Ways to buy a home
This option involves buying a home with a 999-year lease. Your lease agreement explains our duties as the freeholder and your rights and obligations as the leasehold homeowner. It also contains details of service charges for your home.
Always make sure you fully understand the lease agreement before you buy, because changing a lease can involve legal time and cost.
Shared ownership homes
Shared ownership is an alternative way to buy a home, and means part-buying and part-renting your home. This type of home is available on a limited number of our developments.
With Hanover, if you buy a fixed percentage of your property at a value equivalent to 75 per cent of its full market value, we retain the remaining 25 per cent, and you do not pay any rent on this portion.
Or if you choose to buy a smaller percentage of the property value, you will usually pay a service charge and rent on the amount of unpurchased equity.
When you buy via shared ownership, although you only pay a percentage of the capital value, you will have to pay the total cost of repairs and upkeep for your new home.
For shared ownership opportunities in Muswell Hill click here to find out more.
If you’re eager to secure a new Downsizer Home before general release of the development, you can buy ‘off-plan’ at today’s prices. You’re not committed to the purchase until you’ve seen and agreed the finished home.
You may also be interested in:
- Steps to buying
- Shared ownership at Woodside Square
- Leases and reselling
- Renting a property
- Find a property