Share Price £46,900 (from 35% Min. Share)

Full Value £134,000 | £4,690 Min. Deposit

Scheme: Shared Ownership Resales

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2 bedroom apartment in Stafford - Staffordshire

place Tower Place, St Georges Parkway, ST16 3ZF

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A Fantastic Opportunity to Purchase a Two Bedroom Flat on a Shared Ownership (Part Buy/Part Rent) Basis


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

SHARED OWNERSHIP(Advertised price represents 35% share. Full market value £134,000). This very smartly-presented flat is on the top floor and has an open-plan, south-west-facing main room with attractive kitchen area. The two bedrooms are very similar in size and there is a simple, modern bathroom. Energy-efficiency and environmental-impact ratings are very good, thanks to well insulated walls and roof, gas central heating and high performance glazing. Tower Place is located in the grounds of a converted early-19th-century hospital. The block has therefore been constructed with a period look which incorporates features such as a stucco ground floor level and sash windows topped by flat arch lintels. The flat comes with the use of two parking spaces and is also within comfortable walking distance of both the town centre and Stafford Railway Station.

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

(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 2018).
Minimum Share:35% (£46,900).
Shared Ownership Rent:£214.78 per month (subject to annual review).
Admin Fee:£19.68 per month (subject to annual review).
Service Charge:£81.28 per month (subject to annual review).
Guideline Minimum Income:£16,000 (based on minimum share and 10% deposit)
Council Tax:Band C, Stafford Borough 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


Key Features

  • Guideline Minimum Deposit £4,690
  • Guideline Income £16,000
  • Second (Top) Floor
  • Approx. 620 Sqft Gross Internal Area
  • High Performance Glazing
  • Gas Central Heating
  • Two Parking Spaces
  • Walking Distance to Stafford 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
£ 46,900
Min. £46,900
Share percentage
Min. 35%
Your deposit
Min. £4,690
Monthly cost*
£498
Cost breakdown
£215
Rent
£81
Service charge
£202
Mortgage*
Calculated using a representative rate of 3.09%
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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.