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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Kestrel House, 2 bed homes
The Kestrel House property is a purpose-built third floor flat in a 10 storey block built around 2013 with a stunning city views. The lease remaining on the property is 121 years.
Local area information
The area has a good transport links, with Lewisham Station 0.5 miles away and linking to London Bridge in 12 mins. Greenwich train station is 0.5 miles away and that’s a direct train to Cannon Street taking only 17 min. The Thames Clipper boat from Greenwich Pier and connects you to piers around London for an alternative mode of transport.
A good selection of amenities is located just 0.3 miles away along Lewisham Road, and for a wider variety, Lewisham Shopping Centre is located 1 mile away. For leisure and enjoyment, Greenwich Park is 0.8 miles away, ideal for jogging around or just relaxing.
Nearest DLR Station: Elverson Road.
Nearest Station: Lewisham – National Rail.
Bus routes nearby: Bus routes 180, 199 & N89 from Sparta Street. Bus routes 53 & 386 from Lewisham Road.
Min share price from: £222,750 for a 55% share
Full price from: £405,000
Minimum deposit from: £22,275
Monthly rent from: £212
There is only one available priced at £222,750 for a 55% 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.