1 bedroom apartment for sale
Thorney House, Drake Way, RG2 0GZ
Share percentage 40%, full price £190,000, £3,800 Min Deposit.
Share percentage 40%, full price £190,000, £3,800 Min Deposit
Monthly Cost: £1,016
Rent £451,
Service charge £142,
Mortgage £423*
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 £190,000 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 £76,000 with a 40% share!
Description
Shared Ownership
This superb modern home is available to buy from as little as £76,000 with a 40% share!
Offered to the market with no onward chain is this top floor one bedroom apartment. The property will be sold with an extended lease of 972 years and provides the following accommodation – entrance hall, bedroom, modern bathroom, spacious reception room with Juliet balcony and separate kitchen. There is also the benefit of an allocated parking space.
The home is situated in the popular area of Kennet Island, ideally located for easy access to Reading Town Centre which offers a variety of high street and designer shops, cafes and riverside restaurants. Access to J11 of the M4 and A33 to Basingstoke are easily accessible., there is a regular bus service into Reading town centre and the Hilton Hotel with its fitness facilities are only a short walk away.
PRICING & AFFORDABILITY
Full Market Value: £190,000
40% Share Price: £76,000 (rent £450.94pcm)
Minimum 5% Mortgage Deposit (40% share): £3,800
Approximate Service Charges: £142.16 pcm*
Shared Ownership Lease: approx. 972 years (extended on completion)
Council Tax Band: C
Key Features
Modern shared ownership home
Top floor apartment
One bedroom
Modern bathroom
Allocated parking
Extended lease on completion
Particulars
Tenure: Leasehold
Lease Length: 972 years
Council Tax Band: C
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 40%, full price £190,000, £3,800 Min Deposit. Calculated using a representative rate of 5.03%
