Shared Ownership
This superb modern home is available to buy from as little as £66,500 with a 35% share!
This ground floor apartment benefits from a long lease and no onward chain complications! The property is located in Hitchen, approximately 5 miles from Stevenage and provides a spacious reception room with doors out to a patio, kitchen, modern bathroom and a double bedroom. Outside, there is an allocated parking space.
Hitchin’s proximity to London makes it a popular spot for commuters. There are plenty of parks and green spaces, and it’s also close to the beautiful countryside of Hertfordshire. Nearby Stevenage town centre has a lot to offer: restaurants, bars, pubs, large supermarkets, and several schools.
Road travel is very convenient, thanks to the A1(M) motorway and the A505 and A602 highways, just a 5-minute drive away. London is accessible in under an hour by train.
PRICING & AFFORDABILITY
Full Market Value: £190,000
35% Share Price: £66,500 (rent £502.51 pcm)
Minimum 5% Mortgage Deposit (35% share): £3,325
Approximate Service Charges: £177.40 pcm*
Shared Ownership Lease: approx. 108 years
Council Tax Band: A
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 £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 £190,000 and a purchaser would not need to meet the eligibility criteria listed above.
