Share Price £117,000 (from 45% Min. Share)

Full Value £260,000 | £11,700 Min. Deposit

Scheme: Shared Ownership Resales

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1 bedroom apartment in Hove - City of Brighton and Hove

place Coastal Place, 59 New Church Road, BN3 4BS

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

SHARED OWNERSHIP(Advertised price represents 45% share. Full market value £260,000). A very well presented, third floor apartment featuring a 21' open-plan reception/kitchen, a bedroom with built-in wardrobe and a generous amount of additional storage space in the hallway. Energy-efficiency and environmental-impact ratings are very good, thanks to well insulated walls, modern double glazing and a communal heating and hot water system. Coastal Place is only a short walk from the beach and Hove Station, for services to destinations including Littlehampton, Southampton and London Victoria, is within comfortable walking distance. The centre of Brighton and its railway station can be easily reached via cycle or local bus plus this apartment also has use of a space in the buildings underground car park.

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

(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 2008).
Minimum Share:45% (£117,000). The housing association will expect that you will purchase the largest share affordable.
Shared Ownership Rent:£284.67 per month (subject to annual review).
Service Charge:£237.46 per month (subject to annual review).
Guideline Minimum Income:Dual - £31,800 | Single - £37,000 (based on minimum share and 10% deposit).
Council Tax:Band B, Brighton & Hove City Council. 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).


Key Features

  • Guideline Minimum Deposit £11,700
  • Guideline Income Dual £31.8k | Single £37k
  • Third Floor (building has a lift)
  • Approx. 457 Sqft Gross Internal Area
  • Open-Plan Reception/Kitchen
  • Communal Heating and Hot Water
  • Parking Space
  • Walking Distance to Beach/Railway 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
£ 117,000
Min. £117,000
Share percentage
Min. 45%
Your deposit
Min. £11,700
Monthly cost*
£1,026
Cost breakdown
£285
Rent
£237
Service charge
£504
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.