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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Forum House, 2 bed homes
The Forum House property is a self-contained flat situated on the second floor, of six-storey block with lift facility built approximately 9 years ago benefitting from a private balcony, communal garden and 24hr concierge. The lease remaining on the property is 116 years and is available through shared ownership in Wembley.
Local area information
There are good local transport links with Wembley Stadium station 0.4 miles away served by Chiltern Railways, which links to London Marylebone in just 14 minutes.
A good selection of amenities is located just 0.1 miles away along Lakeside Way, with shops, restaurants and entertainment on offer at door step in the London Designer Outlet and the SSE Arena and Wembley Stadium, which host a wide range of events, are both within 0.5 miles
Nearest Tube station: Wembley Park (Zone 4) served by the Metropolitan and Jubilee line.
Nearest Station: Wembley Stadium - Chiltern Railways.
Bus routes nearby: Bus routes 83, 92, 182, 223 & N83 from Lakeside Way.
Min share price from: £97,500 for a 25% share
Full price from: £390,000
Minimum deposit from: £9,750
Monthly rent from: £405
There is only one available priced at £97,500 for a 25% 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.