Nightingale Lodge Homes to Buy

Shared Ownership can help you into homeownership whilst allowing you to spend money on the things you love doing.   

It allows you to purchase a share of your home, usually between 25% and 75%, with you paying rent on the remaining share. Reasonable monthly rental prices open up money for you to enjoy in your leisure.   

Here are a few examples of how Shared Ownership works: 

25% Shared Ownership

• The price of your new home is £325,000 
• You purchase a 25% share of the property, in this case, it is £81,250
• You will pay rent on the remaining 75% share of the property
• The rental price varies, but in this example, it is 2.5%
• Therefore, your monthly rent is £559
• Additionally, there is a service charge and Peace of Mind charge to pay*

75% Shared Ownership

• The price of your new home is £325,000 
• You purchase a 75% share of the property, in this case, it is £243,750 
• You will pay no rent on the remaining 25% share of the property as the maximum rentable share of this property is 75%
• Therefore, there is no monthly rent to pay on the remaining share
• Additionally, there is a service charge and Peace of Mind charge to pay*

*Prices are subject to variance and RICS valuation

As you are buying only a share of the property, the deposit you need will be smaller than if you were buying it outright, meaning you will have more money to spend on yourself and your loved ones.    

 If you wish to, in the future you can buy further shares in your home, allowing you to be the sole owner. This process is known as staircasing.

Anyone with an annual income, alone or joint with a partner, of less than £80,000 per year is eligible (£90,000 inside of London). It is considered a need-based purchase, meaning the buyer cannot afford to purchase under normal circumstances.

Therefore, if your annual income exceeds £80,000 per year or if you are capable of buying a property on the open market, then unfortunately you aren’t eligible for Shared Ownership.

• You are a first-time buyer  
• You are selling your current home but cannot afford to buy your next property on the open market  
• You currently own a Shared Ownership home and are moving to another Shared Ownership property 
• You have permission to buy from the local Help to Buy Agent 
• You can afford the mortgage (if you need one), rent and service charge.

We require all Shared Ownership applicants to undergo a financial assessment with one of our Financial Advisers to assess affordability and eligibility. If you are eligible, we will complete an affordability calculator, which takes into account your affordability and all current and future needs. This will be done by our team of experts, so you don’t have to worry.  

You will need to acquire permission from the local Help to Buy Agent, so there will be a little bit of form filling – but don’t worry, we will guide you all the way! Once the Help to Buy Agent has assessed your case, hopefully, you will get your unique reference number and the green light to proceed. We can then arrange a reservation meeting where you can reserve your new home.

We advise you to use one of our recommended solicitors who have expertise in the Shared Ownership process.  

Rest assured we will guide you through this process from start to finish, ensuring it is a seamless, pain-free experience.

Should your affordability improve over time, you can buy more shares in your property - meaning you will pay a reduced rate of rent on the remaining, unsold share of the property. 

For example, if you begin by buying 25% of your home and rent the other 75%, purchasing another 25% share would mean you now own 50%. You will now only pay rent on the remaining 50%, which will be significantly lower than before. 

The maximum rentable share of your property is 75%. If you own that amount, you will not need to pay any rent on your property, freeing up money for you to spend elsewhere. 

Staircasing can be done in stages or all at once, so you don’t have to commit to anything before you are ready.

A service charge is an additional payment that covers the cost of maintaining communal areas and services outside your property. 

For example, in a property with a communal garden available to all, a service charge will cover the cost of a gardener and the maintenance of pathways. Similarly, the charge would apply to the repairs of shared facilities such as entry-doors and lifts, where applicable.  

In short, the service charge means you can remain worry-free about the maintenance of communal areas in your property. You can be rest assured that issues with shared facilities will be fixed and the cost shared amongst those who benefit from them.  

This doesn’t mean that you aren’t allowed to spend your time gardening if you want to.