Orwell are proud to release these new shared ownership homes for local people. Jefferey's green in Cockfield is an affordable way to get on the housing ladder, these properties are due for completion in spring 2021 and there is a choice of two bedroom and three bedroom homes.
4 x two-bedroom and 2 x three-bedroom SHARED OWNERSHIP Semi Detached Houses with price from £119,250 which represents a 50% share of the two-bedroom homes and £133,250 for a 50% share of the three-bedroom homes. full market value of £238,500 for the two-bedroom homes and £266,500 for the three-bedroom.
The properties feature accommodation over two levels. Downstairs has a kitchen/dining room area with hallway, living room, Cloakroom/ WC and under stairs storage space. Upstairs consists of two double bedrooms (a further smaller bedroom in the three bed homes) and a family bathroom.
Externally there is a rear garden, off-road parking for two cars and patio area.
Two Bedroom Plots: 1, 2, 20 & 21 - Floor Areas
Kitchen/dining 14 sqm
Living Room 12 sqm
Bedroom 1 – 14 sqm
Bedroom 2 –12 sqm
Three Bedroom Plots: 12 & 13 - Floor Areas
Kitchen/dining 15 sqm
Living Room 16 sqm
Bedroom 1 – 12 sqm
Bedroom 2 – 11 sqm
Bedroom 3 – 6 sqm
*All floor areas are approximate
Cockfield is in West Suffolk, about 6 miles south of the market town of Bury St Edmunds, and close to historic Lavenham. It is a spread-out village, geographically the second largest village in Suffolk. Cockfield’s 800 residents mainly live grouped around its eight greens. The village consists of a central point and several outlying hamlets: Buttons Green, Colchester Green, Cross Green, Great Green, Oldhall Green, Smithwood Green and Windsor Green.
Cockfield is a lively village boasting many Clubs and Societies, two Churches, two public houses, a restaurant, garage, Post Office and Primary School.
What is Shared Ownership? Shared ownership could be your step onto the property ladder. This home ownership scheme allows you to purchase a share in your home and rent the remaining unowned share.
How does Shared Ownership Work?
You buy an initial share of between 50% and 75% of the property's full value and pay a subsidised rent on the remaining share you don't own. You may purchase further shares up to 100% of the full property value, as your circumstances change, although there is no obligation to do so. You will be asked to speak with a Financial Advisor to assess what share you can buy, ensuring this is both affordable and sustainable, based on your circumstances.
Shared ownership can be cheaper than renting a property privately as the mortgage cost and subsidised rent usually add up to less than the equivalent rental payments to a landlord.
. Property Purchase price of two-bedroom house £238,500
. You purchase a 50% share = £119,250 funded through a combination of your own deposit e.g. (£5,962.50) and mortgage (£113,287.50)
. You rent the remaining 50% share = £119,250 x 2.75% rent = rent of £273.28 per month
. 75% is the maximum share price which you can initially purchase.
. There is an option to purchase up to 100% of the property value at a later point should you wish to do so. The property has a buy-back clause, and you will not own the freehold as this property is in a designated protected area.
. You enjoy all the benefits of living in a brand-new home
. You can stay in the property for as long as you wish and can sell the share you own at any time. You make the decisions.
To be eligible for these homes you will need to be approved by www.helptobuyagent3.org.uk and have a local connection to Cockfield or the surrounding parishes within Babergh District Council.
Please speak to one of our advisors to find out more about owning a share in one of these fabulous properties.