If you're looking for an affordable property for sale in Croydon, consider a shared ownership home in the vibrant and artistic suburbs on the outskirts of London. Famed for its rich history, dynamic art scene, music culture, and vast green spaces, Croydon has plenty to offer for those looking for affordable living with a distinctive flair.
Croydon is a treasure trove of culture, from its array of theatres and galleries to the mesmerising street art adorning its walls. International creatives gather here, adding to the area's colourful artistic tapestry. Known as the birthplace of musical prodigies like Amy Winehouse, Adele, and Leona Lewis thanks to the world-renowned Brit School, Croydon is an inspirational place to call home for artists and musicians alike.
Over recent years, Croydon has undergone a significant transformation, making it an exciting residential choice. The area boasts the newly developed Westfield shopping centre, a haven for retail enthusiasts, offering a convenient alternative to the bustling London city centre. Not to mention, Croydon is home to Boxpark – a superb hub for food, music, events, and nightlife. This mix of cultural offerings positions Croydon as one of the top areas for London living.
Moat Homes is launching a collection of 2 & 3 bedroom shared ownership apartments in Purley, Croydon, featuring high specification kitchens, private balconies, and parking. The development, available for off-plan reservations in winter 2023 and move-in from early 2024, is ideally situated with easy commuting links to Central London and Gatwick airport.
Purley offers a selection of local shops, restaurants, and bars, proximity to major retailers like IKEA and Costco, as well as access to Boxpark, Croydon's street food bars and a multi-screen Vue cinema. The area is also renowned for its natural beauty, with easy access to the Surrey Hills and the North Downs, offering residents a blend of city convenience and scenic surroundings.
Whether you're enticed by Croydon's eclectic culture or excellent commuting options, affordable shared-ownership homes here will certainly appeal. Take a special look at properties for sale in Crystal Palace.
Just a short walk from the Crystal Palace train station, these homes sit 109 metres above sea level, providing stunning views of the Surrey Hills and the vibrant city lights. Being close to Crystal Park means residents can relax and unwind from the city's hustle and bustle.
If you don’t already own a home, live outside London and earn less that £80,000 a year, then yes you are eligible! The same applies in London but you can earn up to £90,000. For full eligibility details, please visit www.ownyourhome.gov.uk.
Yes, if you wish to purchase a home with us, you will need a deposit for your mortgage. This will typically be 5% or 10% of the total share value and is in addition to the savings required for other home buying costs such as legal fees and mortgage arrangement fees. Please note we do not accept interest only mortgages or 100% mortgages.
Buying a new home off plan means that you commit to purchasing it whilst it’s still being constructed. You may, or may not, have an opportunity to physically view inside it before your commitment to buy it becomes a legal obligation (at the stage where you exchange contracts). Further information about buying off-plan can be found here.
Yes you can and you can do this at anytime after you have purchased your home. It is entirely up to you if you decide to staircase and purchase further shares.
You purchase additional shares at the current market value and with each staircasing transaction, your rent reduces according to the new percentage owned. When you reach 100% ownership, you no longer pay us rent, although you are still liable for service charges and ground rent (if applicable).
Resales are homes that the current owner bought through shared ownership and now wishes to sell on. It’s still the same shared ownership government-backed product but you normally purchase at least the share that the seller currently owns. Further information about resales can be found here.
You’ll be expected to provide documentation to us, your mortgage advisor / lender and your appointed solicitor. This will include: wage slips, bank statements, proof of address, details of your employment and certified identification.
Like any home owner, you are fully responsible for the day to day maintenance of your home. If you buy a house, it is your responsibility to keep both the interior and the exterior of your home in good repair. If you buy an apartment, the freeholder of the block is responsible for maintenance of the common parts and the exterior of the building. You will be responsible for undertaking any maintenance or repairs inside of your apartment.
There are costs associated with buying a home and these include a reservation fee, survey and mortgage arrangement fees, solicitors fees and removal costs. We recommend that you have around £5,000 to cover all of this. This is in addition to any mortgage deposit you intend to use.
Our rent is typically set at 2.75% per annum for the share you don’t own. Here’s an example: You’ve paid £90,000 for a 30% share of a home with a full market value of £300,000. The remainder still owned by us is 70%, or £210,000. We’ll charge you rent at 2.75% per annum, that equates to £5,775 over the year, or just over £480 per month. Remember that you’ll also be paying your monthly mortgage and any service charge payments.
Ground rent is a fee that is charged on leasehold (and sometimes shared ownership) homes. If you have to pay ground rent it will be a condition of your lease for the land that your home is built on. This is generally only applicable for apartments and Moat usually do not charge ground rent if we are the freeholder (this means that Moat own the land and / or apartment block). If Moat aren’t the freeholder, we do not fix the ground rent but we will collect it from you to pass onto the freeholder or landlord of the building that you live in.
These are charges payable by you as the shared owner to the landlord / freeholder for services the landlord is obliged to provide under the terms of the lease. At the time of purchase, service charges are estimates and the amount will then vary from year to year depending on services provided. The cost of these services are usually split between those living in the apartment block or on the estate. Service charges include items such as cleaning of communal areas, maintenance of communal car parks, grounds maintenance, communal lighting etc. We provide full details of all service charges to you before you buy a home with us and they are also outlined in your lease.
If you’re buying a house, it’s usually fine to bring your pets. We do have to check the lease, so please speak to us if you have pets.
Yes you can! You will need to let us know about any bigger projects such as home improvements and structural changes.
Subletting your home isn’t allowed but you can take in a lodger. We are here to help, so please get in touch if you want to speak to us about subletting.
The managing agent is the company appointed by the management company or they can be appointed by the freeholder of the building to run and manage the building and associated services. If Moat is the freeholder, we will collect service charges directly from leaseholders in accordance with the terms of the lease. If Moat is not the freeholder, we will still collect the service charges as the freeholder will collect them from us; we do not make any money from this, we are simply passing on the costs. The service charges will include management fees which are their fees for this service. This is usually only a very small element of the total service charge.
The management company are responsible for the collection of service charges and the delivery of management and maintenance services across the estate / development where you live. The role and obligations of the management company are specified in your lease or Transfer to Moat. The management company may choose to pass some or all of their responsibilities to a managing agent.