Resale Shared Ownership Homes

What is a Shared Ownership Resale property?

Resale properties are homes that a current owner bought through Shared Ownership and now wishes to sell. The principle is the same as buying a new build through Shared Ownership but you must purchase at least the share that the seller currently owns.

Within new build developments, Shared Ownership is usually only available to people living or working in the borough where they are looking to buy. But that's not normally the case with Resale properties, which makes moving to a new area easy to do.

We often sell our new build properties ‘off-plan’, i.e. before they are finished. With Resale you can view the property you are looking to buy a share in and move in to a development where the neighbours are already settled into.

Buying a resale home with Peabody New Homes

A Resale property is a Shared Ownership property that the current owner bought new from us or as a Resale home. As the property is part of the part buy/part rent scheme, it is partly funded by the government and aims to help first-time buyers.

Shared Ownership properties are designed as a stepping stone towards completely owning your own home, allowing you to buy as much as you can afford. Buying a resale property makes you an owner-occupier, not a part tenant and you'll need to buy at least the current owner’s share on the existing lease.

Your lease is a legal document that proves you own part of your home and sets out certain conditions. Such as how often your rent and service charge is reviewed, selling or buying further shares and your rights and responsibilities as owner-occupier.

As you own the lease on your property you will become a ‘leaseholder’ and also the ‘landlord’; and will have the same rights and responsibilities as a full owner-occupier.

If you decide to buy the remaining share of your home, you will own your property outright. If you own a house, your solicitor will arrange for you to get the freehold (in most circumstances) like any other house owner. If you own an apartment, you’ll remain a leaseholder like any other apartment owner. This is because if your home is in a block of apartments, your lease sets out responsibilities for use and maintenance to all shared areas.

You will still be responsible for the ground rent and service charge which will include buildings insurance. You will require a solicitor when buying a property to deal with the legal work associated with your mortgage and home.