Share Price £123,750 (from 55% Min. Share)

Full Value £225,000 | £6,188 Min. Deposit

Scheme: Shared Ownership Resales

Under offer

1 bedroom apartment in Barking and Dagenham

place Prioress House, 5-7 Loxford Road, IG11 8SD

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Perfectly placed apartment between Barking - come start your independence here!


Eligibility

Minimum household income requirement: £31,098^

Application process: A financial assessment must be completed before any physical viewing can take place. This forms part of Home Group’s buyer approval process. These assessments are carried out remotely by The Mortgage People. Once you have confirmed an interest in purchasing a property, the contact details will be made available.

We will not carry out any credit checks or contact any reference agencies without your written consent.

Help to Buy Agent: In order to apply you must be registered with Homes For Londoners https://www.london.gov.uk/what-we-do/housing-and-land/homes-londoners/search/register You will need to provide your HTB reference when completing the application process.

Current homeowners: Anyone who currently owns a home must have a sale agreed to apply.

Pets: Pets are not permitted in buildings with communal areas.


Description

***Please quote PRI6205 when enquiring.***

- Introduction -

Looking for your new home? Struggling to save for a deposit? This one-bed apartment in Barking is the answer and is too good to miss! You’ll have an abundance of convenience right on your doorstep!

- What the owner says -

“The area is tranquil and green, with a few parks within walking distance. Only an 8-minute walk from Barking Station and 15-minutes’ drive to Ilford Station. Only 10-minute walk from Barking Town Centre where you would find all the major amenities.

A very light, specious flat with lots of storage space. The property has two balconies; one on the living room and one on the bedroom. The bedroom has a built-in wardrobe and the kitchen is integrated.”

- Full description –

Shared ownership is a government backed scheme that can be a stepping stone to completely owning your own home. If you’re finding it difficult to save for a deposit this is a great option as the amount you’ll need is based on the share you’re buying.

One-bed second floor apartment.

Entrance hallway with storage cupboard and televisual entry system for your security and peace of mind.

Living room has double doors leading to balcony.

Kitchen boasts coordinating wall and base units with contrasting work tops. Integrated electric hob and oven, stainless steel extractor fan and splash back.

Bedroom with fitted wardrobes and door leading to own balcony.

Bathroom has a bath with overhead shower, glass shower screen, wash hand basin and WC. Partially tiled walls with fixed mirror and extractor fan

Carpet is fitted to the bedroom. Wooden flooring is laid to the hallway, living room and kitchen. Tile is laid to the bathroom.

Electric heating.

Communal Gardens.

Private off-street parking.

- Costs -

PRICE - £123,750*

RENT - £185.80pm

SERVICE CHARGE - £114.56pm**

*This represents a 55% share of the full open market value of £225,000

**This includes: management charge, service charge, building insurance and sinking fund. Rent and service charges are reviewed annually.

- General Information -

Tenure: Leasehold

Lease: 125 years from 1st April 2014

Years remaining on lease: approx. 119

Approximate internal area: 50 sq. m.

Local authority: London Borough of Barking and Dagenham

Council tax band: C

EPC rating: B (86)

- Terms, conditions and requirements -

Minimum household income requirement: £31,098^

Application process: A financial assessment must be completed before any physical viewing can take place. This forms part of Home Group’s buyer approval process. These assessments are carried out remotely by The Mortgage People. Once you have confirmed an interest in purchasing a property, the contact details will be made available.

We will not carry out any credit checks or contact any reference agencies without your written consent.

Help to Buy Agent: In order to apply you must be registered with Homes For Londoners https://www.london.gov.uk/what-we-do/housing-and-land/homes-londoners/search/register You will need to provide your HTB reference when completing the application process.

Current homeowners: Anyone who currently owns a home must have a sale agreed to apply.

Pets: Pets are not permitted in buildings with communal areas.


- Viewings -

In addition to the financial assessment, a virtual tour is required before any physical viewing can take place.

Virtual and physical viewings are held strictly by appointment - call today for more information.

Only those who have physically viewed the property are able to apply. If you have viewed and would like to apply please register your interest with the Resales Team.


Key Features

  • *£123,750 for a 55% share available under the shared ownership scheme *
  • You can purchase more shares up to 100% when the time is right for you
  • Excellent starter home - viewing is highly recommended
  • Lift access to all floors
  • Two balconies
  • Private parking available
  • Walking distance to public transport and communal gardens
  • Easy access to Barking train station

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Calculate Monthly Cost

Share price
£ 123,750
Min. £123,750
Share percentage
Min. 55%
Your deposit
Min. £6,188
Monthly cost*
£918
Cost breakdown
£186
Rent
£115
Service charge
£617
Mortgage*
Calculated using a representative rate of 3.94%
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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.