Moat is a leading housing association working in the South East of England

What is a resale?

Resales are homes that the current owner bought through shared ownership and now wishes to sell on. It's still the same shared ownership government-backed product but you normally purchase at least the share that the seller currently owns.

A resale property is a shared ownership home that the current owner bought as a new build or from an existing shared owner, so they vary greatly in terms of age, size, type and location.

Resales are second hand homes and at least the current owner's percentage share on the existing lease is purchased. The length of the lease on a resale is based on the number of years left on the original lease; the length of a lease on a new home is usually fixed at 125 years and it then decreases year on year. A shared ownership lease can be extended and is a legal document that sets out owners rights and responsibilities.

Resales are sold as seen and we recommend that buyers satisfy themselves that appliances and services are in good working order; this is no different to buying and owning a home on the private market.

A 5% - 10% mortgage lender deposit is required for the share value being purchased and a subsidised rent is payable on the unowned share. Shared owners can sell their share to a new buyer whenever they want and further shares can be purchased at any time; this is known as "staircasing."

Moat
Homes and Communities Agency
Mayor Of London
Help To Buy