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

Stanwyck Lane

  • Milton Keynes, Buckinghamshire
  • 2-bedroom apartment
  • £90,000 40% share
Prime Location

Jersey House

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

Harker Close

  • Gloucester
  • 3-bedroom house
  • £109,500 30% 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.
  • You would pay £80,000 for this share (40% of £200,000).
  • You’d pay rent to us on the part you don’t own (60% here), which is usually cheaper than normal rent and set by us.

How it 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 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.

Before jumping in:

It’s wise to get 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.

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. This process differs slightly from buying a new Shared Ownership home but still provides an opportunity for others to buy into the scheme. These homes can be a more affordable option for first-time buyers aiming to get on the property ladder.

Am I eligible for a Shared Ownership Resale?

Your eligibility depends on several factors including your annual household income, your status as either a first-time buyer, or as a previous homeowner who can no longer manage buying a home on the open market because of financial constraints. Requirements set forth by the housing association selling the property must also be met.

For example, in large cities like London, local residents are often prioritised when allocating Shared Ownership resales.

Can I purchase without Mortgage?

In theory, you could buy a resale property without a mortgage if you have enough money saved up. However, this is rare because most people don’t have that kind of cash on hand. Most first-time buyers looking to get into Shared Ownership resales will need a mortgage for their share of the home.

What are the costs associated with purchasing?

There are many costs associated with purchasing Shared Ownership properties:

  • Mortgage payments on the part you own
  • 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 with specific properties.

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.

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 pay on the share that you do not own. This will be paid to Guinness Homes.

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. Sometimes this depend on the type of property.