You’ve been looking into Shared Ownership and think it might be the right scheme for you… but then you hear some things on the grapevine that unsettle you. There’s no family homes, just tiny starter flats. It’s impossible to get a mortgage and even if you do, you’ll have to share your new abode with…
Guest Blog: Berkeley – Riverside living could be more affordable than you think
Do you live or work in the Royal Borough of Greenwich, but finding it hard to get a foot on the property ladder? If so then you could qualify for one of Berkeley Homes luxury manhattans, one or two bedroom apartments at Royal Arsenal Riverside, Woolwich, in Pavilion Square through its Discount Market Sale scheme (DMS), which requires just 5% deposit.
This scheme in partnership with the Royal Borough of Greenwich could make buying a luxury Berkeley home more affordable and see you pay a capped sum equal to 80% of the open market value of the property. Whilst the remaining 20% will be held in perpetuity by the Royal Borough of Greenwich.
Typical example of a DMS property:
- Market Value: £400,000
- Price you pay: £320,000
- Discount (20%): £80,000
Royal Arsenal Riverside has undergone a major transformation since its origins as a military arsenal over 400 years ago and Pavilion Square nestles alongside two of the oldest buildings on the site. Inspired by the development’s history, interiors offer a modern twist on a vintage warehouse feel.
Ms Omolara Sanni, 25, who had previously been renting at Royal Arsenal Riverside for three years recently purchased her first property in Kinetic through DMS and said: “I would certainly recommend the DMS scheme as I thought why continue to rent when I can buy? It has also enabled me to continue living and running my own fashion design business, in an area that I love. Royal Arsenal Riverside has everything that you need in regard to shops, restaurants and great transport connections, which will get even better once Crossrail arrives later this year.
“As a mother of a young child I was also drawn to the security of the apartments and it also meant there has been no upheaval in regard to schools which has given me the stability I needed. There is also a real community feeling here and regular events such as the RARE Farmers’ Market which helps to bring people together.”
In order to qualify for Discount Market Sale potential purchasers must meet the following criteria:
- Is a resident or employed within the Royal Borough of Greenwich
- Earn a gross annual household income which does not exceed £90,000
- Unable to purchase a suitable home to meet their housing needs on the open market
- Do not already own a home and will be the owner occupier of the property
If you wish to later re-sell your home, you must first offer to sell the property to the Royal Borough of Greenwich for no more than 80% of the open market value at the time of sale. If contracts are not exchanged within 6 weeks of your offer, you will be free to sell the property on the open market, provided you pay 20% of the open market value to the Royal Borough of Greenwich on completion of the sale.
The Royal Borough of Greenwich and the second owner will then apply to remove the Restriction on the title of the property.
For more information please visit our Sales and Marketing suite – Open 10am to 6pm – Late night opening on Thursdays until 8pm. Imperial Building, No.2 Duke of Wellington Avenue, Royal Arsenal Riverside, Woolwich, London, SE18 6FR.
www.royalarsenalriverside.co.uk / 0208 003 1206
Data from a recent survey from Share to Buy shows that getting on the property ladder when they grow up is a priority for under 10s in the UK, with three quarters of kids confirming they would like to purchase their own home when they’re older. The national survey of one thousand six to ten…