply for the shared ownership scheme?


Whether you're a first-time buyer or looking to downsize, the shared ownership scheme can make it easier to get on the property ladder. And with Richmond Housing Partnership (RHP), you'll be in good hands.


We have a stock of over 10,000 homes in West London and our team is ready and waiting to help you find the perfect one. We'll take the time to understand your needs and wants and match you with a property that ticks all the boxes.


Once you've found your dream home, we'll be there every step of the way to ensure the process goes smoothly. So why not get in touch today and see how we can help? We look forward to hearing from you.


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