South East London contains 5 boroughs; these boroughs are Southwark, Lewisham, Greenwich, Bexley, and Bromley. If you’re looking to purchase one of the property for sale in South East London, then there are many fantastic ones to choose from such as small bungalows and cottages, larger family homes, and also your more traditional 3 bedroom family homes. A selection of these homes come with fantastic gardens and pieces of land offering stunning views, then if you choose to purchase one of apartments or penthouses rather than one of the houses for sale south east London, you will still have a stunning view. There is plenty of things to do around the houses in south east London, meaning you’ll never be bored and can have plenty of days out with family and friends.
There are some outstanding houses in south east London which are available through shared ownership. Shared ownership means you will get to own a share of the property and you will need to pay rent for the remaining share of the property. Shared ownership helps individuals to get onto the property ladder; it is mostly aimed at first time buyers. Many people will choose the option of stair casing, this is because it will reduce the rent that they have to pay on a property, another reason is because when it comes to selling your home, the bigger the percentages that you own, the more profit that you will make if the value of your home increases. You can purchase as little as a 10% share per transaction, the downside of this is that with most housing associations you are limited to three transactions. This means that if you want to have complete ownership of your home at some point in the future then you need to gain 100% ownership by your third transaction. Each share that you purchase will mean that the rent that you pay will decrease according to the new percentage which you own. Once you reach 100% ownership, you will no longer have to pay any rent on the property although with some housing associations you may still be eligible for service charges and ground rent if applicable. To be eligible for shared ownership, you will need to be at least 18 years old, a first time buyer or previous home owner who can no longer afford to purchase a property, however there are some other circumstances with certain housing associations that will allow you to go through with shared ownership depending on your situation. Also your current household income must be less than £60,000.
It can work out that paying for your rent and mortgage is cheaper for you rather than purchasing a home outright, this is why it’s important for you to spend time working out all of the separate costs and comparisons. When you’re working out the cost makes sure that you include all of the other costs such as the deposit for your mortgage, legal fees and mortgage arrangement fees.