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 Iris Court property is a one bedroom purpose built, top floor flat in a three storey block built around 1992. The lease remaining on the property is 74 years.
Local area information
There are good transport links with Queens Road Peckham and New Cross Gate stations 0.5 miles away, served by National Rail and London Overground linking to London Bridge in 11 minutes. Local buses serve the area and the night buses links to Trafalgar Square.
Local amenities are located 0.1 miles away along New Cross Road. For leisure and enjoyment, Burgess Park is within 1.7 miles. As well as surrounding areas, Greenwich, Brockley and Deptford are only a short distance away with a mixture of cafes, bars, pubs and restaurants.
Nearest Station: New Cross Gate (Zone 2) – National Rail & London Overground.
Bus routes nearby: Bus routes 21, 53, 172, 453 & N21 from Briant Street.
Min share price from: £144,000 for a 60% share
Full price from: £240,000
Minimum deposit from: £14,400
Monthly rent from: £211
There is only one available priced at £144,000 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.