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Shared Ownership

The simple and affordable way to get a home of your own.

Shared Ownership is a simple, and affordable way to get a home of your own. We build amazing new homes in great locations. You buy a share in the home that is affordable to you and pay a rent to us (alongside a monthly service charge) on the rest. The good news is the mortgage and rent combined is usually less than the cost of buying outright or renting a similar home – and it’s yours to decorate and live in as you wish. The other good bit about buying a share is getting a mortgage should be a bit easier - you’ll just need the deposit on the share, not the full value, and your mortgage will be smaller than trying to buy outright.

Shared Ownership is a home ownership scheme that makes it easier for first-time buyers to get on the property ladder. You buy a share in a property and pay rent on the share you don’t own. You can buy more shares in the future. The more shares you buy, the less rent you pay and you can work towards full ownership.
 

It’s a great way to get on the property ladder, as it can dramatically reduce the amount needed for your initial deposit.

This is usually what’s needed to buy a shared ownership home. It’s worth checking with the Sales Advisors to make sure the above applies to the home you’re interested in.

 

  • Your household income must be less than £90,000
  • You must be at least 18
  • You can’t own another home. You don’t need to be a first-time buyer but if you already own a home, you’ll have to sell it or be in the process of selling to reserve a Shared Ownership home
  • Sometimes you’ll need to live or work in the Borough you’re buying in
  • You’ll need to show evidence of funds for your deposit
  • You’ll need to show us why you can’t afford to buy on the open market but can afford Shared Ownership

We have a range of beautiful properties available across South West London. Most are new-build but you could also buy a home that’s being sold by an existing Shared Owner.

When buying a brand-new Shared Ownership home, you’ll need to go through the standard process of mortgaging and conveyancing. When buying off-plan, you’ll also need to factor in the timeline for completion of the build.

 

We sell most Shared Ownership homes before they’re ready to move into so there’s plenty of time to arrange all the legal and financial steps.

 

When we receive official handover of the scheme and your solicitor and bank are happy, we’ll give you a completion date for when you can move in.

The Shared Ownership home will be yours. You’ll usually own a share (around 25% to 75% initially). The rest of the share will be owned by RHP. You can buy more shares as and when you can afford it until you reach 100%, if that’s your target.

Most new-build homes are decorated in neutral colours but yes, you’re free to re-decorate if you’d like to. We’d suggest you wait 12 months for new builds to settle before painting.

If you have your own private garden, you can have a pet.

Most Shared Ownership  properties are sold with a standard Shared Ownership lease.


When you buy an apartment, you will also have to consider who will hold the freehold. The freehold title can be owned by RHP or another landlord.

 

Leasehold ownership is like a long tenancy where your lease will give you the right to occupy and use the home for a longer period – or the ‘term’ of the lease – which will usually be for 99 or 125 years. The term of the lease will be fixed at the very beginning, therefore decreasing in length each year, and the home can be bought or sold during that time.

Service charges are extra payments to think about when you buy an apartment. They usually cover:

 

  • Maintenance and cleaning in communal areas
  • Buildings insurance
  • Lifts
  • Door entry systems
  • Grounds maintenance

These charges will also usually include management costs. Service charges are reviewed annually and can go up or down. You review the service charge budget when deciding to buy a property and must include it in your financial affordability calculations.

You won’t share your home with anyone else. ‘Shared’ refers to the fact you’re sharing ownership with RHP. You have the option to buy all the shares you don’t own when you can afford to and the home will then be 100% yours.

If you’re thinking about moving, you’ll need to let us know. You’ll first need to get a valuation from an independent qualified surveyor. Once we’ve approved it you’ll be able to advertise your home using an estate agent of your choice. They’ll have to follow some guidelines, i.e. who they can sell the property to if it’s being sold on as Shared Ownership.