L&Q Shared Ownership
What is Shared Ownership?
Under the Shared Ownership scheme you part-buy/part-rent your home, making it possible for first-time buyers and families to get on the property ladder.
The minimum share you can purchase is 40% and the maximum is 75%. You will usually pay a mortgage on the part you own and a subsidised rent on the part you don’t own. As your income rises, you can increase the share you own until you eventually own 100%.
Shared Ownership Eligibility criteria
Shared Ownership is for anyone who doesn’t currently own a home. If you want to get on the property ladder, but can’t afford to buy outright on the open market, then Shared Ownership could be for you.
It doesn’t matter what your job is, but your income must be less than £90,000 within London and £80,000 outside of London. You’re no longer required to live or work in the area where you intend to buy, however there may be some exceptions to these rules where historic agreements have been made with local authorities about certain developments.
Shared Ownership Eligibility Quick Check
Applying with L&Q is the only way to confirm that you’re eligible to purchase one of our Shared Ownership homes. However this short list will give you an indication of the minimum eligibility requirements.
Our application form takes about 20 minutes to complete. It includes questions about your household income and savings, financial commitments, and your current living arrangements.
Once your eligibility has been confirmed you will be assigned an LQSO number, which you will need to book a viewing or reserve a property.
- have a combined annual household income under £80,000, or £90,000 in London
- not own a property, or part of a property, at the time of completing on your purchase
- have a good credit history
- have a minimum of £5,000 to cover the costs of buying a home
- be over 18 years of age and be able to obtain a mortgage
- apply with L&Q