Local buyers needed for 180 new shared ownership homes
Published: Thursday 10th March 16
In the next few months around 180 high quality new homes will be offered to qualifying people who live or work in Wandsworth to buy on a shared ownership basis.
This big increase in supply will help local people who want to buy their first home, but can’t afford open market prices.
The new shared ownership flats are located all over the borough, including Battersea, Balham, Putney, Wandsworth Town and Earlsfield.
The new developments are:
Plough Apartments A2 Dominion - coming soon
Riverside Viridian - coming soon
Battersea Police Station TVHA – available now
Tileman House Viridian – available now
Aura House Viridian – coming soon
Riverlight Viridian – coming soon
Boundaries Way Paragon – coming soon
Battersea Police Station
Some of these homes are available now and others will be put on the market in the coming week and months as building work progresses.
Wandsworth Council’s housing spokesman Cllr Paul Ellis said:
“This is very good news for local people trying to get on the housing ladder. Shared ownership is a great option for people who can’t afford full market prices and we are ensuing that Wandsworth residents get first priority for the homes built within our borough.”
If you’re interested you can check you eligibility for shared ownership housing with the council’s home ownership team:
Shared ownership explained
What is it?
It’s a scheme that allows you to buy a share of your home from a housing association and pay rent on the remainder. It makes buying costs much lower.
How does it work?
You buy a share of a home using a combination of your savings and a normal mortgage. You pay rent on the share you don’t own and usually a service charge.
Why do it?
You don’t need such a big deposit or mortgage. This means people with lower incomes and savings can afford it. It gets you on the housing ladder, so you start to gradually build up equity as you pay off your mortgage.
What if I want to buy more?
You can buy up more of your home over time which means your rent would go down accordingly. Eventually in most cases if you can afford it you will be able to go all the way to 100 per cent.
Who is eligible?
Wandsworth residents and workers who don’t own a home with an income of between approximately £27,000 and £71,000 a year. You will need to prove you can afford all the costs.
What are the upfront costs?
All costs will be explained to you and typically will include a five to ten per cent deposit of the share you're buying, moving costs, stamp duty, solicitors' fees, etc. You'll also need to find a mortgage lender that is willing to give you a mortgage.
What are the on-going costs?
You’ll need to pay your mortgage, your rent, any service charge and normal household bills.
What if I want to sell?
You can sell at any time and the value of the property will be split between you and the housing association according to how much you both own. Remember the value of housing can go up or down