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 Place, 1-2 bed homes
This brand new shared ownership development at New Southgate comprises of 16 one, two and three bedroom apartments, available on a shared ownership basis.
Every home will enjoy its own outside terrace, balcony or winter garden. These shared ownership homes are designed to minimise energy usage and deliver sustainability with a level 4 Code for Sustainable Homes. Each home will have individual gas boilers and heating systems for separate control of heating costs. Solar PV’s are to be installed on the roof to power communal electrics.
Local area information
Min share price from: £96,375 for a 25% share
Full price from: £385,500
Minimum deposit from: £4,219
Monthly rent from: £663
There are 2 available ranging from £96,375 for a 25% share to £113,750 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.