Shared Ownership
This superb modern home is available to buy from as little as £110,000 with a 50% share!
Conveniently situated within walking distance of Reading town centre is this immaculately presented ground floor apartment with allocated parking. The property benefits from a 148 year lease and provides spacious accommodation as follows: entrance hall, two double bedrooms, living room, separate kitchen and family bathroom.
The property is only a short walk from all the local amenities, such as cinemas, shops, restaurants, local schools, hotels, and supermarkets, in the centre of Reading. It is also within a 10-minute walking distance to the Reading train station and is within easy access to the motorway network.
PRICING & AFFORDABILITY
Full Market Value: £220,000
50% Share Price: £110,000 (rent £214.90 pcm)
Minimum 5% Mortgage Deposit (50% share): £5,500
Approximate Service Charges: £195.75 pcm*
Shared Ownership Lease: approx. 148 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 £220,000 and a purchaser would not need to meet the eligibility criteria listed above.
