Shared Ownership

This brand new home is available to buy from as little as £161,000 with a 35% share!

Set across two neighbouring developments on the western fringes of the charming village of Elsenham in rural Essex, Lavender Grove presents a superb collection of attractive and contemporary 2 and 3-bedroom houses, all available with Shared Ownership.

Offering rural village lifestyle yet within easy reach of several vibrant town centres. The development includes a generous amount green open space, adding further appeal to the warm and welcoming community.

Elsenham enjoys excellent transport links. The local train station is just a 3-minute drive from Lavender Grove, with a journey time of only 9 minutes to Bishop’s Stortford. Direct trains reach London Liverpool Street in under an hour or travel north to Cambridge in half an hour. By road, join the M11 at J8 for direct access south into the capital, or north to Cambridge. At J8 you can join the A120 west to Bishop’s Stortford or east to Stansted Airport and onto the A12 for Colchester, Ipswich and Harwich International Port.

This brand new semi detached home features and open plan lounge/diner with a separate kitchen and a ground floor cloakroom. To the first floor are three bedrooms and a family bathroom. Externally is allocated parking for two vehicles, EV charging and an enclosed rear garden.

PRICING & AFFORDABILITY

Approximate Size 999 sq ft

Full Market Value: £460,000

35% Share Price: £161,000 (rent £685.21pcm)
50% Share Price: £230,000 (rent £527.08pcm)
75% Share Price: £345,000 (rent £263.54pcm)

Minimum 5% Mortgage Deposit (35% share): £8,050
Approximate Service Charges: £66.43 pcm*
Shared Ownership Lease: 990 years
Council Tax Band: TBC

ELIGIBILITY

Shared Ownership gives first time buyers and those that do not currently own a home the opportunity to purchase a share in a new build or resales leasehold property. The purchaser pays a mortgage on the share they own and pays rent to a housing association on the remaining share. The combined mortgage and rent is usually less than you’d expect to pay if you bought a similar property outright although this is not a guarantee.

At Lavender Grove you can buy a minimum 25% share of your home (the maximum you can buy initially is 75%). When you’re ready, you can buy more shares until you staircase to owning 100% of your home.

To be eligible for shared ownership you would need to meet the following criteria:

• Your annual household income does not exceed £80,000.
• You have a deposit of at least 5% of the share value.
• You do not own another property or have your name on the deeds or a mortgage for a property worldwide.
• This will be your only residence.
• You are a permanent UK resident or have indefinite right to remain.

Please note the minimum share you can purchase can vary depending on your financial situation and you may be asked to purchase a larger share, should your personal circumstances permit.

*Service charges are estimated and may subject to change. Rent and service charges will be reviewed annually by your housing provider, usually on 1st April each year.

**These photos are for information purposes only and may not represent a true likeness for the units being sold. They may have been taken from earlier phases or similar developments/house types and digitally furnished to represent how the home could be laid out; the final colours/appearance/specification may differ from the images and are not plot specific. We advise applicants to make their own investigations on future development in the area. We would suggest contacting the local authority for more information.
; Service Charge: 797.16