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 Brooklyn Building property is a 1st floor purpose-built, fully self-contained flat in a six storey block of similar flats, built in approximately 2012 as part of the Deals Gateway development of 17 blocks. The remaining lease on the property is 110 years.
Local area information
There are good transport links with Deptford Bridge station 0.2 miles away, served by Docklands Light Railway linking to Canary Wharf and Lewisham Station both great spots for shopping, restaurants and bars.
Local amenities are located right next to the development along Blackheath Hill. For leisure and enjoyment, Broadway Fields is 0.2 miles away and Brookmill Park is 0.4 miles away. Venture further afield to the centre of Greenwich or Deptford High Street for popular bars, cafes, shops and restaurants.
Nearest DLR station: Deptford Bridge (Zone 2).
Nearest Station: St Johns (London), Deptford Station and Greenwich – National Rail.
Bus routes nearby: Bus routes 53, 177, 453 & N89 from Deptford Bridge Station (stop T).
Min share price from: £119,000 for a 35% share
Full price from: £340,000
Minimum deposit from: £11,900
Monthly rent from: £254
There is only one available priced at £119,000 for a 35% 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.