Shared Ownership

Shared Ownership refers to part-buy, part-rent schemes that are operated by housing associations. They offer a way to buy what you can afford immediately, so you don’t have to stretch yourself financially. As time goes by, you can buy a bigger share of the property until you own it outright.

Who is eligible?

Anyone who cannot afford to buy a home on the open market can apply.

We will give priority to Lambeth Council and housing association tenants who will move out of their rented homes if they get a shared ownership property. However, other people can also apply:

• People living in temporary accommodation provided by Lambeth Council 
• First time buyers 
• People living with parents or relatives 
• People living in private rented accommodation 
• People who need to move for work reasons

What are the benefits of Shared Ownership?

• Provides home ownership opportunities to people who would not normally be able to afford the cost of buying a home on the open market 
• Home ownership offers long-term security of tenure 
• More stable tenure allows you and your family to maintain important links to your community (friends, family, community groups, local services, schools, support networks, etc.) 
• The total monthly costs of the rent and mortgage are lower than the cost of a mortgage needed to buy 100% of the same home. This is because Shared Ownership is supported by government money that reduces the rent 
• Although you have not bought the property outright, you will have the normal rights and responsibilities of a full owner-occupier

What does it cost?

You need to be able to cover the cost of the mortgage valuation or survey, legal fees and stamp duty. The minimum savings you will need are set out on an individual basis. You also have to cover the costs of removals, connection charges for phones etc. In most cases, buying a home involves paying a deposit.

Every month, you will need to pay: 

• Your mortgage repayment, which you make to your bank or building society 
• Your rent, which you pay to the housing association on the part of the property you are not buying
• A management charge 
• Buildings insurance 
• A service charge for maintaining shared areas such as gardens, stairways etc.

Can I buy more of my home?

After a year, you can buy more of your property. The price of the whole property may have changed since you originally bought it. If you want to buy more, you will pay the price your home is worth at that time. Remember, the price of your home can go down as well as up.

What happens if I want to sell?

You can sell your share of the property at any time. An independent survey will decide what your share of the property is worth.

The property will be sold at the current market valuation. The housing association will help you to do this by looking for possible buyers from their waiting list. This can reduce the cost of selling your share.

Can I get help to find a mortgage?

The housing association can point you in the right direction to find lenders who understand the shared ownership system. You may be able to get a 100% mortgage, which means that you won’t have to pay a deposit.

How do I access Shared Ownership schemes?

• If you are interested in Shared Ownership please tick the appropriate box when you join the Housing Register 
• If you would like to update a Housing Register application that you have already made to reflect your interest in Shared Ownership, please contact Central Re-housing services 
• You will then need to do your own research to find out about available Shared Ownership schemes that may be suited to your needs 
• When you apply directly to a Shared Ownership scheme you will need to give them your Lambeth Housing Register reference number. The housing association will then contact us to confirm your status on our Housing Register and level of priority for housing 
• From time to time, housing associations operating Shared Ownership schemes will contact us for a list of all the people on our Housing Register who are interested in Shared Ownership. If you qualify, the housing association will contact you directly and inform you about the next steps 
• Housing Register application forms are available from Local and Area Housing offices, Central Re-housing services or as a download by following the link on this page

Contact Details

If you would like more information about Shared Ownership please contact either Central Re-Housing Services or our Prevention and Options team on 020 7926 4200.

If you are a council tenant please contact your local or area housing office on 020 7926 6000.