Shared Ownership
This superb modern home is available to buy from as little as £102,000 with a 30% share!
This bright, modern apartment is located in the heart of Tooting. This property provides well-planned accommodation comprising entrance hall, spacious double bedroom, bathroom and an open plan kitchen/living space. Outside there is an allocated parking space.
Living in Lanesborough Way, Tooting, offers numerous advantages that enhance the quality of life for its residents.The location provides excellent transport links, making commuting to central London convenient and efficient. Additionally, the surrounding area boasts a variety of local amenities, including shops, restaurants, and parks, which cater to diverse lifestyle needs.
The community atmosphere is welcoming, fostering a sense of belonging among neighbours. Furthermore, the residential environment is characterised by well-maintained properties and green spaces, contributing to a pleasant living experience.
PRICING & AFFORDABILITY
Full Market Value: £340,000
30% Share Price: £102,000 (rent £579.12 pcm)
Minimum 5% Mortgage Deposit (30% share): £5,100
Approximate Service Charges: £133.24 pcm*
Shared Ownership Lease: approx. 86 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 £340,000 and a purchaser would not need to meet the eligibility criteria listed above.
