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 Havelock Court property is a purpose-built second floor flat in a four storey block located on Naylor Road. The lease remaining on the property is 88 years.
Local area information
There are good transport links with Queens Road Peckham 0.3 miles away, served by National Rail and London Overground and linking to Clapham Junction in 21 minutes, which has links to Central London and Brighton.
A good selection of amenities is located 0.4 miles away along the Peckham High Street, with a range of restaurants and cafes. For leisure and enjoyment Burgess Park is within 1.3 miles, and is the largest park in south London with tennis courts, a sports centre and football pitch facilities.
Nearest Station: Queens Road Peckham (zone 2) – National Rail and London Overground.
Bus routes nearby: Bus routes 36, 136, 171, 177, 436, N89 and N136 stop at Carlton Grove (Stop QC).
Min share price from: £240,000 for a 80% share
Full price from: £300,000
Minimum deposit from: £24,000
Monthly rent from: £105
There is only one available priced at £240,000 for a 80% 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.