Ask the seller of Forest Stone Court, Berry Hill, Coleford - SHARED OWNERSHIP a question
When you have registered/logged in a new window will appear where you can submit your question
2 bed semi detached house located in the popular area of Berry Hill. The property comprises of open plan kitchen/lounge, downstairs WC, 2 double bedrooms, bathroom. Rear garden and off road parking.
This is a Shared Ownership property being sold for £88,000, we are looking to sell 40% of the full market value of £220,000. Other percentage options are available.
ALL APPLICANTS MUST HAVE A LOCAL CONNECTION TO THE FOREST OF DEAN.
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 of 990 years where the scheme allows. However, you may buy further shares. This is called ‘staircasing’, and may
eventually progress to outright ownership.
Shared ownership is a part buy part rent property from a registered landlord
You purchase a share with the help of a mortgage based on affordability and the minimum share being sold.
Open Market Value: £220,000, figures below are based on buying from 10%
If you buy a larger share, you'll pay less rent.
ShareMonthly rent
10% £453.75
20% £403.33
30% £320.83
40% £302.50
50% £252.08
60% £201.66
70% £151.25
75% £126.04
The percentage share and rent amount will change depending on the amount you can afford. You'll receive a worked example after a financial assessment.
Two Rivers service charge (building insurance included): £41.69 pcm
Estate Charge: £10.76 pcm
These costs will increase each year with inflation.
Stairs to first floor landing.
Window to front and rear aspects, base and wall units, worktop, sink and drainer, built-in oven and hob, space for fridge/freezer and washing machine, understairs storage cupboard.
Door to cloakroom and garden.
WC and wash hand basin.
Doors into bedrooms and bathroom.
Two windows.
Two windows.
WC, wash hand basin, bath.
Patio and lawn. Gated side access to parking area, suitable for two vehicles.
TwoCan Estate Agents are advertising this property on behalf of Two Rivers Housing. Two Rivers Housing are the owners of Twocan and the Centigen brand.
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.
Like this property? Call 0800 294 2860
