Shared Ownership

This modern shared ownership home is available to buy at just £132,500 for a 50% share!

Situated on the first floor is this well-presented apartment with accommodation comprising two double bedrooms, two bathrooms and a spacious open plan kitchen/living space with a juliet balcony. There is also one allocated parking space and the balance of a long lease.

The property is situated just a short drive from Stevenage Town Centre & Train Station, providing access to a vast array of local amenities, and direct access to London Kings Cross within 21 minutes. Stevenage comprises both the New and Old Towns and is conveniently situated within easy access of the A1M offering easy access to London, the M25 and also to the North. Local road links provide access to adjacent towns including Hitchin, Letchworth, Baldock, Welwyn Garden City and Hertford.

Stevenage is currently undergoing a £1billion Regeneration Plan. The initial plan will include the development covering 14.5 acres of the town centre and introducing 11 new buildings including residential, leisure, community, commercial and retail facilities. The Historic High Street in the Old Town offers a good selection of shops, cafés/restaurants, public houses, a Library and two Doctor’s Surgeries. In addition, the area is well served by Lister Hospital and a good selection of local primary and secondary schools. The New Town currently provides a large pedestrianised shopping centre and retail parks together with the Gordon Craig Theatre & David Lloyd Health Club.

PRICING & AFFORDABILITY

Full Market Value: £265,000

50% Share Price: £159,000 (rent £372.54 pcm)
Minimum 5% Mortgage Deposit (50% share): £7,950
Approximate Service Charges: £94.54 pcm*
Shared Ownership Lease: approx. 118 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 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 £80,000.
• 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 £265,000 and a purchaser would not need to meet the eligibility criteria listed above.