Shared ownership
Shared Ownership schemes let you buy a share of a property, and pay rent on the remaining share you do not own.
The size of the share you purchase will depend on your income and savings, but is usually from 25-60%.
Gradually you can buy more shares and eventually own your home outright, which is called stair casing.
Priority for these schemes will normally be given to:
- existing public sector tenants
- those on housing registers with their local authority or registered providers who are in housing need·
- key workers
- first time buyers
Generally, you must meet the following criteria to be eligible:
- your annual household income is less than £90,000 a year
- you are a first-time buyer
- a home owner who needs to move because of a change in your family's circumstances (in which case you must sell your existing property)
First time buyers looking to buy a home in London can access properties and resources through the Share to Buy website. Most shared ownership housing is developed by Registered Providers, which are regulated by the Homes and Communities Agency (HCA). Registered Providers is the new name for non-profit organisations responsible for providing social housing, like Housing Associations or Registered Social Landlords.