Shared Ownership

Shared ownership is an affordable way of getting on the property ladder. The part buy, part rent scheme allows people to purchase in a new home in Tower Hamlets, an area which buyers may be priced out of on the open market.

Find all the information you need about shared ownership homes including our developments and how you can register.

Shared ownership explained

How it works

  • Step 1: Find a property you like and register your interest.
  • Step 2: We will send you details along with information on how to get financially assessed.
  • Step 3: Once your affordability is confirmed, we will arrange a viewing of the property for you.
  • Step 4: If you like the property, you can reserve it by paying a reservation fee of £500.
  • Step 5: You’ll need to complete the sales pack sent to you once you’ve made a reservation.
  • Step 6: By now you’ll have your mortgage & solicitors arranged. They do their bit to turn a property into your new home.
  • Step 7: Exchange contracts and arrange a completion date.
  • Step 8: Completion day – pick up the keys to your new home!

The Poplar HARCA sales team are on hand throughout the process to guide you and answer any questions you may have. We suggest you seek professional advice from a financial advisor to help you find a mortgage, as well as solicitors, to help you with the legal side of things.

We will also be there on your completion day to give you the grand tour of your new home and go through all the important things you’ll need to know when you’re a home owner.

The Benefits

  • The monthly cost of shared ownership is often less than the cost of buying the same home outright or renting it privately.
  • You only pay a 5% deposit on the share you buy, which means a smaller outlay to get that first step on the property ladder. For a 25% share, this is often less than £8,000.
  • Buying a new home through shared ownership allows you to buy chain-free and you’ll benefit from a 10 year build warranty. On re-sale homes the build warranty will differ depending on the length of time the current Leaseholder has lived there.
  • New homes are ready to move into with a great specification and better energy efficiency than older properties.
  • You can buy further shares in your home, this is called staircasing. You can staircase as and when you can afford to. You can eventually own 100% of your property if you wish to.

The Costs

Deposit

  • This is often just 5% of the share value you are purchasing. Your deposit may vary based on your personal circumstances.
  • For example, if you’re buying a 25% share of a property with a full value of £350,000, the value of your share will be £87,500. If a 5% deposit was required, you would need to put down a deposit of just £4,375.

Solicitor fees

  • You will need a solicitor or licensed conveyance professional to carry out the necessary legal work. Solicitors’ fees are usually on a fixed cost basis and the solicitors on our mortgage panel will be happy to give you a quote.

Mortgage broker fees

  • Most mortgage brokers will charge a fee for their services and these can vary from a fixed amount to a percentage of the purchase price. A mortgage broker should explain clearly what fees are charged and when, before they undertake any work on your behalf.

Other moving costs

  • Other costs may be incurred, such as removal costs but these can vary widely. Housing associations recommend that you have between £3,000 and £5,000 in hand to cover all the fees and costs of moving, which includes the solicitors and broker fees.

Monthly costs

With the exception of utility bills and council tax, the monthly costs you can expect to pay for your home include:

  • Mortgage: Your mortgage is the loan you use to buy a property. When you buy a home, you’ll put down a cash deposit and pay for the rest using a mortgage from a bank or building society. You pay the mortgage, plus interest back, in monthly installments agreed with your bank or building society, over a set number of years.
  • Rent: This is usually set around 2.75% of the unsold equity. So, if you wanted to buy a 25% share in a property worth £350,000, the equity you would pay rent on is £262,500. If you multiply by 2.75% (rent %) and divide by 12, you will get the total rent payable per month. The amount of rent will vary for each home depending on the share you buy, and the value of your property when you buy it.

Service Charge

  • Service charges are payments made by homeowners to the housing association for the services they provide. The charges include maintenance and repairs to common parts, insurance of the building and, in some cases, provision of lifts, lighting, communal aerials, door entry systems, cleaning of common areas and grounds maintenance. Usually the charges will also include the costs of management.
  • Service charges can vary from year to year; they can go up or down without any limit, relative to the services provided and the building. Details of what can and can’t be charged by the landlord and the proportion of the charge to be paid by the individual homeowner will all be set out in your lease.

Insurance

  • Buildings insurance is covered as part of the service charge. We strongly recommend getting contents insurance too, which covers damages to your furniture, carpets, white goods and personal belongings. Contents insurance is the responsibility of the person living in the property – it is not compulsory, but it is advisable.

