Welwyn Garden City: stylish, shared ownership apartments to help you get on the property ladder
PUBLISHED: 12:11 12 November 2019 | UPDATED: 09:32 19 November 2019
Are you finding it increasingly difficult to get on to the property ladder? Shared ownership could be the answer.
Through shared ownership, you buy an initial share in a home which can be as little as 25 per cent but no more than 75 per cent. You just need a deposit of between five to ten per cent of the share you buy which is much lower than paying a deposit on the full price. You then take out a mortgage to cover the rest of your share and pay rent on the share you do not own. It's available to first-time buyers, existing shared ownership homeowners who want to move house and people who've previously owned a home but can't afford to buy one now.
SO Resi is the brand for Metropolitan Thames Valley's shared ownership homes. It currently has modern, spacious shared ownership apartments available at Times Square in Welwyn Garden City. Esaiyas Mollallegn, head of marketing at SO Resi told us more.
Modern apartments surrounded by countryside
SO Resi Times Square is close to the centre of Welwyn Garden City in Hertfordshire and consists of high-quality studio and one and two-bedroom apartments. Every home is allocated a parking space on site and there is also storage space for bicycles. The apartments are ready to move in to and feature generously sized open-plan living spaces and kitchens. The bedrooms are all doubles and the two-bedroom apartments feature an en suite shower room to the main bedroom, as well as a separate bathroom, which is ideal for friends sharing or visitors staying overnight.
Esaiyas said: "The apartments are exceptional value thanks to their high quality, modern design and close proximity to London; prices start from just £75,250 for a 35 per cent share (full market price £215,000) and only a ten per cent deposit is required."
SO Resi Times Square is in an excellent location, just a ten-minute walk to the town centre and around a 15 minute walk to Welwyn Garden City station. Esaiyas said: "Trains to Kings Cross run frequently and take as little as 25 minutes. The A1(M) motorway is nearby and links to the M25 in around ten miles. "Welwyn Garden City is a place that offers the best of both town and country. It is home to Stanborough Park which spans 126 acres and features two lakes. The town centre has an array of great shops and there are plenty of great restaurants and cafes."
Shared ownership at SO Resi Times Square
You're eligible for a shared ownership apartment at SO Resi Times Square if your annual household income is less than £80,000 and you don't already own a property. Esaiyas said: "First-time buyers can apply, as well as people who may have owned a home in the past but can't afford to buy one now, perhaps because of divorce, bereavement or financial difficulties. People may be ineligible on financial grounds; a financial assessment is carried out to make sure you can comfortably afford the mortgage and monthly payments to SO Resi, including service charges."
You can buy further shares in your home whenever you can afford to do so, until you own 100 per cent. "If you'd like to buy more shares of your home, you will need to get your home re-valued, which entails a one-off fee. The additional shares you buy will be based on the property value at the time, rather than the price at the time of purchase. The minimum you can buy is an extra 10 per cent of your home's full market value and you can buy bigger shares than that in multiples of 5 per cent," said Esaiyas.
Head over to sharedownership.co.uk to arrange a viewing or call SO Resi on 0208 607 0550 to find out more about Times Square.