Share Price £80,000 (from 25% Min. Share)

Full Value £320,000 | £8,000 Min. Deposit

Scheme: Shared Ownership Resales

check_circle Available now

1 bedroom apartment in Newham

place Edwin Street, E16 1XS

Budget Calculator
Calculate monthly cost help
Sign in to Register Your Interest mail
favorite_outline Save Property

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

SHARED OWNERSHIP(Advertised price represents 25% share. Full market value £320,000). This well-presented one bedroom apartment is on the fifth floor of a recently-constructed development. The property has a reception room with open-plan kitchen area and double doors leading out onto a balcony. The spacious bedroom features an additional Juliette balcony and the apartment also boasts a modern bathroom and useful storage/utility cupboard in the entrance hallway. The Jubilee Line, from nearby Canning Town Station, allows easy access to Stratford, Canary Wharf, London Bridge and Waterloo. Alternatively, Custom House Station currently provides DLR services with the Elizabeth Line (Crossrail) due to start operating in the near future. The block also has a cycle storage area. Well insulated walls, high performance glazing and a communal heating/hot water system have resulted in a very good energy-efficiency rating.

INTERESTED PARTIES ARE REQUIRED TO COMPLETE THE SHARED OWNERSHIP COMMON APPLICATION FORM[HERE; https://bit.ly/3dpn7Bv]

(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:25% (£80,000). The housing association will expect that you will purchase the largest share affordable.
Shared Ownership Rent:£592.05 per month (subject to annual review).
Service Charge:£103.59 per month (subject to annual review).
Guideline Minimum Income:Dual £31,700 | Single £36,900 (based on minimum share and 10% deposit)
Council Tax:Band B, London Borough of Newham. 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 £8,000
  • Guideline Income Dual £31.7k | Single £36.9k
  • Fifth Floor with Balcony
  • Approx. 468 Sqft Gross Internal Area
  • High Performance Glazing
  • Open-Plan Kitchen/Reception Room
  • Communal Heating and Hot Water
  • Short Walk to Canning Town/Custom House

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.


Budget Calculator
arrow_backwards Back to 1 bedroom apartment in Newham

Calculate Monthly Cost

Share price
£ 80,000
Min. £80,000
Share percentage
Min. 25%
Your deposit
Min. £8,000
Monthly cost*
£1,041
Cost breakdown
£592
Rent
£104
Service charge
£345
Mortgage*
Calculated using a representative rate of 3.09%
help

Sign in to Register Your Interest mail
favorite_outline Save Property

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.