Buying your new home with Shared Ownership around Watford
If you’re looking to get onto the property ladder, the Shared Ownership scheme may be for you! It has become increasingly popular over the last year or so. It gives you the opportunity to purchase a brand new modern home & can be much more affordable than other schemes like Help to Buy. Shared ownership offers a fantastic opportunity for you if you are trying to get a foot on the property ladder but don’t have a big enough deposit to buy a home on the open market.
What is Shared Ownership & am I eligible?
Shared Ownership gives first time buyers and those that do not currently own a home (or are in the process of selling their current home) the opportunity to purchase a share in a new build or second hand property and pay rent on the remaining amount. The main criteria is:
- Must be over the age of 18
- Outside of London your annual household income is less than £80,000. Inside London this is £90,000
- You must not own another property
- You should not be able to afford to buy a home on the open market
- You will need to prove you have a good credit history
So how does it work?
Depending upon what you can afford, you can buy a share of between 25% and 75% of the home’s full market value, and then pay a subsidised rent on the remaining share i.e. if you purchase a 40% share, you pay a subsidised rent on the remaining 60%. As and when you can afford to, it’s possible to buy a larger share of the property at a later date – this is called staircasing.
Buying a shared ownership home is very similar to buying a home on the open market. You will require a deposit of at least 5%, a mortgage to cover the purchase price of your share and you’ll have to pay your legal fees.
Current Opportunity: Turnball Court
Turnball Court is a development of twenty 1 & 2 bedroom apartments and one 3 bedroom house (which is now sold) with parking located on Summerhouse Way in Abbots Langley, all available with shared ownership.
- Situated between 3 major towns; Watford, St Albans & Hemel Hempstead
- Abbots Langley is a thriving village, with many scenic walks surrounding the development
- Abbots Langley high street is only a 5 minute walk away
- Kings Langley station is under 2 miles away from the development, getting you into London Euston.
- 3 miles from the M25 & close to the M1
- Attention to detail – the homes are of a high specification
Next steps...
If you have any questions about how the Shared Ownership scheme works or would like to talk to us about your dream home, please don’t hesitate to give us a call on 01923 606056 or email newhomes@sewellgardner.com