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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Bishops Place, 1-2 bed homes
Bishops Place, Paignton is made up of 1 and 2 bedroom apartments now available on part buy - part rent.
Local area information
The development offers a range of apartment styles, some of which are situated within the Victorian fronted building, whereas others are located within the new build to the rear of the site. Each have one family sized bathroom, with an open-plan kitchen/lounge/diner, which is perfect for entertaining. Depending on the stage of build, customers will be given a choice of finishes in the kitchen and bathroom, allowing them to customise their new home before moving in. All apartment kitchens come furnished with a hob, oven and extractor fan.
Located within walking distance of the town centre, the apartments acquired their name by being located close to The Bishop’s Palace, a medieval building that dates back to the 14th century. The apartments are within quick and easy walking distance of Paignton Railway station and close to local amenities. All apartments have access to a communal bike store, as well as landscaped gardens to enjoy the town’s mild climate.
Min share price from: £40,688 for a 25% share
Full price from: £162,750
Minimum deposit from: £3,386
There is only one available priced at £40,688 for a 25% 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.