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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Pavilion Mansions, 2 bed homes
The Pavilion Mansions property is a two bedroom second floor apartment within a block of flats built around 1993. It benefits from off road parking and communal garden. The lease remaining on the property is 75 years.
Local area information
There are good transport links with Brixton underground station 0.1miles away, served by Victoria Line, and linking to Green Park in 10 minutes.
Local amenities are located 0.1 miles away along Brixton Road, and for leisure and enjoyment, Brixton Market with a wealth of shops, restaurants and bars is a short walk away.
Nearest station: Brixton Station (Zone 2) served by the Victoria Line and National Rail
Bus routes nearby: Bus routes 2, 35, 45, 196, 250, 333, 432, N2 & P4 from Brixton.
Min share price from: £267,000 for a 60% share
Full price from: £445,000
Minimum deposit from: £26,700
Monthly rent from: £293
There is only one available priced at £267,000 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.