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%.
The property comprises a purpose built ninth floor flat in a 12 storey block of approximately 100 flats with lift facility, built circa 8 years ago. The remaining lease on the property is 117 years.
Local area information
There are good transport links with Haggerston Station 0.6 miles away, served by Overground linking to Highbury & Islington in 8 minutes. Old Street station 0.9 miles away for the Northern Line, linking to Oxford Circus in just 16 minutes.
A great selection of amenities is located on Southgate Road, with a restaurant, pub and café. For leisure and enjoyment, the Britannia Leisure Centre, with a fitness centre, swimming pool, outdoor tennis and squash court facilities, is within 0.3 miles.
Nearest Tube Station: Old Street (Zone 1).
Nearest Station: Haggerston (Zone 2) – Overground
Bus routes nearby: Bus routes 76, 141 & 21 from Southgate Road and bus route 271 from New North Road.
Min share price from: £106,250 for a 25% share
Full price from: £425,000
Minimum deposit from: £10,625
Monthly rent from: £211
There is only one available priced at £106,250 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.