Shared Ownership
This superb modern home is available to buy from as little as £75,000 with a 30% share!
Situated on the third floor of this development built in 2008 is this bright and spacious apartment with an allocated parking space. This property is well presented throughout and provides an entrance hall with large storage cupboard, large double bedroom with built in wardrobes, modern bathroom, and an open plan kitchen/living space with a door on to a private balcony.
This property is located in South Wimbledon in the popular borough of Merton. There are a variety of local amenities, shops and eateries nearby. The property also benefits from close proximity to a range of parks and open spaces including Wandle Meadow Nature Park.
There are four train stations within a mile of the property providing regular services in to London as well as a bus service offering local and regional services.
PRICING & AFFORDABILITY
Full Market Value: £250,000
30% Share Price: £75,000 (rent £609.74 pcm)
Minimum 5% Mortgage Deposit (30% share): £3,750
Approximate Service Charges: £349.35 pcm*
Shared Ownership Lease: approx. 120 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 £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 £250,000 and a purchaser would not need to meet the eligibility criteria listed above.
