Helping you onto the ladder in London
Getting onto the property ladder is a key goal for many of us, but the financial demands associated with buying a property, especially in London, can be daunting for aspiring home hunters. At Sovereign Network Group, we appreciate the obstacles faced by those starting their journey and have seen the value that the Shared Ownership scheme has played for many buyers. Discover the ways that Shared Ownership can help you to take your first steps onto the ladder and continue climbing in the future too.
- New Shared Ownership Homes
Shared Ownership can make getting onto the housing ladder more achievable for many buyers looking to live in London. Under the government-backed scheme, you pay a mortgage on the share of your home you own (typically between 25% and 75% of the home’s value) and pay rent on the remainder. An Independent Financial Advisor will work with you to assess what you can afford, as well as providing details of the deposit required and monthly costs you can expect. For example, details of the service charge will be provided during the sales process. This is payable monthly and is primarily the cost the landlord incurs for maintenance and repairs of the communal services, communal areas and building insurance.
A key benefit of purchasing through Shared Ownership is that you only need to pay a deposit on the share of the home you buy, allowing you to take your first steps with a lower-level deposit. The rent you pay on the remaining share is also often less than the competitive open market.
We offer Shared Ownership at many of our developments across London and beyond. ICON in Burnt Oak, for example, features a stunning collection of 75 new homes all available to buy through Shared Ownership. Ranging in size from one to three-bedroom homes, the development offers exciting opportunities for a variety of buyers. Blending expansive open-plan living spaces with projecting balconies, homes at ICON provide the space and flexibility to enjoy contemporary London living. Prices here start from £81,250 for a 25% share*.
- Resale Homes
Another option to consider would be a resale property. These pre-loved Shared Ownership homes are often older and available in a variety of locations. Unlike new build developments where you might have to live or work in the area, these restrictions don’t always apply to resale properties. A key benefit of buying a resale property is that you can make an appointment to view the property and maybe meet the neighbours!
As with all Shared Ownership properties, affordability checks will be in place to ensure that you can afford the share you are purchasing. When purchasing a resale property, you must buy a share that is equal to or higher than the share that the current resident owns. For example, if the seller owns 30%, you must also buy a 30% share or higher.
If and when you are ready to move on, selling your Shared Ownership is also a very easy process. We will advertise your home for a period of time specified in your lease to help you find a buyer.
We have a range of resale listings in and around London on our website.
- Staircasing
The benefits of buying through Shared Ownership don’t stop on the day you get your keys! Whether you buy a small initial share or a large percentage, the great thing about Shared Ownership is that you can increase the share you own. This process, known as ‘staircasing’, gives buyers the opportunity to gradually work up to full 100% ownership. You can staircase as and when you can afford to, placing financial control in your hands.
If you are looking for more affordable ways to enter London’s competitive property market, find your new home today on our website: https://www.networkhomessales.co.uk/find-your-new-home/
*Rent and service charge are also payable