3 Bed End of terrace house For Sale

The property is a modern, 3-bedroom, semi-detached two storey house with parking and gardens.

How does Shared Ownership work?

If you bought a home on the open market, you would agree a purchase price through an estate agent. Then you would take out a mortgage to cover the total purchase price of the property minus any deposit you might have available.
With Shared Ownership, the price of the property is fixed at the open market value, as assessed by a qualified valuer. You borrow just enough to cover the share you are buying. This is referred to as equity share.

The equity share amount will be an amount that you can afford, as set out under government guidelines. The total monthly cost of the rent, plus your
mortgage, will be lower than the monthly cost if you bought the property outright with a mortgage.

For legal reasons, while you are only buying a part-share of the property, you will have a leasehold interest. However, you may buy further shares. This is called ‘staircasing’, and may eventually progress to outright ownership.

Property description

Ground Floor:

Kitchen/ Dining room – 3.368 x 4.410 – window to front
Living Room – 5.347 x 3.509 – double doors leading to the garden
WC – 1.806 X 1.003

First Floor
First Bedroom – 2.704 x 4.326 – Window to the rear
Second Bedroom – 3.654 x 3.203 – window to front
Third Bedroom – 2.576 x 2.421 – window to rear
Bathroom – 1.882 x 2.067 - White suite with shower over bath

Eligibility Criteria

To be eligible for Shared Ownership you need to:

- be a first-time buyer, an existing shared ownership homeowner, or a former homeowner who can’t afford to buy now
- be over 18 years old
- have an annual household income of less than £80,000 (£90,000 in London).
- Have a connection to Herefordshire

If you wish to buy one of these properties we need to assess your eligibility for shared ownership. For this we need to see:

•Proof of ID
•Proof of address
•Proof of deposit
•Full details for each buyer

You will also be required to complete an application form and an affordability calculation.

Services

All mains services are connected.