Resales are part-buy / part-rent homes that become available when existing Shared Ownership home owners wish to sell their stake in the property, normally as a result of moving up the property ladder.
The share you can buy and the rent payable will differ from one property to another as a result of differences in the percentage purchased by the current owner occupier and any staircasing activity that has occurred.
Resales usually work in exactly the same way as Shared Ownership New Build - you will buy the share available on the home, and pay a rent to us on the outstanding share. There will be a management and / or service charge fee.
Who is eligible for Shared Ownership New Build and Shared Ownership Resales?
To qualify, you must meet the following criteria:
- Your household income is less than £60,000 a year.
- You are a first-time buyer, or a homeowner who needs to move because of a change in your family’s circumstances (in which case you must sell your existing property before being able to buy one of our homes, but speak with one of our sales advisers about this first).
Priority will be given to:
- Existing social tenants and serving Ministry of Defence personnel
- Other locally defined priority groups and first time buyers.