Information

Dimensions

Lounge/Kitchen/Diner 6.760m x 5.593m (22' 2" x 18' 4") L Shaped Room
Bedroom 3.685m x 3.073m (12' 1" x 10' 1")
Bedroom 4.7m x 3.005m (15' 5" x 9' 10")

Scheme

What is Shared Ownership?

Shared ownership could be your step on to 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 25% 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.

Example:

. Full Property Purchase price £320,000
. You purchase a 50% share = £160,000 funded through a combination of your own deposit and mortgage.
. You rent the remaining 50% share = £160,000 rent of £366.67 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 with an open market value of £320,000.
. 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.
. Please speak to one of our advisors to find out more about owning a share of this fabulous property.

Service Charge

£16.41 per month.

Contact

Please email us at wivenhoe@michaelsproperty.co.uk for further information.