Shared Ownership Properties in Barnet
Barnet is a popular location for London workers, offering easy access to the centre of the capital in under an hour, and there are some great developments for people interesting in shared ownership.
As the London’s second-largest borough (home to over 331,000 residents), there's high demand for property – and growing interest in the area means that house prices are rising.
Shared ownership schemes are a great way to get on the property ladder. In areas like Barnet, first-time buyers sometimes find that they're priced out of the market, and a shared ownership scheme provides the ideal opportunity to afford a new home.
How Does it Work?
If you're looking to buy a property in Barnet using the shared ownership scheme, you'll be pleased to know that it's a relatively simple process, providing you can prove eligibility. You can choose to use a mortgage to fund your purchase, or alternatively, you can pay for it using your savings.
Essentially, you'll own a percentage of your home. The other percentage will be owned by the housing association or local council, and you'll pay them rent. In the future, you can even buy more of the property in stages if required, or even purchase outright. This video explains the process, with a useful example.
Buying a Shared Ownership Home in Barnet
The shared ownership scheme in Barnet is aimed at those who can't afford to buy a property that suits their needs, for example, if you need a certain number of bedrooms to house your family.
To qualify for the scheme, you must have a gross household income of less than £90,000 per year. You're not permitted to use the scheme if you already own a property, or if you've sold your home before you buy or rent.
Latest Shared Ownership Developments near Barnet
Buying a New Build in Barnet
When buying a new build home there are a range of benefits. New build properties generally experience fewer problems than older homes, saving you money in the future. Plus, the builder will be responsible for repairs for the first six to 12 months. To buy in Barnet using the shared ownership scheme, you'll need to get in touch with Help to Buy London or the Affordable Housing Liaison Officer (email@example.com / 020 8359 7248), who will get you started with the application process, and arrange an interview to check eligibility. You may also need to provide a budget plan, detailing how you can afford to cover the costs of buying the property, including insurance, moving costs and maintenance. More info can be found on the Barnet Shared Ownership page on the Barnet.gov website.
Available Properties in Barnet
There are plenty of new build developments in Barnet available for purchase using the shared ownership scheme, such as the stylish Canons Row apartments. To find out what else is available in the area, click here. Alternatively, if you're ready to start the application process, click here.