2 bedroom house for sale
Plot 8, The Grange, Finchingfield, CM7 4FT
Share percentage 20%, full price £395,000, £7,900 Min Deposit.
Share percentage 20%, full price £395,000, £7,900 Min Deposit.
Monthly Cost: £1,166
Rent £724,
Service charge £35,
Mortgage £407*
Calculated using a representative rate of 4.80%
Calculate estimated monthly costs
You must be eligible for the shared ownership scheme
Can demonstrate you meet the minimum income requirements
Can demonstrate a deposit sufficient to obtain a mortgage for the property
Summary
Two bedroom house
Description
This property is an ideal opportunity for a first time buyer to get onto the property ladder with Hastoe.
It is being sold under a shared ownership scheme whereby you purchase a share in the property and pay a reduced rent on the remaining Hastoe equity.
Costs:
Plot 8 - two bedroom house
Full market price: £395,000
Minimum share: 20%
Share value: £79,000
Monthly rent: £724.17
Estimated service charge: £35.00
What is shared ownership?
Shared ownership is a scheme designed to help those who wouldn’t otherwise be able to purchase a home of their own. This may be because you can’t meet the full mortgage repayments, save a sufficient deposit, or both. With shared ownership, you buy a percentage of your home and pay a reduced rent on the share you don’t own
How does shared ownership work?
You will buy a percentage share of a home, independently priced at market value. Hastoe will charge you rent on the share you don’t own plus a service charge. This service charge covers things like buildings insurance and estate maintenance.
About Hastoe:
Hastoe owns and manages over 7,500 homes in 70 local authority areas. Our properties are predominantly rural and we specialise in providing sustainable and affordable rural housing to enable local people to remain within their communities.
Key Features
Fully fitted kitchen
Allocated parking
Private garden
Double glazing
Downstairs WC
Can staircase up to 100%
Predicted Energy Efficiency Rating: C79
Environmental Impact Rating: B81
Measurements:
Kitchen: 3.55m x 2.15m
Living room: 5.29m x 4.34m
WC: 1.65m x 1.42m
Bedroom 1: 5.29m x 3.06m
Bedroom 2: 5.29m x 2.56m
Bathroom: 2.17m x 2.02m
Particulars
Tenure: Leasehold
Lease Length: 990 years
Council Tax Band: New build - Council tax band to be determined
Map
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 20%, full price £395,000, £7,900 Min Deposit. Calculated using a representative rate of 4.80%
