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 Corner Mead property is a terraced house arranged over two floors and built around 1998. It benefits from off road parking and a rear garden. The lease remaining on the property is 79 years.
Local area information
There are good transport links with Mill Hill Broadway station 0.6 miles away, served by Thameslink, and linking to Kings Cross in 37 minutes. Local buses serve the area, as well as a night bus that links to Oxford Circus.
Local amenities is located 0.7miles away along The Broadway. For leisure and enjoyment, Mill Hill Park is within 1.0 miles.
Nearest Tube station: Burnt Oak (Zone 5) served by the Northern Line.
Nearest Station: Mill Hill Broadway – Thameslink.
Bus routes nearby: Bus routes 303 & 642 from Wiggins Mead and bus routes 113 & N113 from Tithe Walk.
Min share price from: £187,500 for a 50% share
Full price from: £375,000
Minimum deposit from: £18,750
Monthly rent from: £261
There is only one available priced at £187,500 for a 50% 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.