Shared Ownership
This superb modern home is available to buy from as little as £91,500 with a 30% share
A ground floor flat located in Tooting offered to the market with no onward chain complications. The property accommodation comprises entrance hall, bathroom, two bedrooms and a reception room open plan with the kitchen. Outside, there is allocated parking.
St. George's Grove in Tooting, London, is a modern residential development offering convenient access to various amenities. Tooting Broadway Underground is an approximate 15 minute walk from the property and Earlsfield Railway Station is also nearby. Popular Tooting Market offers a diverse range of food stalls and shops and Garrett Lane is a nearby street providing a range of shops, cafes and eateries. Tooting Bec Lido is a short distance from St. George's Grove - this open-air freshwater swimming pool is the largest of its kind in the UK
PRICING & AFFORDABILITY
Full Market Value: £305,000
30% Share Price: £91,500 (rent £723.89 pcm)
Minimum 5% Mortgage Deposit (30% share): £4,575
Approximate Service Charges: £181.80 pcm*
Shared Ownership Lease: approx. 86 years
Council Tax Band: D
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 £305,000 and a purchaser would not need to meet the eligibility criteria listed above.
