Shared Ownership Properties in Hertfordshire

Price / ft2
Price / ft2
474 £
643 £
474 £ 643 £
Bedrooms
Bedrooms
Studios
2 projects
1BR
5 projects
2BR
7 projects
3BR
1 project
4+ BR
0 projects
Houses
1 development
Сompletion of construction
Сompletion of construction
Finished
4 projects
Delivery in 2023
0 projects
Delivery in 2024+
4 projects
Shared Ownership
Buying Schemes
Help to Buy
26 projects
Retirement Homes
11 projects
7 developments

Shared Ownership in Hertfordshire

Shared Ownership is a type of affordable home ownership when a purchaser takes out a mortgage on a share of a property and pays rent to a landlord on the remaining share. The share you can buy is usually between 25% and 75%.

 Shared Ownership available on properties until 2023 Shared Ownership available on properties from 2022
Minimum deposit5% of the share in the property5% of the share in the property
Minimum share of property for sale25%10%
Minimum ‘Staircasing’10% share annually1% share annually, with reduced fees
Who pays for repairsThe buyerThe buyer receive support from his landowner for necessary repairs for 10 years
Exclusivity period for landowner to sell8 weeks4 to 8 weeks

How does Shared Ownership Hertfordshire work?

The purchaser pays a mortgage on the share they own, and pays rent to a housing association on the remaining share. Because the purchaser only needs a mortgage for the share they are purchasing, the amount of money required for a deposit is usually a lot lower when compared to the amount that would be required when purchasing outright.

Furthermore, if desired, the buyer can raise his share in the house anytime. To do this, the purchaser can use the staircasing, which allows him to increase the share up to 75%, and in some cases up to 100%. However, it is better to discuss these nuances with the housing association, as not all organizations permit full ownership.

What are the eligibility criteria for Shared Ownership Hertfordshire?

Hertfordshire Shared Ownership gives many people the opportunity to become the owner of their desired home. But before choosing this scheme, you need to make sure that you fit the established criteria. To take advantage of the part buy part rent scheme, the purchaser needs to ensure that it complies with the following rules.

  • Be at least 18 years old.
  • Annual household income must be less than £90,000 (in London).
  • Annual household income must be less than £80,000 (outside of London).
  • Not allowed to own another home. If you already own another property (in the UK or abroad), you must be in the process of selling it.
  • The buyer should not have the money to buy a home that meets his needs on the open market.
  • To purchase one of the Shared Ownership homes, you must prove the absence of mortgage or rent arrears.
  • Able to demonstrate a good credit history and show that you are able to afford the regular payments and costs involved in buying a home.
  • It is preferable that the purchaser has some savings. He should be able to procure at least £4,000 to cover the costs of buying a home.

*Eligibility criteria may vary per housing association and therefore you should always check the exact criteria with the developer or housing association responsible for the exploitation of the property.

Shared Ownership Hertfordshire pros and cons

What Shared Ownership pros and cons can a potential buyer expect?

ProsCons
+ Low deposit. You can purchase the home you want by paying a much lower mortgage than when buying the whole property.- Changing price. Although rents are initially low, they can rise over time.
+ Staircasing. You can always raise your share of property ownership.- Additional expenses. You will also have to pay for land and property maintenance.
+ Simple sale. You can sell your piece of the house whenever you want.- Repair limitations. To improve your house, you need approval from the housing association.
+ Your choice. You decide for yourself how much of your home you want to own.- Prohibition of sub-rent. The Housing Association may place restrictions on your renting out home.

Popular locations for Shared Ownership