Shared Ownership

This superb modern home is available to buy from as little as £311,250 with a 75% share!

A rarely available detached family home within the shared ownership scheme located in the village of Pershore. This beautifully presented property provides spacious and well-planned accommodation over two floors with a low maintenance private garden at the rear. This home is immaculately presented throughout and the accommodation comprises entrance hall, downstairs WC, spacious front aspect living room, study and a kitchen/dining room across the back of the house. Upstairs, there are three/four bedrooms and two bathrooms. Outside there is a detached cabin providing additional space for a home office. There is driveway parking for at least two cars and a tandem length garage.

Drakes Broughton is a well equipped village on the edge of the charming market town of Pershore. There are local amenities including a convenience store and a hairdressers, and two pubs. Drakes Broughton benefits from regular bus services connecting to nearby towns, including Pershore and Worcester. The village is also in proximity to Pershore Railway Station, facilitating access to broader regions including London.

PRICING & AFFORDABILITY

Full Market Value: £415,000

75% Share Price: £311,250 (rent £296.06pcm)
Minimum 5% Mortgage Deposit (75% share): £15,562.50
Shared Ownership Lease: approx. 121 years
Council Tax Band: E

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.

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.

*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.

** This home can also be purchased outright (100% of the value) which is £415,000 and a purchaser would not need to meet the eligibility criteria listed above.