Black Prince Road

Studio homes in Lambeth, Lambeth, SE1 7SZ

Tenure Shared ownership
What is Shared Ownership?
Availability Available

Shared Ownership is a type of affordable home ownership when a purchaser takes out a mortgage on a share of a property and pays rent to a landlord on the remaining share.

For example, someone might buy a 50 per cent share in a property and pay rent to the landlord on the remaining 50 per cent. Purchasers then have the opportunity to ‘staircase’ up their share of the property, gradually increasing the proportion of their home that they own outright and therefore paying less rent on the remaining portion, until they own 100 per cent of their home.

Overview

A one bedroom fifth floor flat is now for sale in London Borough of Lambeth, available to buy through Shared Ownership. Full market value £550,000 with a 35% share available at £192,500.

Monthly fees

Mortgage*: £913.46 
Monthly Rent: £819.59
Other Service Charge**: £193.87
Management Fee: £13.50
Council Tax: £128.08
Estimated Total (per month): £1,940.42

*Estimate 
** Service Charge payable to Resident Management Company
The monthly mortgage is based on an interest rate of 3.89% with a capital and interest repayment over 25 years. It is based on a 90% mortgage The rent may increase each year, the increase calculation will be specified in the lease.

Fifth floor flat
Entrance hall, kitchen/reception, bedroom, bathroom with WC

External
There are no external facilities

GIA
60 square metres as per RICS valuation

Accessibility rating 
F – General access

EPC rating
B

Length of lease
97 years

Borough
Lambeth

Status Plot No. Floor Beds Min share price Eligibility
Available 21 4 2 £189,000 View details

FAQ's

Min share price from: £189,000 for a 30% share
Full price from: £630,000
Monthly rent from: £771
Bedrooms: 2
Bathrooms: 1

There is only one available priced at £189,000 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.

It all depends on your lease (your contract with the housing association) so check it thoroughly and ask questions before you buy.
Illustration by: James Halsall

Register Interest

Register your interest to be contacted by a housing provider. You will need to provide basic eligibility criteria during the register interest process.

Black Prince Road

Studio homes in Lambeth, Lambeth, SE1 7SZ

Tenure Shared ownership
What is Shared Ownership?
Availability Available

Shared Ownership is a type of affordable home ownership when a purchaser takes out a mortgage on a share of a property and pays rent to a landlord on the remaining share.

For example, someone might buy a 50 per cent share in a property and pay rent to the landlord on the remaining 50 per cent. Purchasers then have the opportunity to ‘staircase’ up their share of the property, gradually increasing the proportion of their home that they own outright and therefore paying less rent on the remaining portion, until they own 100 per cent of their home.

Location

Housing Provider

Trusted by

Southern Complete Moves Mayor or London National Housing Federation Moat Homes