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 Fraser Court property is a purpose built two bedroom, first floor apartment built around in 2006. It benefits from a private allocated parking space and balcony as well as a communal garden. The lease remaining on the property is 99 years.
Local area information
There are good transport links with East Acton station 0.6 miles away, served by London Underground linking to Oxford Circus in 17 minutes.
Local amenities are located 1.1 miles away at Westfield Shopping Centre with shops, restaurants and bars for leisure and enjoyment. As well as Wormwood Scrubs Park 0.6 miles away just behind Hammersmith Hospital.
Nearest Station: East Acton – Central Line (Zone 2)
Bus routes nearby: Bus routes 7, 70, 72, 272, 283 & N7 from Wulfstan Road and Bus route 95 from Phoenix High School.
Min share price from: £244,500 for a 50% share
Full price from: £489,000
Minimum deposit from: £24,450
Monthly rent from: £315
There is only one available priced at £244,500 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.