1 bedroom apartment for sale
Magnolia House, Wych Elm, CM20 1FW
Share percentage 75%, full price £225,000, £8,438 Min Deposit.
Share percentage 75%, full price £225,000, £8,438 Min Deposit
Monthly Cost: £1,257
Rent £167,
Service charge £150,
Mortgage £940*
Calculated using a representative rate of 5.03%
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. Rent and service charges will be reviewed annually by your housing provider, usually on 1st April each year.
** This home can also be purchased outright (100% of the value) which is £225,000 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 £168,750 with a 75% share!
Description
Shared Ownership
This superb modern home is available to buy from as little as £168,750 with a 75% share!
Magnolia House - a wonderful 1 bedroom apartment located on the fifth floor (serviced by a lift) with a private south facing balcony. Located next to the town center this great flat comes equipped with contemporary fully-fitted kitchens with integrated appliances and composite worktops, sumptuous bathroom, fitted wardrobes to the main bedroom and high quality fitted flooring throughout with the added bonus of a private balcony. In addition, you will find a private, landscaped residents garden and parking that can be offered for an annual charge.
Harlow has been voted in the top 5 commuter towns for connection to London and it doesn’t come much easier for access with Harlow Town train station being located just under 1 mile away offering frequent and direct links to London Liverpool Street (32 minutes) and Cambridge (41 minutes) as well as a frequent bus service to Epping Underground Station offering links on the Central Line. If you would rather take the car, The Square benefits from excellent connections to the M11, M25, A10, A414 and A120.
Harlow plays host to a number of excellent leisure, entertainment, education and shopping facilities with The Harvey Centre and Water Gardens shopping centres located on your doorstep, both of which are home to a great selection of brand stores, boutique shops, restaurants and supermarkets. Offer with a 246 year lease remaining, 7 years to run on its NHBC certificate and a peppercorn ground rent!
OFFERED CHAIN FREE!
PRICING & AFFORDABILITY
Full Market Value: £225,000
75% Share Price: £168,750 (rent £166.59 pcm)
Minimum 5% Mortgage Deposit (% share): £8437.50
Approximate Service Charges: £150 pcm*
Shared Ownership Lease: approx. 246 years
Council Tax Band: D
Key Features
Modern shared ownership home
Fifth floor apartment
Spacious double bedroom
Open plan kitchen/living space
Balcony
NO ONWARD CHAIN
Particulars
Tenure: Leasehold
Lease Length: 246 years
Council Tax Band: D
Property Downloads
Floor PlanMap
Material Information
Total rooms:
Furnished: Enquire with provider
Washing Machine: Enquire with provider
Dishwasher: Enquire with provider
Fridge/Freezer: Enquire with provider
Parking: n/a
Outside Space/Garden: n/a
Year property was built: Enquire with provider
Unit size: Enquire with provider
Accessible measures: Enquire with provider
Heating: Enquire with provider
Sewerage: Enquire with provider
Water: Enquire with provider
Electricity: Enquire with provider
Broadband: Enquire with provider
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 75%, full price £225,000, £8,438 Min Deposit. Calculated using a representative rate of 5.03%
