One of our goals is to help our current residents, as well as local residents within our operating boroughs, get on the property ladder. Here you will find information about the various ways you can do this.
Shared Ownership is becoming an increasingly popular way for first time buyers to get on the property ladder and even previous property owners to find more suitable accommodation.
How Shared Ownership works:
- You purchase an initial share of the property, in this example, lets say 25%.
- This means that you would own 25% of the property and pay rent on the remaining 75%.
- You are then able to purchase further shares of the property during your tenancy, this is known as staircasing.
- In this example, purchasing a further 10% would bring your total equity from 25% to 35%, meaning you would only incur rent payments on the remaining 65% of the property.
- If you decide you want to sell your equity, ccha will have 8 weeks to help you sell (or buy back) your shares. If your equity is not sold within this time, you can list the property yourself. However, if you already own 100% of the property, you can list it on the open market straight away.
For further information, you can download our Shared Ownership brochure.
Older Persons Shared Ownership (OPSO) Scheme
There are also options for Older People if you’re aged 55 or over and for people with long-term disabilities. The benefit of this scheme is that if you own the maximum share of 75% of the property, you wouldn’t pay rent on the remaining 25%, helping you save money. Visit the Share to Buy website for more information on this scheme.
Want to find out more?
Click here for more information.
London Living Rent
London Living Rent is part of Homes for Londoners and provides housing at a reduced rent price, allowing you to save up for a deposit with a view to purchasing the home within a 10-year period.
Rents are based on a third of local household incomes.
To be eligible for a London Living Rent home, you must:
- live or work in London;
- either have a formal tenancy (for example, in the private rented sector) or live in an informal arrangement with family or friends as a result of struggling with housing costs;
- have a maximum household income of £60,000; and
- be unable to currently buy a home (including through Shared Ownership) in your local area.
To find out more, you can visit here.
What is the difference between London Living Rent and London Affordable Rent?
London Living Rent is a form of private renting with a reduced rent price. London Affordable Rent is for households on low income and who are on the council waiting list for social housing.
Help to Buy: Equity Loan
If you’re a first-time buyer, you can apply for a Help to Buy: Equity Loan. The Government lends you between a minimum of 5% and maximum 20% (40% in London) of the full purchase price of a new-build home, which you put towards the cost of buying the property.
You don’t pay interest on the equity loan for the first 5 years and interest payments start year 6 onwards. There is a maximum property price of £600,000 for London and £437,600 for the South East. Click here for more information.