Shared ownership information & costs

Shared ownership is a part buy part rent property from Two Rivers Housing.

Local connection to Tewkesbury required.

Open Market Value - £265,000
50% Share - £132,500
Rent - £342.81pcm
Service charge - £9.87pcm

Ground Floor

Lounge (3.14 x 4.8)

window to front, fitted carpets and radiator

Entrance Hall

Kitchen / Diner (4.18 x 3.2)

Window to rear, a range of fitted wall and base units, worktops, sink unit with mixer tap. Space for fridge/freezer and washing machine.

WC (1.05 x 1.5)

White wash hand basin and low level WC.

First Floor

Bedroom 1 (1.24 x 3.22)

2 windows to front and dressing alcove area.
Fitted carpets and radiator

Bathroom (2.61 x 2.76)

white bathroom suite with shower over.
Heated towel rail

Bedroom 2 (2.13 x 4.79)

Twin size room with window to rear and radiator

External

Driveway parking for 2 cars. Enclosed rear garden with rear access.

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.

Disclaimer

All measurements are approximate. We have not checked the serviceability of any appliances, fixtures or utilities (i.e. water, electricity, gas) which may be included in the sale. We cannot guarantee building regulations or planning permission has been approved and all prospective purchasers should satisfy themselves on these points prior to entering into a contract. Consumer Protection from Unfair Trading Regulations 2008. The Agent has not tested any apparatus, equipment, fixtures and fittings or services and so cannot verify that they are in working order or fit for the purpose. A Buyer is advised to obtain verification from their Solicitor or Surveyor. References to the Tenure of a Property are based on information supplied by the Seller. The Agent has not had sight of the title documents. A Buyer is advised to obtain verification from their Solicitor. Items shown in photographs are NOT included unless specifically mentioned within the sales particulars. They may however be available by separate negotiation. Buyers must check the availability of any property and make an appointment to view before embarking on any journey to see a property.