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%.
Rose Gardens , Clitheroe is made up of 2 and 3 bedroom houses now available on part buy - part rent.
Local area information
Clitheroe enjoys the glorious surroundings of the Ribble Valley and easy access to a wide range of attractions and amenities. This ancient market town dates back to Saxon times and Clitheroe Castle, said to be the smallest Norman castle in England, is now home to a Museum and 16 acres of landscaped gardens which offer attractions to appeal to every age group. They include a bandstand, children’s playground, skatepark and Lancashire’s first Labyrinth.
The Rose Garden also features quirky metal and limestone sculptures.
Min share price from: £45,748 for a 25% share
Full price from: £182,993
Minimum deposit from: £1,944
Monthly rent from: £210
There are 2 available ranging from £45,748 for a 25% share to £46,000 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.