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%.

Read more about Shared ownership (Opens in new window)

Metro Central Heights, 1 bed homes


119 Newington Causeway, London, Southwark, SE1 6DT

Shared ownership

Starting prices

55% share from
£220,000
Full price
£400,000
Minimum deposit
£22,000
Monthly rent
£262
Monthly service charge
£190

Overview

One bedroom first floor flat in the London Borough of Southwark, available to buy through Shared Ownership. Full market value £400,000 55% share available, share price £220,000. 


Local area information

London Underground
Elephant and Castle (0.4km)

London Overground
Elephant and Castle (0.35km) 

 


Plot availability

Plot number TBC
Tenure Shared ownership
Availability Available
Bathrooms 1
Minimum share 55%
Minimum share price £220,000
Full market price £400,000
Monthly rent £262
Monthly service charge £190

Monthly fees

Monthly Mortgage: £1,055
Monthly Rent: £261.54
Ground Rent: £16.67 (£200 per annum)
Service Charge*: £190
Council Tax: £110.83

Estimated Total (per month): £1,523.21 excluding council tax

*Service Charge collected by Notting Hill on behalf of Management Company
**Estimate: The monthly mortgage is based on an interest rate 3.99 % with a capital and interest repayment over 25 years. It is based on a 90% mortgage The rent may increase each year, the increase calculation will be specified in the lease.

Specification

First floor
Entrance hall, one bedroom, combined kitchen and living room, bathroom with WC.

External
Communal roof terrace .

GIA
46 sqm/ 494 Sqft

Accessibility rating 
F – General Access

EPC rating
C

Length of lease
115 years

Borough
Southwark

Eligibility 

You will need to be earning a guidance income of £54,905. You will need access to savings of at least £4,000 to cover the cost of buying the home. A minimum 10% deposit approx. £22,000. Total approximate savings required £26,000


FAQ's

Min share price from: £220,000 for a 55% share
Full price from: £400,000
Minimum deposit from: £22,000
Monthly rent from: £262
Bedrooms: 1
Bathrooms: 1

There is only one available priced at £220,000 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.

No, but it all depends on your lease (your contract with the housing association) so check it thoroughly and ask questions before you buy.

Housing Provider

Notting Hill Genesis
Shared ownership

Starting prices

55% share from
£220,000
Full price
£400,000
Minimum deposit
£22,000
Monthly rent
£262
Monthly service charge
£190