Properties for Resale
L&Q offer pre-owned Shared Ownership homes across the UK, also known as ‘resales’.
Resale properties can be anything from traditional houses, maisonettes, flat conversions or apartments within a large development.
Unlike the L&Q new build homes, (where you’d buy an initial share from 25% to 75%), with a resale home, you’ll buy either the percentage that the current owner has purchased, or more if you can afford it (up to a maximum of 75%).
With resales homes, the viewings take place with the current owner. This is a real bonus as the owners will be able to answer any specific questions you have about the home and provide you with insights about the area, like their favourite restaurant, shops, parks or open spaces. This is something that you cannot do when buying a new build home, off plan.
Find out more in the useful guide below, where we have included our top ten reasons to consider a resale Shared Ownership home with L&Q.
What is a Shared Ownership resale home?
Resale homes are properties that have been previously bought with Shared Ownership, that the current owner now wishes to sell. Unlike our brand-new homes, you must purchase the share that the current owner has, as a minimum. However, depending on your affordability, you can purchase a larger share of up to a 75% of the home if you would like to.
Resales Shared Ownership properties are partly funded by the government with an aim to help first time buyers take a step onto the property ladder.
Shared Ownership can be used as a stepping-stone towards full homeownership, buying what you can afford at the time, and staircasing to full ownership as and when you can afford to do so.
Resales homes are available to any eligible applicants, even if they are from outside the area. This is something you cannot always do with brand-new homes.
Why buy a resales Shared Ownership resale home? Here are our top ten reasons:
- Buyers enjoy part-homeownership, rather than giving rent away with no return.
- Rent is subsidised.
- In lots of cases, monthly outgoings are less than renting privately in the area.
- Favourable lending options may be available.
- Flexible ownership percentages are available (up to 75%).
- It could be an affordable option for homeownership.
- Some homes are still within warranty, providing excellent energy efficiency.
- You can view with the homeowner, in person, at a time to suit you.
- You can buy more shares when you are in a position to.
- You can sell your Shared Ownership home in the future if you wish to move.
Am I eligible for Shared Ownership?
To buy a home through Shared Ownership you will need to meet the following requirements to be eligible.
- You will have a combined annual household income under £80,000, or £90,000 if you live in London.
- You must not already own a property or part of a property.
- You must be over 18 years old.
You can find out more about the eligibility criteria by clicking here.
You can apply for Shared Ownership with L&Q by clicking here.
Search our latest resales Shared Ownership homes here. Simply ‘Register your interest’ in a property to find out more and arrange a viewing.
We also have a selection of resale homes available for outright sale, meaning these are being sold for 100% ownership at the full market value. These are listed on our Rightmove page and can be viewed here.