Shared Ownership
This superb modern home is available to buy from as little as £150,000 with a 50% share!
A ground floor apartment located in Worcester Park. The well planned accommodation provides an open plan kitchen/living space with doors opening on to a patio. There is a spacious double bedroom with built in wardrobes and a modern bathroom.
The property is located just a mile away from Worcester Park town centre and the railway station, where the train can reach Central London in less than an hour.
The building sits in a tranquil residential area surrounded by parks, such as the Mayflower Park Wetlands or Morden Park. A variety of amenities are close by, and there's also a hospital within walking distance.
PRICING & AFFORDABILITY
Full Market Value: £300,000
50% Share Price: £150,000 (rent £413.64pcm)
Minimum 5% Mortgage Deposit (% share): £7,500
Approximate Service Charges: £202.06pcm*
Shared Ownership Lease: approx. 976 years
Council Tax Band: C
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 £300,000 and a purchaser would not need to meet the eligibility criteria listed above.
