Share Price £292,500 (from 45% Min. Share)
Full Value £650,000 | £29,250 Min. Deposit
Scheme: Shared Ownership Resalescheck_circle Available now
2 bedroom apartment in Westminster
place Rochester Row, SW1P 1LQ
A Fantastic Opportunity to Purchase a Two Bedroom Apartment on a Shared Ownership Basis
WHAT IS SHARED OWNERSHIP ?
Shared Ownership is a housing scheme designed to help homebuyers who are unable to afford the cost of buying a property outright on the open market. Properties may be sold off-plan or new build direct from housing associations, or pre-owned from existing shared owners. The rules and terms of the scheme are set by the Greater London Authority (GLA) in London and Homes England outside of London.
IS SHARED OWNERSHIP FOR YOU ?
The GLA and Homes England set the eligibility criteria for Shared Ownership, but broadly speaking you must:
Not own another property in the UK or any other country.
Have a household income that falls below £90,000 (£80,000 threshold outside the M25). Every property will have a minimum income level too, determined by its’ value, rent and service charge costs. In most cases you will need to meet or exceed the given minimum income.
Have access to a minimum deposit of 10% of the share being purchased (a minimum deposit of 5% of the share being purchased may be acceptable depending on individual financial status).
Be in full time permanent employment.
Be a British, EU or EEA Citizen or have indefinite leave to remain in the UK.
Have a good credit history.
If you are still unsure about Shared Ownership or would like more information view[ Facts and Frequently Asked Questions]
A Fantastic Opportunity to Purchase a Two Bedroom Apartment on a Shared Ownership (Part Buy/Part Rent) Basis
SHARED OWNERSHIP(Advertised price represents 45% share. Full market value £650,000). A brilliant chance to buy a shared ownership property in this enviable location. Rochester Row is just minutes from Victoria Station and only a short walk from Buckingham Palace, Parliament Square and Sloane Square. St James's Park, Green Park and Hyde Park are also within easy reach and there are numerous shops and restaurants nearby. The unit available is a stylishly-presented apartment on the ground floor which features a reception room with a bank of fitted shelves and a sleek, open-plan kitchen. There is a generously-sized main bedroom, with built-in wardrobe, plus a second bedroom which is also a comfortable double. All three principal rooms have double-glazed sash windows with plantation shutters. The spacious entrance hallway includes useful built-in storage and a video entry-phone.
INTERESTED PARTIES ARE REQUIRED TO COMPLETE THE SHARED OWNERSHIP COMMON APPLICATION FORM[HERE; https://bit.ly/2UnjBx2]
(Please note the minimum income and deposit requirements for eligibility. You do not need to request a viewing separately once you have completed the application form.)
Tenure:Leasehold (99 years from 2007)
Minimum Share:45% (£292,500). The housing association will expect that you will purchase the largest share affordable.
Shared Ownership Rent:£596.90 per month. (Subject to annual review)
Service Charge:£219.26 per month. (Subject to annual review)
Guideline Minimum Income:Dual £76,600 Single £87,600 (based on minimum share and 10% deposit)
Council Tax:Band E, City of Westminster (£953.67 for 2020-21). Priority is given to applicants living and/or working in this local authority.
This property is offered for sale in the condition seen. The housing association does not warrant to carry out any remedial or redecoration work of a cosmetic nature unless specifically advised in writing. As a general rule, fitted domestic appliances are included in the sale; non-fitted appliances are not. If you require confirmation, you must request this in writing from Urban Moves. The information in this document supersedes any information given verbally either in person or by telephone. Pets not permitted (except assistance animals). There is no parking space offered with this property.
- Guideline Minimum Deposit £29,250
- Guideline Income Dual £76.6k | Single £87.6k
- Ground Floor
- Approx. 653 Sqft Gross Internal Area
- Open-Plan Reception/Kitchen
- Two Good-Sized Double Bedrooms
- Short Walk from Victoria Station
- St James's Park/Thames Within Easy Reach
Download DocumentsLink to the floor plan Property brochure 1 Energy Certificate
F – General Needs
General needs housing does not meet any of the above criteria. Properties in this category will have more than four steps or a ramp access that is steeper than 1:10 to access the property front door. These properties should be marketed with the number of steps to access the property as this will provide an additional factor for helping people choosing what to bid for.