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%.
An intercom phone entry system provides access into the communal hallway which leads to the apartment’s front door, where a welcoming hallway awaits you.
To your left is the modern family bathroom with shower over bath; the perfect place to relax after a long day! Following the hallway through you will discover two double bedrooms both of which are neutrally decorated; allowing you to put your own stamp on both rooms and get creative! Both bedrooms have large windows which allow the light to flood in, making them feel airy and bright. Further along the hallway is the generous open plan living room and kitchen. The kitchen is well equipped and offers plenty of worktop and cupboard space. It is easy to imagine yourself preparing a delicious meal whilst chatting to your guests who are relaxing in the living room! Doors from the living room lead out onto the terrace where you can sit and enjoy a drink or meal whilst admiring the stunning views surrounding the apartment.
The apartment also benefits from two allocated parking spaces and the use of a nearby communal play area.
Local area information
The award winning Holborough Lakes development provides a new approach to modern living. Set by a tranquil freshwater lake, the apartment is surrounded by maintained grounds with mature trees and picturesque gardens.
Holborough Lakes has excellent transport links, located just minutes from the M20, M2, and M25 and Snodland station offers high-speed rail line with services to Stratford International in 37 minutes and London St Pancras in just 45 minutes.
Snodland is a small town on the River Medway located between Rochester and Maidstone. Nearby there is a supermarket, bakery and leisure centre.
Min share price from: £66,000 for a 30% share
Full price from: £220,000
Monthly rent from: £306
There is only one available priced at £66,000 for a 30% 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.