To apply for a shared ownership scheme, register your details with us. We will then be in touch to assess your eligibility for the scheme, and discuss the application process with you.

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Resale Properties

103 Duesbury House

1 Bedroom Resale | £380,000

Forming part of the Bow Garden Square development, Duesbury House is in a fantastic location in the heart of the East End. With great connections to Canary Wharf, easy access to the City

And plenty on your doorstep. The apartment comprises of a large entrance hall, a modern fitted bathroom suite and spacious bedroom with a built in wardrobe. The kitchen is contemporary, with Urban Myth Kitchen units in Stone Grey with integrated SMEG appliances. This leads out on to the living area with access to the balcony with views of Canary Wharf. The apartment also benefits from a large storage cupboard & utility cupboard.

Full Market value - £380,000
Share Available - 60% (£228,000)
Current Rent PM - £371
Current Service Charge PM - £109

Find out more

402 Thimble Court

1 Bedroom Resale | £375,000

Forming part of the Thimble Court development, this is a modern and immaculately maintained 4th floor apartment in a desirable location.
The modern kitchen is complete with integrated appliances and space for a dining table. The living area is bright and welcoming with access out to the balcony. The bathroom boasts a contemporary white suite with a driftwood countertop, chrome sanitary ware, full height mirror, cabinet and is finished with natural porcelain stoneware to the wall and floor area. The master bedroom is light and spacious with a large window and ample room for storage.


Externally the property has a well-maintained private communal garden and access to secure internal bike storage.
A stone's throw from all the leafy green spaces on offer including Tower Hamlets Cemetery Park, Mile End Park and the beautiful Victoria Park. The property is conveniently located within walking distance of Mile End Underground Station and the DLR. You can be in the heart of the financial district at Liverpool Street in just 6 minutes. Oxford Circus is only 25 minutes away and you’ll find Canary Wharf, Shoreditch and the South Bank all easy to get to. There’s an international rail terminus at Stratford, an international airport at London City and the road links from Bow take you quickly to the M25 and the nation’s motorway network. In fact, wherever you’re going, Bow is the perfect starting point.

Full Market value - £375,000
Share Available - 45% (£168,750)
Current Rent PM - £558
Current Service Charge PM - £74

Find out more

3 Taransay House

3 Bedroom Newbuild Apartment - LAST ONE LEFT! 6 Months rent free & £1300 towards Legal Fees | £595,000

3 Taransay House is a three bedroom apartment on the first floor of the Emerald Gardens development in the Isle of Dogs. This spacious apartment comprises of an open plan kitchen/living area. The kitchen includes integrated appliances such as a dishwasher, fridge freezer and even microwave. This leads out onto the south facing balcony. There is also plenty of room for a desk, perfect while working from home. The family bathroom, WC and three ample storage cupboards are just off the hallway, one housing the washer/dryer which is also included. The master bedroom has a built in wardrobe as well as storage cupboard. Bedrooms two and three also have built in storage. Blinds and carpets are fitted throughout the property.
Parking is also available here. The property is ready to move into.

Full Market value - £595,000
Share Available - 25% (£148,750)
Current Rent PM - £1023
Current Service Charge PM - £233

Find out more

505 Thimble Court

3 Bedroom Resale | £510,000

Forming part of the Thimble Court development, this is a modern and immaculately maintained 5th floor apartment in a desirable location.

The modern kitchen is complete with integrated appliances including an eye level oven and microwave. The living area is bright and welcoming with access out to the balcony. The bathroom boasts a contemporary white suite with a driftwood countertop, chrome sanitary ware, full height mirror, cabinet and is finished with natural porcelain stoneware to the wall and floor area. The master bedroom is light and spacious with a large window and ample room for storage as well as an en-suite. The second & third bedroom are both single or great spaces for to work from home. 

A stone's throw from all the leafy green spaces on offer including Tower Hamlets Cemetery Park, Mile End Park and the beautiful Victoria Park. The property is conveniently located within walking distance of Mile End Underground Station and the DLR. You can be in the heart of the financial district at Liverpool Street in just 6 minutes. Oxford Circus is only 25 minutes away and you’ll find Canary Wharf, Shoreditch and the South Bank all easy to get to. There’s an international rail terminus at Stratford, an international airport at London City and the road links from Bow take you quickly to the M25 and the nation’s motorway network. In fact, wherever you’re going, Bow is the perfect starting point.

Find out more

Case Studies