What is a shared ownership resale?

A shared ownership resale is a home that's being sold by the current shared owner.

Resale homes come in all shapes and sizes, from apartments to family houses, and can offer a wider choice of locations than brand-new developments. They're often found in established neighbourhoods with existing amenities and transport links.

Like a new shared ownership home, you'll buy a share of the home's current market value and pay rent on the remaining share. In many cases, you'll buy the same share currently owned by the seller, although the share available can vary from home to home.

How does a shared ownership resale work?

Buying a resale property works in much the same way as buying any other shared ownership home.

You'll typically:

Purchase a share of the property, usually between 25% and 75%.
Pay a mortgage on the share you buy.
Pay a subsidised rent on the remaining share.
Have the option to buy additional shares in the future through staircasing, subject to the terms of your lease.

A mortgage deposit is usually required, often between 5% and 10% of the share you're purchasing. You'll then pay a mortgage on the share you own and a subsidised rent on the share you don't own.

Resale vs New Build Homes

Both resale and new build homes are available through the shared ownership scheme, but there are some differences worth considering.

Benefits of a Shared Ownership Resale

Established communities – Resale properties are often located in developments where residents have already moved in and local amenities are established.
What you see is what you get – You'll be able to view the exact home you're buying before making a decision.
Potentially larger homes and gardens – Some older properties may offer more internal or external space than newer homes.
Immediate availability – Many resale homes are ready to move into straight away.

Benefits of a New Build Shared Ownership Home

Brand-new condition – Everything is new, from the kitchen and bathrooms to fixtures and fittings.
Energy efficiency – New homes are often built to modern energy efficiency standards.
Longer leases – New shared ownership homes are now typically sold with longer lease terms.
Developer warranties – New build homes may come with warranty protection for added peace of mind.

Neither option is better than the other. The right choice will depend on your budget, location preferences and what you're looking for in a home.

Am I eligible to buy a shared ownership resale?

Shared ownership resale properties are available to buyers who meet the shared ownership eligibility criteria at the time of purchase.

Eligibility requirements can vary depending on the property and location, but generally you'll need to be unable to afford to buy a suitable home on the open market and meet the relevant income and affordability requirements.

Before applying for a shared ownership resale property, it's worth checking that you're eligible for the scheme.

Find out more about shared ownership eligibility and whether you could apply.

Things to consider when buying a resale home

Lease Length

Unlike a brand-new shared ownership home, a resale property will have an existing lease. The remaining lease length will depend on when the property was first sold and how many years remain on the original lease.

New shared ownership homes are typically sold with longer lease terms, while resale properties will have a lease that has reduced over time. A shared ownership lease is a legal document that sets out your rights and responsibilities as a leaseholder and, in some circumstances, leases can be extended.

A longer lease is generally more attractive to buyers and mortgage lenders. If you're interested in a resale property, it's worth understanding how many years remain on the lease before making a decision.

Condition of the Property

Resale homes are sold as seen, much like any home bought on the open market. Before buying, it's important to satisfy yourself that the condition of the property meets your expectations. You may wish to arrange a survey and check that appliances, fixtures and services are in good working order before proceeding.

The Share Available

The share being sold may differ from property to property. For example, one seller may own a 25% share, while another may have staircased and own 75%.

Understanding the share available and the associated monthly costs will help you decide whether the home is affordable for you.

                        Could a resale be right for me?
                    
A shared ownership resale could be a good option if you:

Want to move into an established community with existing neighbours and amenities
Like being able to view the exact home you'll be buying before making a decision
Want a home that's ready to move into rather than waiting for a new build to be completed
Are open to carrying out some decorating, maintenance or improvements over time
Value having a wider choice of property styles, sizes and locations
Are comfortable buying a home with an existing lease term
Want the option to staircase and buy more shares in the future, subject to the terms of your lease

A new build shared ownership home may be better suited to you if you'd prefer a brand-new property, the latest energy-efficient features and a longer lease term from the outset.

Whether you choose a resale or a new build home, the most important thing is finding a home that feels right for you. Shared ownership gives you different ways to do that.

Shared Ownership Resale Homes Across the South East

At Moat Homes, we offer a range of shared ownership resale properties across Kent, Essex, Sussex and South East London.

Resale homes can be a great option if you're looking for an established property, a ready-made community or a home that's ready to move into. Our available properties vary throughout the year and can include apartments, coach houses and family homes in a range of locations.

Browse Shared Ownership Resale Homes In:

Whether you're looking for your first home or your next move, our resale properties offer another route onto the property ladder through the shared ownership scheme.

View our latest Shared Ownership Resale properties.

Our latest resale homes available to buy

View all

Resales

Speldhurst Close - Ref JB2606111535

£630 estimated monthly cost

1 bedroom

1 bathroom

Shares from 70%

Full market value from £125,000

Resales

Frinsted Gardens - Ref JB2605111430

Frinsted Gardens, Ashford, Kent - Ref JB2605111430

£722 estimated monthly cost

2 bedrooms

1 bathroom

Shares from 60%

Full market value from £150,000

Resales

Johnsons Court - Ref SC/GT2401108720

School Lane, Seal, Sevenoaks, Kent, TN15 0BE

£203 estimated monthly cost

1 bedroom

1 bathroom

Shares from 75%

Full market value from £150,000

What is a shared ownership resale?