Details

Accommodation

Entrance Hall
Ground Floor Cloakroom
Living Room 4.26m x 2.975m (14' 0" x 9' 9")
Kitchen/Diner 5.118m x 3.050m (16' 9" x 10' 0")
Landing
Bedroom 5.118m x 2.950m (16' 9" x 9' 8")
Bedroom 4.36m x 2.818m (14' 4" x 9' 3")
Bathroom

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 10% and 50% 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:


. Property Purchase price £310,000
. You purchase a 40% share = £124,000 funded through a combination of your own deposit and mortgage
. You rent the remaining 60% share = £186,000 at a rent of £426.25 per month
. 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 £310,000
. 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.

Service Charge

A service charge of £53.07 per month is applicable on this property.