What is Shared Ownership?
- Shared ownership is a scheme that helps you buy your own home. It enables single people, couples and families to make the first step towards buying a home that they could not afford otherwise.
- You can buy an affordable share of a property with a mortgage, your savings or both. You will pay rent for the share that you do not own.
- You can buy more of the property later, in stages, if you wish. This is known as "staircasing".
Where to find details of properties for sale
- We currently publish the details of the cost and income level needed for each Shared Ownership property in Barnet. These vary for each scheme depending upon the size and value of the property and the portion you want to buy. The figures are carefully worked out by the housing association and the income will be the lowest possible amount.
- If you are interested in one of these properties, please contact the housing provider directly, all telephone numbers are provided. Priority is given to existing council and housing association tenants, as this releases homes for the council to re-let.
You can use the First Steps website to check if you are eligible, register your details and property preference by creating a customer user account and then search for a home that meets your needs. You can then contact the housing provider directly.
For information on all Shared Ownerships properties in London (including Barnet) please go to the First Steps website.
Am I eligible?
What to do next.
The housing association will ask you to fill in their own application form and invite you to look at the property. The association will then interview you to see whether you can afford to buy the property. You might need to fill in a budget plan showing your monthly expenditure including loans and travel expenses.
The budget plan makes sure that you will not run into financial difficulties once you have bought your home. You will also need savings to cover the cost of moving, such as legal fees, surveys and stamp duty.
As well as monthly payments for your mortgage, council tax, water rates and household insurance, you will pay rent to the housing association every month. This is calculated as a percentage of the share you do not own and divided into 12 monthly payments.
The housing association will increase the rent each year as stated in the lease. This is usually in line with the Retail Price Index. You will also pay a service charge to the housing association which is likely to include communal gardening, building insurance and management costs. Your lease will give you details.
If your home is new, the builder will be responsible for some repairs for the first 6 to 12 months. Otherwise, you will be responsible for any necessary repairs.
If you decide to buy more of your home, you will need to pay for the property to be revalued. An independent valuer, appointed by the housing association, will do this before you go ahead. The bigger share you own, the less rent you will pay.
You can also sell your shared ownership property.
For an informal chat about Shared Ownership please call our Affordable Housing Liaison Officer on 0208 359 4861.