Learn more about shared ownership…
Shared Ownership Week is here! Running until 12th October, there is no better time to learn everything you need to know about the shared ownership scheme and how it could make your home ownership dream a reality.
Shared ownership is a government-supported scheme that allows you to purchase a share of a home, as little as 25 per cent and usually no more than 75 per cent of its full value, and pay rent on the remaining amount. It’s a great option for both first-time buyers and those who have owned a property in the past but can’t currently afford to buy outright.
To qualify for the scheme, you need to have a joint household income of below £90,000 in London or £80,000 if buying outside of London. It’s also important to remember that if you do currently own a property, you need to be in the process of selling it to be able to use shared ownership with a new home.
Depending on your lease, you could have the option to staircase. This means you can gradually increase the share that you own over time to reflect your financial situation – you could eventually own your property outright! There are also a range of benefits to staircasing…
1. Your rental payments will decrease as the share that you own increases.
2. Owning your home outright gives you more control over your property, including when it comes to selling your home in the future.
- 3. The more that you own of your home, the more profit you will make when selling your home if house prices have increased.
Shared ownership at Central Square…
Just four modern new apartments remain at Central Square and are ready to move into straight away. With every home for sale available via shared ownership, stepping onto the property ladder has been made accessible for as many first-time buyers as possible. Homes are priced from £340,000 for a one-bedroom apartment, which means a five per cent deposit of just £4,250 is required for a 25 per cent share.
Castle Bar Park train station is situated at the centre of Copley W7 just a minute’s walk from Central Square, offering direct services to London Paddington in 22 minutes. Copley W7 is a ten-minute cycle from Ealing Broadway station, which is connected by the Overground, District and Central Line train services, and also now serves the Elizabeth Line.
For more information on the homes available, to take a digital tour or to book a private appointment to visit the beautiful two-bedroom show apartment, call JLL on 020 7087 5111 or click here.