Shared Ownership
This brand new home is available to buy from as little as £90,000 with a 50% share!
Situated just outside Tiptree, one of Essex’s largest villages, Scarlett Mews enjoys lovely rural surroundings and easy access to one of the county’s key routes, the A12. Tiptree combines the charm of village life with essential amenities, notable landmarks, and efficient transport connections, making it an attractive location for prospective homeowners.
Local Amenities:
Tiptree boasts a variety of shops, eateries, and essential services, ensuring residents have easy access to daily necessities. The village is renowned for its production of Tiptree jams and preserves, adding a unique local flavour to the community.
Landmarks:
A significant landmark in the vicinity is the Tiptree Jam Factory, a popular destination for both locals and visitors. Additionally, the surrounding Essex countryside provides picturesque landscapes, offering ample opportunities for outdoor activities and leisurely walks.
Transport Links:
The area is well-connected, with the A12 road within easy reach, facilitating convenient travel to nearby towns and cities. Kelvedon train station is approximately 2.1 miles away, providing regular services to London Liverpool Street in under an hour, making it ideal for commuters. For air travel, London Southend Airport is situated about 17 miles from Tiptree, offering a range of domestic and international flights.
This brand new ground floor apartment features a spacious open plan lounge/kitchen/diner, a double bedroom and a bathroom. Externally is allocated parking.
PRICING & AFFORDABILITY
Approximate Size 570 sq ft
Full Market Value: £180,000
40% Share Price: £72,000 (rent £247.50pcm)
50% Share Price: £90,000 (rent £206.25pcm)
75% Share Price: £135,000 (rent £103.13pcm)
Minimum 5% Mortgage Deposit (40% share): £3,600
Approximate Service Charges: £120.37 pcm*
Shared Ownership Lease: 990 years
Council Tax Band: TBC
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.
At Scarlett Mews, advertised shares start at a 40% share of your home (the maximum you can buy initially is 75%). When you’re ready, you can buy more shares until you staircase to owning 100% of your home.
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.
• Purchasers who live and/or work in Colchester in will be given priority but buyers from outside the borough can still apply.
Please note the minimum share you can purchase can vary depending on your financial situation and you may be asked to purchase a larger share, should your personal circumstances permit.
*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.
**The property is sold off-plan. Images, computer-generated visuals and virtually dressed images are for illustrative purposes only and may include finishes, fittings, layouts or appliances that are not included in the sale. No specification is fixed or agreed at exchange of contracts and the design and specification may change at any time up to build completion. All details are indicative and purchasers must rely on the contract terms agreed at exchange
