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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Cherrywood Lodge, 1 bed homes
The Cherrywood Lodge property is a purpose built ground floor flat in a four storey building. The development benefits from a Tesco Express, ‘Anytime Fitness’ 24-hour gym and communal garden. The lease remaining on the property is 111 years.
Local area information
There are good transport links with Hither Green station 0.4 miles away, served by National Rail, and linking to London Bridge in 11 minutes.
Local amenities are located 0.2 miles away along Hither Green Lane, and nearby Lewisham offers a good range of amenities including a regular rail service to London. For leisure and enjoyment, Mountsfield Park is within 0.2 miles.
Nearest DLR station: Lewisham (Zone 2).
Nearest Station: Hither Green – National Rail.
Bus routes nearby: Bus routes 181 & 225 from Duncrievie Road.
Min share price from: £90,000 for a 30% share
Full price from: £300,000
Minimum deposit from: £9,000
Monthly rent from: £432
There are 2 available ranging from £90,000 for a 30% share to £90,000 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.