2 bedroom apartment for sale
Silver Street, RG1 2BP
Share percentage 25%, full price £325,000, £4,063 Min Deposit.
Share percentage 25%, full price £325,000, £4,063 Min Deposit
Monthly Cost: £1,388
Rent £704,
Service charge £231,
Mortgage £453*
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 £325,000 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 £81,250 with a 25% share!
Description
Shared Ownership
This superb modern home is available to buy from as little as £81,250 with a 25% share!
A bright and well-presented two bedroom apartment located within the heart of Reading. The property is on the third floor and offers well planned accommodation comprising two bedrooms, a modern bathroom and an open plan kitchen/living space with access to a private balcony. Further benefits include a long lease and allocated parking.
The property is only a short walk from all the local amenities, such as cinemas, shops, restaurants, local schools, hotels, and supermarkets, in the centre of Reading. It is also within a 10-minute walking distance to the Reading train station and is within easy access of the motorway network.
PRICING & AFFORDABILITY
Full Market Value: £325,000
25% Share Price: £81,250 (rent £704.43 pcm)
Minimum 5% Mortgage Deposit (% share): £4062.50
Approximate Service Charges: £231.31 pcm*
Shared Ownership Lease: approx. 121 years
Key Features
Modern shared ownership apartment
Third floor
Two bedrooms
Open plan kitchen/living space
Balcony
Long lease
Allocated parking
Close to town centre & train station
Particulars
Tenure: Leasehold
Lease Length: 121 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 25%, full price £325,000, £4,063 Min Deposit. Calculated using a representative rate of 5.03%
