***Three-Bedroom End-of-Terrace Home 50% Shared Ownership***
This well-presented three-bedroom end-of-terrace home is available to purchase through a **50% shared ownership scheme**, making it an excellent opportunity for families and first-time buyers.
Upon entering the property, you are welcomed by an inviting entrance hallway, providing access to the principal ground-floor accommodation. To the left is a convenient downstairs WC, while to the right sits a well-equipped kitchen, offering a practical and functional space for everyday cooking and meal preparation.
Continuing through the hallway, you are greeted by a spacious reception room, providing ample room for both comfortable seating and dining furniture. This versatile living space is ideal for relaxing with family, entertaining guests or enjoying cosy evenings at home. Patio doors open directly onto the rear garden, allowing natural light to flow into the room and creating a seamless connection between indoor and outdoor living, particularly during the warmer months.
Ascending to the first floor, the property offers three well-proportioned bedrooms, providing flexible accommodation to suit a variety of needs. The principal bedroom offers a comfortable retreat, while the additional bedrooms could be utilised as guest rooms, a nursery or a dedicated home office, depending on individual requirements. A family bathroom completes the first-floor accommodation, conveniently serving all three bedrooms.
Externally, the property benefits from an enclosed, walled rear garden, offering a good degree of privacy and an ideal setting for outdoor enjoyment. Partially laid to lawn, with a patio area providing space for garden furniture, the garden is perfectly suited to al fresco dining, summer barbecues or simply unwinding outdoors. The enclosed nature of the garden also makes it a pleasant space for those who enjoy spending time outside.
Further benefits include **two allocated parking spaces**, providing convenient off-road parking and adding to the practicality of the home.
Combining spacious and versatile accommodation with a private rear garden and the added benefit of allocated parking, this property presents an excellent opportunity for first-time buyers looking to step onto the property ladder. Equally, the layout and outdoor space may appeal to young families, couples or those seeking a home with room to adapt to changing lifestyle needs.
Housing Solutions- Key Information
If you buy a 50% share, the share purchase price will be £215,000 and the rent will be £619.36 a month.
If you buy a larger share, you`ll pay less rent.
The table below provides illustrative examples based on the sales price provided by the Estate Agent.
Please note that this is a resale property, and the purchase price of the share being sold is determined by the current shared owner and marketed through the Estate Agent.
If you choose to purchase an additional share at the same time, the cost of that additional share will be based on a RICS valuation, which will
determine the current market value of the property. Therefore, the figures below are for illustration purposes only and may change if the RICS valuation differs from the Estate Agent`s sales price, as the RICS valuation will apply only to the additional share being purchased.
Share, Purchase Price,Monthly rent
60% £258,000 £495.49
70% £301,000 £371.62
75% £322,500 £309.68
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.
Every month (in addition to your rent) you will pay:
3rd Party Managing Agent £26.85
Buildings insurance £22.68
Management fee £9.17
Reserve/sinking fund payment N/A
Total monthly payment excluding rent £58.70 ( Service Charges)
Total monthly payments will typically be reviewed on an annual basis.
Reservation fee £500 You`ll need to pay a reservation fee to secure your home. When you pay the fee, no one else will be able to reserve the home. The reservation fee secures the home for 5 working days. If you buy the home, the fee will be taken off the final amount you pay on completion. If you do not buy the home, the fee is non refundable once the sale has been instructed with solicitors.
Eligibility assessment - The housing provider will assess whether you meet the eligibility criteria for the scheme
This will be based on the eligibility criteria for the shared ownership scheme and the housing provider`s specific policies.
Criteria for eligibility/ criteria
⢠your household income is £80,000 or less
⢠you cannot afford all of the deposit and mortgage payments to buy a home that meets your needs
One of the following must also be true:
⢠you`re a first-time buyer;
⢠you used to own a home but cannot afford to buy one now
⢠you`re forming a new household - for example, after a relationship breakdown
⢠you`re an existing shared owner, and you want to move
⢠you own a home and want to move but cannot afford to buy a new home for your needs
If you own a home, you must have completed the sale of the home on or before the date you complete your shared ownership purchase.
As part of your application, your finances and credit history will be assessed to ensure that you can afford and sustain the rental and mortgage payments. Also, you must have a local connection to Buckinghamshire either through residency, work or family. Affordability assessment; You will be assessed to check you can afford the home. Your affordability assessment will be carried out by a suitably qualified and experienced adviser. As part of the affordability assessment, you will need to provide documents to confirm your income, savings, and financial commitments. The assessment will take into account the housing provider`s specific policies including: ⢠How much money you will need to have available to be able to afford the home , The minimum deposit you will need to buy the home. ⢠The minimum requirements for your credit history;
Tenure- Leasehold
Lease type- Shared ownership house
Lease term 125 years from 18th September 2020.
Rent review- Your rent will be reviewed each year by a set formula using the Retail Prices Index (RPI)for the previous 12 months plus 0.5%
Maximum share you can own
You can buy up to 100% of your home.
Transfer of freehold At 100% ownership, the freehold will transfer to you. ( Rics survey to be carried out at buyers cost )
Notice
Please note we have not tested any apparatus, fixtures, fittings, or services. Interested parties must undertake their own investigation into the working order of these items. All measurements are approximate and photographs provided for guidance only.
Council Tax
Buckinghamshire Council, Band E
Ground Rent
£619.36 Monthly
Utilities
Electric: Mains Supply
Gas: Mains Supply
Water: Mains Supply
Sewerage: Unknown
Broadband: Unknown
Telephone: Unknown
Other Items
Heating: Gas Central Heating
Garden/Outside Space: No
Parking: Yes
Garage: No
*This mortgage calculator is provided for general information purposes only. It's intended to provide you with an estimate of your potential mortgage payments and does not constitute an offer of finance or advice. The calculations are based on the information you provide and do not take into account your individual needs and circumstances.
The calculator does not include all the costs you will need to pay when taking out a mortgage. Your actual mortgage payments may be higher or lower than the estimates provided by this calculator. The interest rates used in the calculations are subject to change and may not reflect the actual rates available in the market.
Please note that the calculator does not consider changes in interest rates over time, early repayment charges, or any other fees and charges that may apply to your mortgage. You should always seek professional advice before making any financial decisions.
Remember, your home may be repossessed if you do not keep up repayments on your mortgage.
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