It’s Shared Ownership week here in London and if you still don’t know what everyone is talking about – hear out the explanation in the video from Notting Hill Sales below.
In short, it’s a Government based scheme that will allow you to buy a share of a home, anywhere between 25-75%, and pay rent for the rest. You will need to pay a deposit (varies but ca 5-10%) for the shares you are buying, plus the costs of buying a home (legal fees, stamp duty, mortgage fees ca £4,000 in September 2017). You can buy out the rest of the shares whenever you want to. It normally takes 4 weeks to exchange the property and then additional 10 days to complete. Of course, if you are buying off-plan, it takes a bit longer. The rent is paid to the housing association who owns the property with you until you do not have 100% of the shares. Make sure you know what the Service Charges (maintenance, building insurance costs) are on the property you are planning to buy, to avoid a costly surprise.
Here are a few Shared Ownership homes offered in London’s New Developments today:
Castilla in Elephant & Castle, London SE1 Sales:Peabody Minimum share: To be confirmed (TBC) Types: 1 and 2 bedroom apartments Prices: TBC
64 Shared Ownership apartments will launch in autumn 2017.
88 Lampton Road in Hounslow, London W3 Sales:Notting Hill Sales Types: 1, 2 and 3 bedroom apartments.
Phase 1 will create 160 studios, 1, 2 and 3 bedroom apartments. It is a mix of Shared Ownership and affordable rent apartments. Expected completion in 2018.
Two Fifty One in Elephant & Castle SE1 Sales:Hyde New Homes Types: 1, 2 and 3 bedroom apartments Minimum Share: varies, 25% for three bed
Shared Ownership homes are launching 7th October 2017.
Merchants Walk in East London E3 Sales:Peabody Minimum Share: 25% Types: 1, 2 and 3 bedroom apartments Prices: £365,000 – £600,000
Hurry up, 75% of the Shared Ownership homes in Phase 2 have been sold out already! Phases 2 and 3 should complete in November 2017.
Fish Island Village in Hackney Wick, London E3
Sales: Peabody Minimum Share: NA Types: 2 and 3 bedroom homes Prices: NA
New Shared Ownership homes are launching in 2018.
The Gallery in Camberwell, London SE5 Sales: Peabody Minimum Share: NA Types: 1 and 2 bedroom apartments Prices: NA
Launching soon, register with Peabody today!
Castilla in Elephant & Castle, London SE18 Sales:Peabody Minimum Share: TBA Types: 1 and 2 bedroom apartments Prices: TBA
Launching in 2017 and completing in Spring 2018, there will be 64 one and two bedroom apartments will be available for sale through Shared Ownership.
The Cut in Rotherhithe, London SE16 Sales:Hyde New Homes Minimum Share: 25% Types: 1 and 2 bedroom apartments Prices: from £420,000.
Quiet residential area on the banks of the river Thames.
West View Battersea @ Vista in Battersea, London
Minimum Share: TBA
Types: 1 and 2 bedroom apartments
Prices: TBA 54 one- and two-bedroom Shard Ownership flats are launching early 2018. Register your interest now!
Wing in Camberwell SE5 Sales:Hyde New Homes Minimum Share: TBA
Types: 1, 2, 3 and 4 bedroom apartments
The development is completing in 2018. Shared Ownership apartments are launching soon, register your interest now!
Alder Grove in Harrow, London HA1
Sales: Notting Hill Sales Types: 1 & 2 bedroom apartments and 3 bedroom houses Completing in 2017, the development comprises 1 & 2 bedroom apartments and 3 bedroom houses in Harrow, London HA1.
Double check the details with the sales representatives as these are subject to change.
For the apartments that have not launched yet – do not wait until they do – register your interest with the sales team today!
See also: Buildington’s full list of New Developments in London (850+ projects) and the Top #100 Trending today
Please note that all property prices in this article are subject to change. You should always contact the sales representative for the up to date information.
While every effort has been made to ensure the accuracy of the information presented on this page is up to date and correct, Buildington accepts no responsibility for any errors contained in the information, or if the information is not current.