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%.
The Bishops Court property is a purpose built first floor flat in a four storey building with lift facility. This property benefits from a communal garden. The lease remaining on the property is 77 years.
Local area information
There are good transport links with Dalston Kingsland station 0.5 miles away for the London Overground, and linking to Stratford within just 20 minutes.
A great selection of amenities is located just 0.1 miles away on Newington Green, and for a wider range of shops, Dalston Shopping Centre is within 0.6 miles. For leisure and enjoyment, Clissold Park is within 0.6 miles.
Nearest Stations: Dalston Kingsland and Dalston Junction – London Overground.
Bus routes nearby: Bus routes 21, 73, 141, 236, 341, 476 & N73 stop at Newington Green (Stop NE).
Min share price from: £220,000 for a 50% share
Full price from: £440,000
Minimum deposit from: £22,000
Monthly rent from: £310
There is only one available priced at £220,000 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.