Shared Ownership Properties in Surrey

Price / ft2
Price / ft2
389 £
970 £
389 £ 970 £
Bedrooms
Bedrooms
Studios
1 project
1BR
13 projects
2BR
18 projects
3BR
3 projects
4+ BR
2 projects
Houses
5 developments
Сompletion of construction
Сompletion of construction
Finished
14 projects
Delivery in 2024+
11 projects
Shared Ownership
Buying Schemes
Help to Buy
44 projects
Shared Ownership
28 projects
Retirement Homes
34 projects
28 developments

Shared Ownership in Surrey

Shared Ownership gives first-time buyers and those that do not currently own a home the opportunity to purchase a share in a new build house or resales property. When you buy a home through a Shared Ownership scheme you buy a share of the property and pay rent on the rest.

 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 Surrey work?

To put it simply:

  • Buyers decide for themselves how much of the property they can afford. The minimum share is 25% while the maximum share is 75%, depending on the developer. In some cases, in the staircasing process, you can buy out 100%.
  • Next, buyers pay a deposit, which must be at least 5% of the value of their share (not the full purchase price!).
  • To cover the rest, you need to take out a mortgage.
  • Monthly costs: you pay rent on the part you do not own + mortgage payments.

*If desired, buyers can increase their share in the home. This process is called staircasing. Typically, this process can continue until the tenant owns 75% of the property. It is very rarely 100%.

What are the eligibility criteria for Shared Ownership Surrey?

Requirements:

  • 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 Surrey pros and cons

ProsCons
+ Small deposit. Minimum 5% of the share in the property- Unstable price. Although rents are initially low, they can rise over time.
+ Staircasing. You can always raise your share of home ownership.- Additional charges. You will also have to pay for real estate maintenance.
+ Unproblematic sale. You can sell your share of the property anytime.- Repair limitations. To improve your home, you need a permit from the Housing Association.
+ Your decision. 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 property.

Popular locations for Shared Ownership