Shared Ownership

Last updated - 21 July 2019

The affordable way to buy
Shared Ownership makes it possible to buy a home that otherwise would not have been affordable by purchasing a share in the property. The share can be from as little as 25% and you will pay a subsidised rent on the remainder. You can buy the remaining shares whenever it suits you.

What is it?

The scheme helps many first time buyers get a foot on the housing ladder. It also helps existing homeowners upsize to a new property as their family grows. 

Shares in the property range from 25% to 75% of the value of a property and you can take out a mortgage for the share you buy. You will then pay a subsidised rent on the share you don’t buy, along with a service charge for estate management. This is a standard payment on all leasehold properties. With a previously owned property (or resale) you would buy the share the current owner has purchased and can start to own more later.

Am I eligible?

This will vary depending on which home you are looking at, the size and whether there any criteria are imposed by the local authority. For example, some boroughs in London ask that you have been in the area for at least a period of 12 months.

There are some criteria that you must meet for every scheme:

  • In London, your total household income needs to be under £90,000 per annum. A lower household income of £80,000 is needed for developments outside of London. This is for any size property.
  • You are unable to buy a home that meets your housing needs on the open market.
  • You do not already own a home or you will have sold your current home before you purchase or rent.
  • Priority will go to Armed Forces personnel.

It is available on a variety of homes including new build and previously owned properties.

What is staircasing?

It is the process of buying more shares in your property, enabling you to own more of your home. You can do this as a leaseholder of a Shared Ownership property bought either new, as a resale or via Social HomeBuy.

The greater the share you buy in your home, the less rent you pay too.

If you staircase to 100% you become an outright owner and pay no rent!

Is staircasing for me?

Is staircasing for me?

This is perfect for anyone looking to own more of their home. There are many benefits to staircasing including:

  • Lower rent - you will reduce the amount of rent you pay on your home each month.
  • More profit - if you decide to sell your home, the more you own, the more profit you make.
  • More control - if you staircase to 100% you can sell your home on the open market using an Estate Agent.
  • More buyers - if you staircase to 100% you can sell to anyone in the market interested in buying your home.
  • Higher return on investment - becoming the outright owner also allows you to maximise the profit from major home improvements when selling your property.

If you’re thinking of buying more shares in your home, you can find everything you need here.

Available homes to buy through Shared Ownership

Genesis has a range of homes available in London and the South East available to buy via Shared Ownership.

Visit our Shared Ownership page to view all homes we have available or contact our Sales Team on 020 3797 4261 to find out more.