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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ICON7, Studio -2 bed homes
ICON7 is an attractive, contemporary style apartment building built in contrasting dark brown brick complemented by cantilevered balconies with glass balustrades. Arranged over five storeys, the three two-bedroom penthouse apartments have generous terraces offering views over the surrounding area.
The immediate surrounding area is pleasantly residential, comprising a network of leafy, tree-lined Victorian streets; ICON7 occupies an elevated position set back from Camden Road with a handy Sainsbury’s local store on the ground floor.
Local area information
ICON7 benefits from being within easy walking distance or a short cab or bus ride from so much of what north London has to offer. This isn’t to say that the rest of the capital is out of reach, though. London’s underground network is easily accessible from Caledonian Road underground station on the Piccadilly Line, a pleasant Google maps-certified 11 minutes’ walk from the development.
From here London’s underground hub, Kings Cross, is just one stop or three minutes away. Holborn, in the heart of midtown, is just seven minutes away, Covent Garden nine minutes and Piccadilly Circus 11 minutes. Camden Road is also well served by a number of bus routes into central London and around the local area.
Min share price from: £148,125 for a 25% share
Full price from: £592,500
Monthly rent from: £1,018
There is only one available priced at £148,125 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.