Shared Ownership makes it possible to own your home – even if you feel priced out of the property market. It’s an affordable home ownership scheme designed as a stepping-stone to outright ownership if you can’t afford to buy a home on the open market. The video above explains more about the scheme.
Under a Shared Ownership scheme you part-own and part-rent your home, making it possible for first-time buyers and families to get on the property ladder in the London area.
With a Shared Ownership property you become an owner-occupier. This gives you the long-term security and stability of home ownership at a price that’s still affordable.
With an L&Q Shared Ownership property you start off by buying a share in your new home on a 125-year lease (may vary). Your lease is a legal document that proves you own part of your home and sets out conditions such as how often your rent and service charge goes up and by how much.
The minimum share you can purchase is 25% and the maximum is 75%. You will usually pay a mortgage on the part you own and a subsidised rent on the part you don’t own. As your income rises, you can increase the share you own until you eventually own 100% and no longer pay any rent to L&Q. This process is known as ‘Staircasing’.
Read through our Buyers Guide to see how Shared Ownership works and find out if you might be eligible for one of our Shared Ownership properties. Read the Buyers Guide here