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%.
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The Address, Belmont - Apartments, 1-2 bed homes
FINAL 1 & 2 BEDS REMAINING!
Optivo is delighted to deliver a stunning new boutique development of modern one & two bedroom homes in Belmont, Surrey available on shared ownership.
This development provides allocated parking, cycle storage, and balcony or a terrace to all apartments. Interiors finished to a high spec with large windows, high ceilings with high end appliances included.
1-bed apartments (51m2) from £108,500 for a 35% share (based on a full market value of £310,000)
2-bed apartments (77m2) from £138,250 for a 35% share (based on a full market value of £395,000)
Local area information
Belmont is an up-and-coming area with new places to live, work, shop and relax and, with excellent access to the Southern Line rail network and good bus routes.
Conveniently located off 'The Crescent/ Belmont Road', its not surprising that its becoming the location of choice for young singles, couples and families.
Min share price from: £108,500 for a 35% share
Full price from: £310,000
Minimum deposit from: £5,425
Monthly rent from: £462
There are 2 available ranging from £108,500 for a 35% share to £138,250 for a 35% 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.