Share Price £121,500 (from 30% Min. Share)

Full Value £405,000 | £12,150 Min. Deposit

Scheme: Shared Ownership Resales

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2 bedroom apartment in Tower Hamlets

place Ivy Point, Hannaford Walk, E3 3TF

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A Fantastic Opportunity to Purchase a Two Bedroom Flat, on Shared Ownership by Clarion Housing 


Eligibility

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]


Description

A Fantastic Opportunity to Purchase a Two Bedroom Apartment, on a Shared Ownership (Part Buy/Part Rent) Basis, through Clarion Housing

SHARED OWNERSHIP(Advertised price represents 30% share. Full market value £405,000). A spacious, modern apartment which features a dual-aspect reception room with three near-full-height windows on one side and sliding doors opening onto a balcony on the other. There is an attractive kitchen/dining room with built-in appliances and walnut style units contrasting with high gloss white fittings. A large main bedroom benefits from an en-suite shower room and there is also a second comfortable double bedroom and a high-spec bathroom with both overhead and hand shower. A generous amount of fitted storage has been provided in the entrance hallway. Ivy Point is a substantial building with concierge, gym and a communal roof terrace. Bromley-by-Bow Station, for the District and Hammersmith & City Lines, is just minutes away and Devons Road DLR is also very close for easy travel north to Stratford or south towards Canary Wharf.

INTERESTED PARTIES ARE REQUIRED TO COMPLETE THE SHARED OWNERSHIP COMMON APPLICATION FORM[HERE; https://bit.ly/3hlFLZw]

(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 (125 years from 2014)
Minimum Share:30% (£121,500). The housing association will expect that you will purchase the largest share affordable.
Shared Ownership Rent:£714.16 per month (subject to annual review).
Service Charge:£330.39 per month (subject to annual review).
Guideline Minimum Income:Dual £53,100 | Single £59,700 (based on minimum share and 10% deposit)
Council Tax:Band D, London Borough of Tower Hamlets. 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.


Key Features

  • Guideline Minimum Deposit £12,150
  • Guideline Income Dual £53.1k | Single £59.7k
  • First Floor with Balcony
  • Approx. 797 Sqft Gross Internal Area
  • Dual-Aspect Reception Room
  • Bathroom plus En-Suite Shower Room
  • Communal Heating and Hot Water
  • Minutes from Bromley-by-Bow Station

Download Documents

Link to the floor plan Property brochure 1 Energy Certificate

Accessibility

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.


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Calculate Monthly Cost

Share price
£ 121,500
Min. £121,500
Share percentage
Min. 30%
Your deposit
Min. £12,150
Monthly cost*
£1,568
Cost breakdown
£714
Rent
£330
Service charge
£524
Mortgage*
Calculated using a representative rate of 3.09%
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Location

Disclaimer

The information displayed about this property comprises a property advertisement. Share to Buy ltd makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Share to Buy has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by the sponsoring housing association. Please contact the housing association or estate agent directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007.

The ‘Estimated total monthly cost’ for a Shared Ownership property consists of three separate elements added together:

  • Rent: this is charged on the share you do not own and is usually payable to a housing association (rent is not generally payable on shared equity schemes)
  • Service Charge: covers maintenance costs for the property as a whole and communal areas
  • Mortgage: Share to Buy ltd are specialist Shared Ownership mortgage brokers and we use a database of daily updated mortgage rates to work out the lowest rate available for the deposit amount shown, and then generate an estimated monthly payment on a 25 year capital repayment basis.


NB: this mortgage estimate is not confirmation that you can obtain a mortgage and you will also need to satisfy the requirements of the relevant mortgage lender. Nor is this a guarantee that in practice you would be able to apply for such a rate, and nor is this a recommendation that the rate used would be the best product for you.