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%.
Goddard House – the property is a purpose built ground floor, one bedroom apartment in a five storey block built in 2010. The lease remaining on the property is 118 years.
Local area information
There are good transport links with Elephant & Castle Station 0.4 miles away, served by National Rail, Bakerloo and Northern London Underground lines linking to London Bridge and Oxford Circus in under 10 minutes.
Elephant and Castle Shopping Centre is only a 7 minutes walk away from Goddard House with places to shop, eat and drink. The area also offers various museums and galleries such as the Imperial War Museum.
Nearest Station: Elephant & Castle Station (Zone 1) – National Rail, Bakerloo and Northern Lines.
Bus routes nearby: Bus routes 133, 155, 333, 415, N133 & N155 from Newington Butts.
Min share price from: £234,000 for a 60% share
Full price from: £390,000
Minimum deposit from: £23,400
Monthly rent from: £183
There is only one available priced at £234,000 for a 60% 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.