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%.
Ternary Place SO
Nestled in a leafy corner of North Ealing, Ternary Place is a new space set within a tree-lined perimeter. This new residential destination comprises three buildings set back from the arterial route of Hanger Lane. Benefiting from roof gardens and landscaped green spaces between the three buildings, Ternary Place also boasts a high quality specification.
Final 1 & 2 bed Shared Ownership Viewings Available – Call 020 7021 4842 To Book Your Appointment Now
Local area information
Located in zone 3, Ternary Place is situated just a few minutes’ walk from North Ealing Underground station, served by the Piccadilly Line, and Ealing Common, served by the District Line. Also nearby Ternary Place is Ealing Common itself, offering a respite from city living, and the surrounding area plays host to a variety of quirky cafes, bars and restaurants close to home.
Min share price from: £123,750 for a 30% share
Full price from: £412,500
Minimum deposit from: £12,375
Monthly rent from: £954
There are 2 available ranging from £123,750 for a 30% share to £178,500 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.