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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Hyde New Homes at Shopwyke Lakes, 3 bed homes
Last available home remaining! Don't miss out - register your interest today!
Hyde New Homes are pleased to offer the last available home from the sought after collection, Shopwyke Lakes - a selection of two and three bedroom houses available through the Shared Ownership scheme, situated just over a mile to the east of Chichester’s famous city centre.
Local area information
A wide range of high street stores, boutiques, restaurants, bars and leisure facilities are close at hand. Nestled between the South Downs National Park to the north and the award winning beaches of the south coast, there are endless opportunities to take advantage of and enjoy the great outdoors
The A 27 connects you quickly to Brighton, Portsmouth, Southampton and the New Forest, as well as to London via the A3(M).
There is also rail connections from Chichester station with services to London Victoria and London Waterloo in around 1 hour 30 minutes and 1 hour 45 minutes respectively, as well as regular trains to Brighton, Portsmouth and Southampton.
Local schools have an excellent standard of education provided by both state and private schools, including the Prebendal School, Westbourne House School, Bishop Luffa School, Chichester High School for Girls and Chichester High School for Boys, together with the outstanding Chichester College and University.
Min share price from: £112,500 for a 30% share
Full price from: £375,000
Minimum deposit from: £11,250
Monthly rent from: £602
There is only one available priced at £112,500 for a 30% 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.