Shared Ownership and the city
Robyn Lee thought that living in the heart of Angel would be restricted to those with high salaries, who had big deposits and could afford large mortgages. The latest figures show that £72,760 in savings is needed to provide a 20 per cent deposit. The prospect of homeownership seemed unattainable to Robyn until she discovered a re-sale Shared Ownership property with Family Mosaic, a property that the existing Shared Ownership owner wanted to sell.
The Account Manager comments: “I was looking to move for around a year but without a large deposit I felt I had no option but to continue renting. It was only when a friend recommended Shared Ownership that I started to take the search more seriously. It took three days from the night I viewed my new apartment, to the day my offer was accepted. I couldn’t believe how quick it was to secure my new home. Now I’ve spent my time doing the fun things like decorating!”
“The great thing about choosing a re-sale Shared Ownership property was that I could speak to the previous owners and find out more about the area, understand what bills they are paying and see how they’ve used the space for their furniture. It gave me a lot of confidence that this was my ideal home.”
“I’m now only 35 minutes door to door from my home to work and I love it. I’m now within walking distance of the local pubs, restaurants and bars! Just the other day, I found real pleasure in the novelty of walking to the local Waitrose to pick up ingredients to make dinner for my friends.”
You might imagine that an apartment in such a location would be at the top of the price scale, but Family Mosaic’s shared-ownership scheme means that their apartments represent unbelievable value for money.
You can start by purchasing as little as 25% and increase your share at any time all the way to 100% and outright ownership. You will pay a Government subsidised rent on the remaining share of the property.
It’s a great alternative to renting as often the combined monthly mortgage payments and Government subsidised rent is lower than for private, rented accommodation.
Robyn concludes: “I never thought I could afford to live in Angel, and here I am looking forward to the summer. I can’t wait to sit on my balcony and enjoy the fantastic canalside views!”
A great example of a re-sale shared ownership property like Robyn’s would be Academia Way, a collection of one bedroom apartments. The property forms part of a purpose built 3 storey block built approximately 5 years ago.
The re-sale apartment features a wide hallway with built-in storage leading to a spacious lounge with doors to the front patio garden. The kitchen is fitted with a generous range of base and wall units, matching work tops, integrated Zanussi electric oven and a gas hob. Upstairs there is a modern bathroom, with both bedrooms benefitting from views to the communal garden.
For those who enjoy the outdoors, there are three picturesque reservoirs located a short drive from the apartments, one with a neighbouring golf course, as well as the greenery of the Tottenham marshes.
Access to the nearest train station, White Hart Lane is just a 10-minute walk from the apartments, making it a great hub for commuting around London.
Prices for Academia Way were £185,000 for a minimum share value of 45%.