Park Lodge Advenue

Studio homes in West Drayton, Hillingdon, UB 79FJ

Tenure Shared ownership
What is Shared ownership?
Availability Available

Shared Ownership is a type of affordable home ownership when a purchaser takes out a mortgage on a share of a property and pays rent to a landlord on the remaining share.

For example, someone might buy a 50 per cent share in a property and pay rent to the landlord on the remaining 50 per cent. Purchasers then have the opportunity to ‘staircase’ up their share of the property, gradually increasing the proportion of their home that they own outright and therefore paying less rent on the remaining portion, until they own 100 per cent of their home.

Overview

Two bedroom first floor in London Borough of Hillingdon available to buy through Shared Ownership. Full market value £325,000. 50% share available, share price £162,500.

Monthly fees
Monthly Mortgage**: £771.10 
Monthly Rent: £396.34
Service Charge*: £91.91 
Notting Hill Administration Fee: £13.50
Council Tax: £116.08

Estimated Total (per month): £1,259.35

*Service Charge payable to Firstport 
**Estimate: The monthly mortgage is based on an interest rate of 3.89 % 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.

 

Ground floor
Intercom, Entrance hall, Stairwell and Passenger Lift

First floor
Entrance Hall with cupboard housing electric Elson hot water system, Living Room/Kitchen, Two Bedrooms with build in wardrobe and Bathroom

External
Balcony, Communal Gardens and Residents parking

GIA
67.6 square metres (728 sq ft) as per RICS valuation

Accessibility rating 
B – Partial Wheelchair Access

EPC rating
C

Length of lease
115 years

Borough
Hillingdon

Status Plot No. Floor Beds Min share price Eligibility
Available TBC First 2 £162,500 View details

FAQ's

Min share price from: £162,500 for a 50% share
Full price from: £325,000
Monthly rent from: £396
Bedrooms: 2
Bathrooms: 1

There is only one available priced at £162,500 for a 50% 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.
Illustration by: James Halsall

Register Interest

Register your interest to be contacted by a housing provider. You will need to provide basic eligibility criteria during the register interest process.

Park Lodge Advenue

Studio homes in West Drayton, Hillingdon, UB 79FJ

Tenure Shared ownership
What is Shared ownership?
Availability Available

Shared Ownership is a type of affordable home ownership when a purchaser takes out a mortgage on a share of a property and pays rent to a landlord on the remaining share.

For example, someone might buy a 50 per cent share in a property and pay rent to the landlord on the remaining 50 per cent. Purchasers then have the opportunity to ‘staircase’ up their share of the property, gradually increasing the proportion of their home that they own outright and therefore paying less rent on the remaining portion, until they own 100 per cent of their home.

Location

Housing Provider

Trusted by

Southern Complete Moves Mayor or London National Housing Federation Moat Homes