2 bedroom flat for sale

Following the successful launch of Phases 1 and 2 3A, haart Land and New Homes are releasing the next part of the Rectory Park regeneration project. Once complete, this mixed use development will offer a range of homes to people in the local area, enabling them to have the opportunity to get onto the housing ladder. Rectory Park places a strong focus on the design of landscaping and open spaces to complement the developments close proximity to the neighbouring Northolt & Greenford Countryside Park. There is an outstanding collection of one, two and three bedroom apartments as well as 3 bedroom houses all available to buy on a Shared Ownership basis.

At Rectory Park, Shared Ownership gives you the opportunity to buy a share of your new home, starting at 46% or more if you can afford it. The rest is owned by Network Homes and you pay a subsidised rent on this portion in addition to your own mortgage. You will also need to have savings to cover any deposit required by your mortgage lender and the costs involved in moving. There will also be a service charge payable to cover the cost of the communal maintenance and this includes the buildings insurance. The Shared Ownership scheme aims to help those who want to buy a home of their own, but who cannot afford the cost of buying outright.

Shared Ownership is subject to availability and qualifying criteria.
Priority will be given to people living or working in the London Borough of Ealing.
Every application is assessed individually.

Following the initial purchase, you have the option of increasing your share when you can afford to do so. This is called 'staircasing' which means you could eventually own all of the property. The benefit is the more you own, the less rent you pay.

There are some general eligibility requirements that anyone wishing to buy a Shared Ownership home must meet.
The general eligibility criteria for Shared Ownership is as follows:

You must be at least 18 years old
Your annual household income must be less than £90,000
You should generally be a first time buyer, i.e. you don't already own a home and if you do already own a home, you must be in the process of selling it
You should not be able to afford to buy a home suitable for your housing needs on the open market
You must show you are not in mortgage or rent arrears
You must be able to demonstrate that you have a good credit history (no bad debts or County Court Judgements).
You must be able to demonstrate that you can afford the regular payments and costs involved in buying a home
You should have savings or to be able to easily access at least £4,000 to cover the costs of buying a home. This is a guideline figure.
In most cases you will also need to have enough savings or be able to easily access a minimum 5-10% of the equity share you are buying, as a deposit.