Shared Ownership Resales

Care Facilities

Mill House

  • Nantwich, Cheshire
  • 2-bedroom apartment
  • share

Marsden Street

  • Poundbury, Dorset
  • 2-bedroom apartment
  • share

Tibbett Court

  • Cheltenham
  • 2-bedroom apartment
  • £90,000 50% share
Chain Free
Shared Ownership in Milton Keynes

Stanwyck Lane

  • Milton Keynes, Buckinghamshire
  • 2-bedroom apartment
  • £90,000 40% share
Prime Location
Shared Ownership Southend-on-Sea

Jersey House

  • Westcliff-On-Sea, Essex
  • 2-bedroom apartment
  • £150,000 50% share

Shared Ownership resales are homes that a current owner, who bought through Guinness Homes, sells. This option lets you buy at least the same share of the home that the seller owns. For example, if they own 50% of their home, you must buy at least this 50%. The price depends on how much the home is worth now.

Let’s walk through an example:

  • Imagine you find a resale where the seller has a 40% share in a £200,000 property.
  • The minimum share you can buy in this instance is the share the existing leaseholder is selling, in this example a 40% share for £80,000. You can discuss with the mortgage broker who is carrying out your affordability assessment if you can afford to buy a larger share and if possible, this is something we can discuss with you.
  • You’d pay rent to us on the part you don’t own (60% here),

How it buying a resale works:

Buying a resale works like buying any Shared Ownership property. You can slowly buy more shares until you fully own your home if your finances and lease allow it. This is a process called “staircasing”.

However, since these sales come from existing leaseholders wanting to sell their shares, what’s available will vary based on what people decide to sell.

You should be aware that there are some Shared Ownership Leases that do not enable you to staircase up to 100%, this may be the case where homes are in a rural area and where we need to ensure we can continue to provide affordable homes is these communities into the future – the lease will tell you if you can staircase up to 100% of the home you are buying.

Before jumping in:

You will need to obtain financial advice before buying into Shared Ownership resales. This ensures it suits your budget and future plans well. A mortgage broker can help figure out monthly costs for you.

When viewing a property:

Inspect its condition thoroughly – including all included appliances and fixtures.

As part of the application process we will refer you to a mortgage broker to provide you with advise on ensure you can afford to buy the minimum share available, and potentially consider if it would be beneficial for you to increase the share you are buying and also to ensure you cannot afford to buy a home on the open market.

Finally, just like with any other property, getting financial advice before buying into Shared Ownership resales is recommended. It can help ensure this kind of scheme fits best with your financial situation and plans. You can speak to a mortgage broker for more information on potential monthly costs.

When you arrange a viewing, inspect the property and check the condition of white goods and any fixtures that are part of the property sale.

Shared Ownership Resales FAQ

What are Shared Ownership resales?

Shared Ownership resales are properties previously purchased through a Shared Ownership scheme, now being sold by the current owner.

Am I eligible for a Shared Ownership Resale?

Your eligibility depends on several factors including your annual household income, for outside of London your total household income needs to be below £80,000 within London its £90,000, you must not be able to buy a home on the open marker.

How do you allocate your Shared Ownership Resale?

We allocate our homes on a first come, first served basis to customers who are eligible and can proceed. This means we will reserve a home for you when we have received your FULL mortgage broker sign off – from one of our suggested mortgage brokers.

Can I purchase without Mortgage?

This depends on your personal financial circumstances – to be approved to buy a shared ownership home, you will be referred over to a specialist shared ownership mortgage broker who will carry out an affordability assessment to find out if you can afford to purchase on shared ownership and the best share for you to be purchasing.

What are the costs associated with purchasing?

What are the costs associated with purchasing?

There are many costs associated with purchasing Shared Ownership properties:

  • Mortgage payments on the part you own, and rent on the percentage owned by the housing association
  • A service charge which covers maintenance and repairs
  • Additional fees may include legal costs and stamp duty (depending on house price and location)

Remember, however, that these costs could vary based on location and other factors related to specific properties. For other costs associated with shared ownership homes, have a look at our shared ownership costs guide.

How do I apply or arrange a viewing?
  • Select the property you want to purchase and fill out the enquiry form.
  • This form goes straight to the seller, who will then contact you to arrange a viewing.
  • When you decide you wish to apply for the homes, you should complete our online application.

This will then pass a referral over to one of our mortgage brokers who will carry out an affordability assessment. We will only be able to reserve a home in your name when you have had your FULL mortgage broker sign off.

Are resale homes new builds?

These homes have had previous owners, and people have lived in them before. This differs from new builds, which are brand-new homes that nobody has lived in before they’re sold. The age of the homes you see here can vary quite a bit.

Do I pay rent?

Yes, you will usually pay rent share that you do not own. This will be paid to the Guinness Partnership Limited. If you are looking to buy one of our Shared Ownership homes which is specifically for over 55’s and you are buying a 75% share, then there may not be any rent payable, however there is likely to be a service charge, again you should check the lease to confirm this.

Do I pay a service charge?

Usually, when you buy a Shared Ownership resale, you’ll need to pay a service charge. This fee helps cover the cost of maintaining and looking after shared spaces and the building’s structure. You can find how much the service charge is on all our property listings.