Stadium - Building foundations for life

What is low-cost home ownership?

Sometimes called shared ownership, this scheme was introduced to help people who cannot afford to buy a home outright. Through shared ownership you buy a share of the property and pay a rent on the remaining share you do not own. Gradually you may buy further shares and eventually own your home outright. 

Our parent company Network Housing Group has details of homes for sale on their website, just click here to go to the NHG website which has a brief explanation and a link to the sales pages of Stagnell Fox, our agents. 

Who is eligible for shared ownership and low cost home ownership?

Applicants are selected on the basis of housing need and will usually be first time buyers and tenants of housing associations or local authorities.

In deciding who should be offered a home Stadium takes into account the following criteria:

• Income
  The applicant’s income should be sufficient to meet the associated costs in maintaining a home including the mortgage, rent and service charge but not enough to enable them to purchase outright on the open market.
• Savings
  The applicants must have sufficient savings to cover the cost of legal and survey fees and moving expenses.
• Connection to the area
  Applicants should either live or work in the boroughs we operate in. We do not consider applicants who just have local connections for example, children’s schooling and family ties.
• Housing need
  We prioritise those who are homeless, those living in overcrowded or poor living conditions, victims of racial or other forms of harassment, victims of domestic abuse and those needing to move on medical grounds.

Stadium’s schemes

As a leading registered social landlord managing over 1,500 leasehold homes, our properties range from apartments, bungalows and houses designed specifically for single people, couples and families looking for quality affordable homes.

There are two types of property available:

1.         New sales; usually designed and built to Stadium’s highest specification.

2.         Resales; these become available when an existing leaseholder wishes to sell their home and asks Stadium to market the property to eligible applicants on their waiting list.

Stadium operates in several boroughs and we have properties available during the next year in:

• Barnet
• Brent
• Hammersmith and Fulham
• Harrow
• Kensington and Chelsea
• Wandsworth
• Westminster

Homebuy

This is a scheme where you may receive help with the cost of buying a property on the open market.

Applicants must be housing association tenants, council tenants or a high priority on council waiting lists. To apply, contact the housing association allocated to your borough.

If you are interested in homebuy please go to www.housingoptions.co.uk for more information about how the scheme operates including eligibility. 

Size of accommodation offered

Homes will usually be offered as follows:

Family size                                                     Number of Beds

Single applicant – studio                                    1

Couple – studio                                                 1 or 2

Couples/single parent – one child                        2

Couples/single parent – 2 children 3 

How to apply

If you are interested in buying a shared ownership home, the first thing to do is to request our application form, complete it and return it to us.

If you are eligible and it looks like you can afford to proceed, we will invite you to view the types of property you have registered an interest in.

You can obtain more information from our leasehold team on 020 8451 7526  or use the ‘contact us’ form. 

Frequently asked questions

With whom do I share ownership?
Ownership is shared with Stadium Housing Association, to whom you pay rent for the part we still own. You do not share the property with any other individual, except from your own household.

What do I pay?
Normally, you would buy half the property and pay a mortgage on this half, but the portion you buy outright can be as low as 25% or as much as 75%. You will pay rent for the remainder. You will be responsible for all outgoings, such as council tax and all repairs and maintenance to your property.

Will I be able to get a mortgage?
Many lenders will provide funds for mortgages under this scheme and you should be able to get a mortgage, subject to your personal credit status and a valuation of the property you wish to buy. You can contact us for advice. Phone 020 8900 0185, and ask for our Sales Team, or use the 'contact us' form.

What if I cannot meet either the mortgage repayments or the rent?
There may be insurance policies available to provide cover against this. If you run into difficulties, you should advise your building society and housing association at the earliest opportunity. You may be entitled to claim Housing Benefit on the rented share.

You should be aware that if you fail to make mortgage or rent payments, you could lose your home in the same way as any owner-occupier or tenant. If this should happen you would be entitled, after sale, to any surplus on your share once the monies due to the building society and Stadium Housing Association have been settled.

Do I sign a lease?
Yes. The lease specifies the method of calculating the rent and service charge you have to pay monthly, and lays down the responsibilities and duties for you and the association.

Will there be a service charge?
If you are buying a house, you will have full responsibility for repair and maintenance of your house and any land included, so only a small charge for insurance and rent management is payable. However, if you are buying a flat, the housing association carries the responsibility for external upkeep and all common parts, and these costs will also be included in a service charge.

How do I get to own all the property?
You can increase the share you own at any time – this is called “staircasing”. The cost of the extra part you buy will be assessed by the District Valuer and will be the market value at that time. You can buy up to 100% on both flats and houses, thereby obtaining the freehold if you have bought a house.

Will what I pay stay the same?
No. Building societies may vary the interest on mortgages from time to time. The rent payable will increase each year. Service charges may vary depending on the amounts actually spent on repairs and maintenance over a period of time.

Will I need professional advice?
A building society will require a surveyor’s report before providing a mortgage and you would be well advised to use a solicitor to safeguard your own interests. You may also want a surveyor’s report for your own protection.

What if I want to sell?
If you have acquired 100% of the property, there are no restrictions on selling. You can sell the portion you own any time but you have to sell at a price fixed by a qualified valuer. You might like to consider selling to someone we nominate as this can save you the trouble of finding a buyer.

How much will it cost?
In addition to the rent and mortgage payments, there are maintenance costs and service charges (where appropriate), insurance and rental administration which are payable monthly to Stadium Housing Association. Provision for council tax, water rates, gas, electricity and day-to-day living expenses should be taken into account when considering the cost of participating in shared ownership.