Newlon is a major provider of affordable Shared Ownership homes in north and east London, to enable you to get a foothold on the property ladder.
About Shared Ownership
Shared Ownership is a part buy, part rent scheme, which enables first time buyers to buy a home in stages. Purchasers can buy an initial share of usually between 25% and 75% of the value of the property and pay a subsidised rent on the remaining value of the property. A service charge will also be payable to cover the cost of communal maintenance.
You will need to have sufficient savings to cover the initial cost of Shared Ownership including legal fees and stamp duty. You will also need to be able to meet the costs of rent, mortgage, service charges and other associated outgoings. You must have a total household income of under £90,000 per annum.
If you can afford to buy a suitable property outright, we will not be able to help you as Shared Ownership aims to assist those who are unable to buy a property on the open market.
As your income increases you can buy further shares of your home until you could own 100% of the value and no longer share the ownership with us. The greater the percentage that you own, the lower the percentage on which you pay rent. However, if you do not wish to buy more shares in the property, you do not have to.
Once you have purchased equity in your home, you are free to sell any time you choose. When you decide to sell we retain the right, for a short period, to nominate a purchaser to buy your home. This is to ensure that others unable to buy on the open market have the opportunity to purchase a home of their own.
To view the homes we currently have available to buy under Shared Ownership please visit www.newlonhomeownership.org.uk,where you can register directly with us. You can also call us on 020 7613 7480 or email firstname.lastname@example.org.
Some of our Shared Ownership homes are resold by their current owners. You can download our guide to resales by clicking here.
To find out what it is like to be a Shared Owner you read our case studies, by clicking on the following links: