Two double bedrooms
Located on a no through road
Kitchen/diner
Lounge with doors to garden
Well established garden with summerhouse
Allocated parking for two vehicles
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.
LOCAL CONNECTION TO WILLERSLEY AND SURROUNDING AREA REQUIRED
Shared ownership is a part buy part rent property from Two Rivers Housing.
You purchase a share with the help of a mortgage based on affordability and the minimum share being sold.
Open Market Value: £315,000
36% Shared Ownership: £113,400
Rent: £477.96pcm
Service charge & Insurance: £31.33pcm
These costs will increase each year with inflation in April
Consumer unit, stairs to first floor landing, radiator, doors into:
Window to front, WC, wash hand basin, radiator.
Base and wall units, larder unit, worktop, sink and drainer, built-in oven, gas hob, extractor hood, space for washing machine, space for fridge freezer, window to front, boiler, radiator and space for table and chairs.
Window, doors to garden, storage cupboard, radiator.
Storage cupboard, access into loft space, doors into:
Window to rear, radiator.
Window to front, radiator.
WC, wash hand basin, bath with shower over, heated towel rail, window to front.
Garden with an abundance of flowers and shrubs, patio area, summer house and gate to side aspect. Allocated parking for two vehicles.
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).
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
•Mortgage in principle
•Proof of deposit
•Help to buy reference number (if you have one)
•Full details for each buyer
You will also be required to complete an application form and an affordability calculation.
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.
As an ethical company, all our profits are donated to charity.
