2 bedroom apartment for sale
Whitakers Lodge, Gater Drive, EN2 0JP
Share percentage 50%, full price £280,000, £7,000 Min Deposit.
Share percentage 50%, full price £280,000, £7,000 Min Deposit.
Monthly Cost: £1,242
Rent £412,
Service charge £32,
Mortgage £798*
Calculated using a representative rate of 5.26%
Calculate estimated monthly costs
ELIGIBILITY
Shared Ownership gives first time buyers and those that do not currently own a home the opportunity to purchase a share in a new build or resales leasehold property. The purchaser pays a mortgage on the share they own and pays rent to a housing association on the remaining share. The combined mortgage and rent is usually less than you’d expect to pay if you bought a similar property outright although this is not a guarantee.
To be eligible for shared ownership you would need to meet the following criteria:
• Your annual household income does not exceed £80,000.
• You have a deposit of at least 5% of the share value
• You do not own another property or have your name on the deeds or a mortgage for a property worldwide.
• This will be your only residence.
• You are a permanent UK resident or have indefinite right to remain.
*Service charges are estimated and may subject to change.
** This home can also be purchased outright (100% of the value) which is £280,000 and a purchaser would not need to meet the eligibility criteria listed above.
Summary
This superb modern home is available to buy from as little as £140,000 with a 50% share!
Description
Located on the first floor within this modern apartment block the spacious accommodation features a 19ft lounge/diner with a Juliet balcony and access to a separate fitted kitchen. There are two bedrooms (master with en suite) and a family bathroom. The apartment comes with allocated off road parking.
Within walking distance are both Gordon Hill station (Moorgate approx 30 mins) and Enfield Town Overground station (Liverpool St approx.. 30 mins). Also within walking distance of the house are a number of local shops and amenities along Lancaster Road and Chase Side including Sainsburys Local. Additionally Enfield town centre is within easy reach. The house is also well located with ease of access to both the A10, A406 & A1005 providing road links into London and across the wider Borough.
PRICING & AFFORDABILITY
Approximate Size: 53 sq m
Full Market Value: £280,000
50% Share Price: £140,000 (rent £412.48pcm)
Minimum 5% Mortgage Deposit (% share): £7,000
Approximate Service Charges: £31.88pcm*
Shared Ownership Lease: approx. 72 years
Council Tax Band: D
Key Features
Modern Shared Ownership home
First floor
Allocated parking
Lounge/diner with separate kitchen
En suite
½ mile from Gordon Hill train station
Particulars
Tenure: Leasehold
Lease Length: 72 years
Council Tax Band: D
Property Downloads
Floor Plan Energy CertificateMap
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 £280,000, £7,000 Min Deposit. Calculated using a representative rate of 5.26%