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%.
PriME1, 2 bed homes
Viewings Saturday 22nd February - book a place to see this property available with shared ownership scheme in Rochester.
This 2 bedroom shared ownership apartment is located on the first floor in a 5 storey building on Corporation street in the development called Prime1. PRIME1 is a flagship new build development in Rochester, consisting of 53 one and two bedroom apartments.
The property features an open plan kitchen-diner/living area, 2 good size bedroom, fully fitted kitchen with integrated appliances and high quality fixtures and fittings. The property comes with one allocated parking space and private winter garden.
Full market value: £239,500
Share from: £59,875 for a 25% share
Monthly rent: £412
Monthly service charge: £162
Lease length: 125 years
Incentive - reserve till the end of February and receive 1 year's free service charge and pay only £99 reservation fee.
PriME1 is a high spec shared ownership development with contemporary interiors, integrated appliances and private winter gardens.
The development is ideally located for commuters, next to Rochester station. Fast and frequent train services run to London St Pancras (c.41 min) and London Victoria (c.46 min).
Call now to schedule your viewing appointment on 0207 704 5618 or email email@example.com
Local area information
Ideally situated for commuters, PriME1 is located next to Rochester station, with trains running to London St Pancras in approx. 41 minutes, and London Victoria in approx. 46 minutes. For summer seaside away days, trains run to Whitstable, Broadstairs and Margate.
Rochester is an historic town, boasting the second largest cathedral in England, as well as being the childhood home of Charles Dickens.
To complement its historic and literary attractions, Rochester has many bars, restaurants and pubs making it a vibrant cultural hub. The high street maintains a quaint atmosphere, with boutiques, art galleries and antique shops. A flea market is held every month, making it a great place for vintage finds and local crafts.
Min share price from: £59,875 for a 25% share
Full price from: £239,500
Minimum deposit from: £3,125
Monthly rent from: £412
There is only one available priced at £59,875 for a 25% 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.