Shared ownership is another way to buy your own home. You buy a percentage, and pay rent on the rest. The housing association owns part of it — but you’re living there, you decorate it, and you decide when to sell.
Buying a percentage means a smaller deposit and smaller mortgage. It’s a sooner first step on the ladder for lots of people. Usually, you can also carry on buying shares, to own it 100%.
40 Millpond Lane, 2 bed homes
This is your opportunity to purchase a 55% share in a fantastic two double bedroom first floor apartment located on the desirable Kilnwood Vale development close to the market town of Horsham.
Local area information
Kilnwood Vale is located in the picturesque village of Faygate, close to the A264 which provides excellent links into the nearby towns of Horsham and Crawley, as well as being a few minutes away from the M23/M25 motorways and Gatwick Airport.
The bustling market town of Horsham is a few minutes away, with its pretty tree-lined streets, narrow paved 'twitterns' and historic architecture it is one of the most idyllic towns in Sussex. For shopping in the town you will discover Swan Walk, Piries Place, The Forum and the recently opened John Lewis super store. There are a wonderful selection of coffee shops and eateries to explore around the town and in Horsham's East Street. The Causeway is where you will find the Horsham Museum and a series of listed buildings and houses, at the southern end of the Causeway is the beautiful St Mary's Church. There is a local traders market held in the town on Thursdays and Sundays and themed events held throughout the year including French and Italian festivals. The town also offers a fantastic leisure centre including gym and swimming pool. The town itself is surrounded by open countryside ideal for long walks and cycling.
The thriving and dynamic town of Crawley is also a short distance from Kilnwood Vale. Crawley has a vibrant and expanding town centre with more an abundance of shops in the towns County Mall shopping centre. The leisure park offers a 15 screen cinema, bowling alley, gym and a selection of eateries. The local theatre provides one of the liveliest and most diverse programme of arts and performance in the South East and Tilgate Park is ideal for long walks and boasts a large childrens play area, maize, farm and the famous Smith and Western restaurant!
Min share price from: £125,000 for a 50% share
Full price from: £250,000
Minimum deposit from: £6,250
Monthly rent from: £257
There is only one available priced at £125,000 for a 50% share.
It’s the same as buying on the open-market but you’re buying a share of a property, so therefore pay a mortgage on the part you own.
An independent mortgage advisor can help suggest which type of mortgage might be best for you, based on your situation.
Leasehold, which is essentially the contract for the share you've bought.
It means you've got the right to keep your home for a certain number of years (usually at least 125), but the land belongs to someone else. Your lease also sets out how much you need to pay each month, your responsibilities while living there and all the details of your agreement with the housing association. Make sure you go through it and ask lots of questions.
Your solicitor can help you with this.