Newlon is a major provider of affordable Shared Ownership homes in north and east London, which enables people to get a foothold on the property ladder.
What is Shared Ownership?
Shared Ownership is a part buy, part rent scheme, which allows first time buyers to buy a home in stages. You can purchase an initial share of usually between 25% and 75% of the value of the property and pay rent on the remainder.
As your income increases you can buy further shares of your home until you own 100% of the value and no longer share the ownership with us. In addition, 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 have the right, for a short period, to nominate a purchaser to buy your home. This is to ensure that other people unable to buy on the open market have the opportunity to get a home.
You will need enough savings to cover the initial cost of purchasing, including legal fees and stamp duty. You also need to be able to meet the costs of the mortgage, rent and service charges. In addition you must have a gross household income of under £90,000 a year to qualify.
If you can afford to buy a suitable property outright we will not be able to help you, since Shared Ownership aims to help those who are unable to buy a property on the open market.
How can I find a Shared Ownership home?
To view the homes we currently have available to buy under Shared Ownership please visit newlonliving.co.uk, where you can register directly with us. You can also call us on 020 7613 7480 or email firstname.lastname@example.org.
What are resales?
Some of our Shared Ownership homes are resold by their current owners. You can download our guide to buying these resale properties below.
You can find out what it is like to be a Shared Owner by looking at the following case studies.