Shared Ownership
This superb modern home is available to buy from as little as £112,500 with a 25% share!
Offered to the market with no onward chain, this modern 7th floor apartment benefits from allocated underground parking and a private balcony. The accommodation comprises an entrance hall, open plan lounge/kitchen/diner, a double bedroom and a modern bathroom.
Situated on Stockwell Road, the property enjoys an enviable location between the vibrant neighbourhoods of Stockwell, Brixton and Oval. Residents can take advantage of an outstanding selection of independent cafés, restaurants, bars and shops, while nearby Brixton Village, Brockwell Park, The Oval Cricket Ground and the iconic O2 Academy Brixton provide an excellent choice of leisure and entertainment options. The area offers the perfect blend of city living with attractive green spaces close by.
Commuters are exceptionally well served with Stockwell Underground Station (Victoria and Northern lines) within easy reach, providing fast connections into the City, the West End and beyond. Brixton Underground Station and National Rail services are also nearby, while numerous bus routes operate along Stockwell Road, making travel across London quick and convenient.
PRICING & AFFORDABILITY
Full Market Value: £450,000
25% Share Price: £112,500 (rent £1,102.97pcm)
Minimum 5% Mortgage Deposit (25% share): £5,625
Approximate Service Charges: £258.84pcm*
Lease: 120 years remaining
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 £90,000.
• 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 £450,000 and a purchaser would not need to meet the eligibility criteria listed above.
