Shared Ownership
This superb modern home is available to buy from as little as £106,000 with a 40% share!
This mid terrace home is offered to the market with no onward chain and has accommodation comprising a welcoming entrance hallway leading to a fitted kitchen and a spacious living room with direct access out to the rear garden. To the first floor, there are three bedrooms, along with a modern family bathroom. Externally, the property benefits from an enclosed rear garden and allocated parking.
Situated in the popular Mickleover area, the property is ideally positioned for a range of local amenities including shops, supermarkets, cafes and well-regarded schools. Mickleover village offers a friendly community feel with a selection of everyday conveniences, while nearby Derby city centre provides a wider range of retail, leisure and dining options.
The property offers excellent transport links with easy access to the A38 and A50, making it ideal for commuters. Derby train station provides direct rail services to major cities, while regular local bus routes serve the surrounding areas. East Midlands Airport is also within convenient reach.
PRICING & AFFORDABILITY
Full Market Value: £265,000
40% Share Price: £106,000 (rent £435.83pcm)
Minimum 5% Mortgage Deposit (40% share): £5,300
Approximate Service Charges: £55.20pcm*
Lease: 988 years remaining
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 £265,000 and a purchaser would not need to meet the eligibility criteria listed above.
