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%.
St. Ives Court
- Ground Floor Apartment
- Generous Bright Lounge
- Two Double Bedrooms
- Modern Open Plan Kitchen
- Stylish Bathroom/WC
- Gas Central Heating
- Double Glazed Throughout
- Private Garden
- Allocated Parking Space
- Secure Bicycle Storage
- Communal Garden
- Convenient Location
- Council Tax Band D: £1,425.18 for 2017/2018
- Remaining lease term: 88 years
Local area information
This well designed and spacious first floor 2 bedroom apartment forms part of this modern development conveniently situated in Mapesbury conservation area just minutes’ walk away from Cricklewood Broadway, Kilburn High Road, West Hampstead and a host of shops, restaurants, local amenities and transport links which include Kilburn (6mins) and West Hampstead Thameslink (15mins) and Brondesbury Overground Station (9mins).
Min share price from: £357,500 for a 65% share
Full price from: £550,000
Minimum deposit from: £17,875
Monthly rent from: £312
There is only one available priced at £357,500 for a 65% 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.