Shared Ownership
This superb modern home is available to buy from as little as £142,500 with a 50% share!
A well-presented one-bedroom ground-floor apartment offering approximately 451 sq ft of accommodation, with a practical layout comprising a separate fitted kitchen, living/dining room, double bedroom and bathroom. The property also benefits from useful built-in storage and direct access from the living area to a private terrace.
The double bedroom is particularly well proportioned, while the separate living/dining room provides plenty of space for both relaxing and dining. Residents are also able to apply for a parking permit within the development, adding a useful option for those with a vehicle. Echo Court is a modern residential development with communal areas and convenient access to local amenities.
Situated in Colindale, North West London, the property is well positioned for transport links, with Colindale Underground Station providing Northern line services into Central London. A good selection of shops, supermarkets, cafés and other everyday amenities can be found locally, while the A5, A406 and M1 provide convenient road connections.
PRICING & AFFORDABILITY
Full Market Value: £285,000
50% Share Price: £142,500 (rent £503.31pcm)
Minimum 5% Mortgage Deposit (50% share): £7,125
Approximate Service Charges: £233.38pcm*
Lease: 239 years
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/£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.
