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%.
Snowfleck House, 1 bed homes
The Snowfleck house property is a one bedroom, first floor apartment within a 3 storey modern development built around 2007. It benefits from off road parking and a communal garden. The lease remaining on the property is 115 years.
Local area information
There are good transport links with Perivale Station 0.3 miles away, served by the Central Line and linking to Oxford Circus in 26 minutes.
Local amenities are located 0.7 miles away along Bilton Road, and for leisure and enjoyment, there are woodlands, parks and and the Grand Union canal minutes from the property.
Nearest Tube station: Perivale Station (Zone 4) served by the Central Line.
Nearest Station: Greenford Station – National Rail.
Bus routes nearby: Bus route 297 from Buckingham Avenue towards Ealing Broadway, Wembley and Willesden.
Min share price from: £103,250 for a 35% share
Full price from: £295,000
Minimum deposit from: £10,325
Monthly rent from: £475
There are 2 available ranging from £103,250 for a 35% share to £93,000 for a 30% 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.