Shared Ownership
This superb modern home is available to buy from as little as £140,000 with a 50% share!
Offered to the market with no onward chain is this recently build two double bedroom ground floor apartment sold on a shared ownership basis.
The apartment is positioned on the ground floor and comprises a spacious entrance hall, 20' dual-aspect, open plan kitchen/living space with double doors out onto a small patio area. Further to this there are two double bedrooms, with master having an en suite and the second being dual aspect making it very light and airy. Lastly, there is a modern main bathroom and a spacious airing cupboard. Further benefits include gas central heating, allocated parking and a private patio area.
PRICING & AFFORDABILITY
Full Market Value: £280,000
50% Share Price: £140,000 (rent £486.82 pcm)
Minimum 5% Mortgage Deposit (% share): £7,000
Approximate Service Charges: £600 every 6 months
Lease management fee: £24.76pcm
Shared Ownership Lease: approx. 118 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 £280,000 and a purchaser would not need to meet the eligibility criteria listed above.
