Shared Ownership

This superb modern home is available to buy from as little as with a £171,000 with a 45% share!

A beautifully presented one bedroom second floor apartment located in the heart of Tooting, close to amenities and enjoying a private aspect at the back of this modern development. The apartment benefits from natural light throughout with accommodation comprises entrance hall with built in storage, bathroom, bedroom, fitted kitchen and a living/dining room. The property is offered to the market with no onward chain complications.

The property is located in a residential area close to all local amenities including shops, pubs, restaurants, and cafes.
Tooting Broadway tube station is a 7-minute walk away and Tooting train station is roughly a 10-minute walk away. Tooting market and high street are also only a short walk from the property.


PRICING & AFFORDABILITY

Full Market Value: £380,000

45% Share Price: £171,000 (rent £528.33 pcm)
Minimum 5% Mortgage Deposit (45% share): £8,550
Approximate Service Charges: £140.42 pcm*
Shared Ownership Lease: approx. 89 years
Council Tax Band: C

ELIGIBILITY

Shared Ownership gives first time buyers and those that do not currently own a home the opportunity to purchase a share in a new build or resales leasehold property. The purchaser pays a mortgage on the share they own and pays rent to a housing association on the remaining share. The combined mortgage and rent is usually less than you’d expect to pay if you bought a similar property outright although this is not a guarantee.

To be eligible for shared ownership you would need to meet the following criteria:

• Your annual household income does not exceed £90,000.
• You have a deposit of at least 5% of the share value
• You do not own another property or have your name on the deeds or a mortgage for a property worldwide.
• This will be your only residence.
• You are a permanent UK resident or have indefinite right to remain.

*Service charges are estimated and may subject to change. Rent and service charges will be reviewed annually by your housing provider, usually on 1st April each year.

** This home can also be purchased outright (100% of the value) which is £380,000 and a purchaser would not need to meet the eligibility criteria listed above.
Service Charge: 1919.64.