Buying your first home can seem like an impossibility. How can you find something you can afford? In London?
Shared ownership can make your dream come true.
You buy an initial share of 25%-75%, paying rent on the remaining portion. This means, for example, at 25%, you need just a quarter of the deposit.
Over time, as you can afford it, you can buy a bigger share, and ultimately own the property outright. If you sell before then, you keep your share of any change in value.
To be the first to hear about these, and to learn more about shared ownership with IDS:
IDS AT EDGWAREBURY MANOR
Our next development is at Edgwarebury Manor in Edgware, which offers 1- and 2-bedroom flats, and 2-bedroom houses available for Shared Ownership.
Whether enjoying the neighbourhood facilities, or taking advantage of the extensive transport connections, everything you need is easily accessible. As well as Edgware’s bustling high street, Mill Hill Broadway is just a couple of miles away, and Brent Cross Shopping Centre is also easy to get to. Buses run close by, and tube and train stations gives you fast access to Central London.
The area features a number of excellent schools, parks and play areas for the kids. When you want to relax, restaurants and sporting and leisure facilities are plentiful. Enjoy beautiful woodland and parks, on your doorstep. Although you are just a tube ride away from Central London, you can also feel you’re part of a rural village.
Unlike with a rented home, you are free to make your shared ownership home completely personal to you. We have decorated using neutral colours, leaving you free to set your own colour palette for your furnishings. You can also re-decorate if you choose. The homes are finished to a high-quality specification, with fully fitted kitchens and brand name appliances, luxury flooring throughout and private outdoor space to each home.
THE COMPLETE SALES PROCESS FOR SHARED OWNERSHIP
1. Enquire about a property and register.
2. Ensure you are eligible (do not own a property, joint salaries do not exceed £90,000.
3. Have an initial financial assessment to ensure you meet the affordability criteria (to be able to afford the rent/ service charge/mortgage).
4. If affordable, book an appointment with the sales team.
5. Apply for desired properties by completing a reservation and application form.
6. The sales team allocate the properties on a priority basis or send to the housing provider for them to allocate the properties. May depend on the scheme.
7. The successful applicant is informed they have been allocated a property. A £500 reservation fee is required.
8. Book in a full financial interview with a panel Mortgage Broker. Documentation such as bank statements/ID/pay slips have to be provided for approval.
9. Mortgage in principle is provided.
10. Within 48 hours, of financial interview instruct a solicitor and broker. Site Sales’ team will provide a panel to choose from.
11. Solicitor will be sent the legal pack and begin the conveyancing (await search results and raise enquiries with developer).
12. Mortgage application submitted and survey is instructed.
13. You will have 28 days to exchange contracts from when the Memorandum of Sale is issued.
14. Once all paperwork is signed and deposit is transferred, a completion date will be agreed* and you can exchange contracts. * If build complete.
15. Upon completion you will have a home demonstration and pick up your keys.