We have a selection of apartments available in the East London region to purchase via our Shared Ownership Resales programme. You can register your interest by phone on 0208 502 5758 or through clicking our enquire button and completing the form.
The properties for resale have previously been occupied, either tenanted or previously purchased via the Shared Ownership scheme and often represent good value for money. Generally, properties are allocated to those who live or work in East London, with priority going to those who live or work in the borough the property is situated in.
Shared ownership is a government-backed scheme designed to assist people who are unable to afford to buy a home outright. These properties are available to buy on a part-buy, part-rent basis, to those with a maximum single or joint income of £90,000 per annum. At the initial purchase the minimum equity share that can be purchased is 25% and the maximum share is 75%. Purchasers will be asked to obtain the maximum share they can afford and sustain at the time of the initial purchase. Further portions of equity can be purchased at a later date although some restrictions might apply.
You will require a minimum deposit of usually around 15% to 20% of the share being purchased, dependent on the property for sale. This will be required in order to secure a mortgage on the share you are purchasing. You will also be required to pay a subsidised rent on the unowned equity, usually at a rate of 2.25% to 2.75% per annum. In addition to this, it is likely you will need to pay a monthly service charge, the amount varies from property to property. In order to be eligible for the scheme and to view a property and you will be required to have an initial telephone assessment with our recommended IFA. This is to assess your affordability and should you then be allocated a property you will be asked to attend an interview where you will need to provide proof of deposit, residency,identity etc.
You would be responsible for payment of your own legal fees, Stamp Duty Land Tax, mortgage arrangements and survey fee. In most cases purchasers are unable to sub-let under the terms of the lease, until the property is owned outright.
Please speak to our designated Resales Team for more details.
0208 502 5758