Shared Ownership at The Rushgroves
What is Shared Ownership?
Shared Ownership gives first time buyers and those that do not currently own a home the opportunity to purchase a share in a new build or resales property. You pay a mortgage on the share you own and pay rent to L&Q on the remaining share.
Because you only need a mortgage for the share you are purchasing, the amount of savings required for a deposit is significantly lower compared to the amount required when buying 100% of the purchase price.
Why buy a Shared Ownership home at The Rushgroves?
Shared Ownership is a more affordable way to have the security and stability of owning your own home. You have the option to increase your share after you move in, using a process known as ‘staircasing’. At The Rushgroves you can staircase all the way to 100% and own your property in full.
- Rent is paid at a discounted rate, less than the rate charged on the open market and is calculated at 2.5% of the unowned share value per year.
- You will be offered anywhere from a 25% to 75% share in the property based on what you can comfortably afford.
- Your deposit is 5% of the price of the share, not of the full market value of the property. E.g. The deposit for Plot B2.03 is £3437.5 (5% of £68,750).
- You have the option to only pay stamp duty on the value of the share you purchase, greatly reducing the upfront costs.
What are the eligibility requirements for Shared Ownership at The Rushgroves?
- You must be at least 18 years old.
- Your gross annual household income must not exceed £90,000.
- You will need sufficient savings to cover your mortgage deposit and other buying costs.
- Priority is given to those living or working in the borough of Barnet, however if you live or work in London you are still eligible to purchase a property at The Rushgroves.
- You should generally be a first-time buyer. If you do already own a home, you must be in the process of selling it.
- You must show you are not in mortgage or rent arrears.
- You must be able to demonstrate that you have a good credit history and can afford the regular payments and costs involved in buying a home.
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