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%.
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Berens Court, 1 bed homes
- Entrance Hall
- Living room
- Fitted kitchen with a mixture of wall mounted and base units
- Shower room/wc
- One bedroom
- Gas central heating
- Intercom system
- Communal Garden
- Communal Car Park
- Lease date: 75 years from completion
- EPC rating – C (75)
- Council tax band – B
- Properties are sold at 70% of the market value under an
affordable housing scheme
- Pets will not be permitted in apartments
Local area information
Moat is pleased to present to the market this one bedroom ground floor retirement flat. The property was built around 1982 in a block specifically designed for people over the age of 60, and is aimed at cash purchasers only. The property aso features a lift facility and communal gardens. Sidcup high street is less than half a mile away and has a selection of amenities including shops and restaurants. Sidcup railway station is one mile away with links to Lewisham, London Bridge and Charing Cross.
Min share price from: £85,000 for a 70% share
Full price from: £121,429
Minimum deposit from: £85,000
There is only one available priced at £85,000 for a 70% 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.