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%.
Beautifully presented ground floor apartment located within the popular and desirable Watercolour development of Redhill.
If you fancy living in a modern, ground floor apartment with convenience on the doorstep, offering the best of both worlds, then this is the property for you. The area boasts a rural setting with the added bonus of town convenience. Set within commutable distance of both London and Brighton you can take advantage of the excellent transport links to enjoy a trip away from home. Or, if you prefer, you can make the most of living close to wetland nature reserves and walk or cycle around the lakes. The choice is yours.
Local area information
The area provides excellent transport links by road, rail and bus from Merstham and Redhill train stations to London, Gatwick and South Coast to cater for commuters and holiday makers. Redhill town centre is close by and offers a variety of shops, bars and restaurants to suit all tastes.
For nature lovers, the Watercolour Development provides a rural feel with its series of lakes and lagoons and is surrounded by landscaped gardens canal reed beds, walkways and cycle-paths. There are a number of wetland nature reserves in the vicinity supporting wetland wildlife.
If sports are your passion, a number of golf courses are located nearby and the leisure centre is easily accessible for the gym and fitness classes as well as the swimming pool.
The on-site amenities include a Tesco Express convenience store, doctors surgery and pharmacy.
Prices are not available yet for Canalside but you can register your interest to be notified when prices become available.
Plot breakdowns are not available yet for Canalside but you can register your interest to be notified when prices become available.
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.