2 bedroom apartment for sale
1 Burbank Lodge, 143 London Road, TN4 0NA
Share percentage 50%, full price £320,000, £8,000 Min Deposit.
Share percentage 50%, full price £320,000, £8,000 Min Deposit.
Monthly Cost: £1,487
Rent £453,
Service charge £122,
Mortgage £912*
Calculated using a representative rate of 5.26%
Calculate estimated monthly costs
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.
Summary
2-bedroom Shared Ownership resale available in Southborough
Description
An attractively presented, first-floor flat which has a spacious, dual-aspect reception room with wood flooring and stylish, open plan kitchen featuring handle-less units and integrated appliances. One of the bedrooms also benefits from windows on two sides while the other includes a fitted wardrobe and high spec, ensuite shower room. There is a sleek bathroom and a large storage/utility cupboard in the naturally lit hallway.
Burbank Lodge is a recently constructed development and the well insulated walls and high performance glazing make for a good energy-efficiency rating. The location is right in the heart of town, opposite Southborough Library and just off the high street.
The property comes with use of a parking space and is also within walking distance, or brief bike ride, of High Brooms Station, for rail services between Hastings and London Charing Cross.
*Information is correct to the best of our knowledge, please speak to the estate agent for more information*
Key Features
- Guideline Minimum Deposit £16,000
- Guide Minimum Income £47.4k Dual £54.3k Single
- First Floor
- Approx. 861 Sqft Gross Internal Area
- Dual Aspect Kitchen/Reception Room
- Bathroom plus Ensuite Shower Room
- Parking Space
- Shops and Other Amenities Close By
- Tenure:Leasehold (125 years from 2020).
- Share Available:50% (£160,000).
- Shared Ownership Rent:£452.91 per month (subject to annual review).
- Service Charge + Management Fee:£121.69 per month (subject to annual review).
- Guideline Minimum Income:Dual - £47,400 | Single - £54,300 (based on minimum share and 10% deposit).
- Council Tax:Band D, Tunbridge Wells Borough Council. Priority is given to applicants living and/or working in this local authority.
Particulars
Tenure: Leasehold
Lease Length: 125 years
Council Tax Band: D
Property Downloads
Key Information Document Floor PlanMap
The ‘estimated total monthly cost’ for a Shared Ownership property consists of three separate elements added together: rent, service charge and mortgage.
- 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 and repairs for communal areas within your development.
- Mortgage: Share to Buy use a database of mortgage rates to work out the rate likely to be available for the deposit amount shown, and then generate an estimated monthly plan on a 25 year capital repayment basis.
NB: This mortgage estimate is not confirmation that you can obtain a mortgage and you will need to satisfy the requirements of the relevant mortgage lender. This is not a guarantee that in practice you would be able to apply for such a rate, nor is this a recommendation that the rate used would be the best product for you.
Share percentage 50%, full price £320,000, £8,000 Min Deposit. Calculated using a representative rate of 5.26%
