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)

Oak Lodge, 1 bed homes


Talbot close, London, Merton, CR4 1FF

Shared ownership

Starting prices

40% share from
£108,000
Full price
£270,000
Minimum deposit
£10,800
Monthly rent
£265
Monthly service charge
£138

Overview

Third floor, one bedroom home in the London borough of Merton for £108,000 40% share of £270,000 full market price, available through Shared Ownership.Third floor, one bedroom home in the London borough of Merton for £108,000 40% share of £270,000 full market price, available through Shared Ownership.


Local area information

Local transport

National Rail
Mitcham Junction Station (1.9km)


Plot availability

Plot number TBC
Tenure Shared ownership
Availability Available
Bathrooms 1
Minimum share 40%
Minimum share price £108,000
Full market price £270,000
Monthly rent £262
Monthly service charge £138

Monthly fees

Monthly Mortgage: £546.26
Monthly Rent: £265.25
NHHO Service Charge: £137.63
Ground Rent:£16.67
Council Tax: £108.75

Estimated Total (per month): £949.14 excluding council tax

Specification

Ground floor
Entry phone system, passenger lift and stairwell.

Third floor
Bedroom, reception/kitchen, hallway, bathroom with WC.

External
Balcony

GIA
64 sq. m

Accessibility rating
A

EPC rating
C

Length of lease
93 years

Borough
Merton

Eligibility 

You will need to be earning a guidance income of £34,804. You will need access to savings of at least £4,000 to cover the cost of buying the home. A minimum 10% deposit approx.£10,800. Total approximate savings required £14,800.


FAQ's

Min share price from: £108,000 for a 40% share
Full price from: £270,000
Minimum deposit from: £10,800
Monthly rent from: £262
Bedrooms: 1
Bathrooms: 1

There is only one available priced at £108,000 for a 40% 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.

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

40% share from
£108,000
Full price
£270,000
Minimum deposit
£10,800
Monthly rent
£265
Monthly service charge
£138