2 bedroom apartment for sale
5 Longstraw Close, Stanway, CO3 0YZ
Share percentage 70%, full price £145,000, £5,075 Min Deposit.
Share percentage 70%, full price £145,000, £5,075 Min Deposit
Monthly Cost: £651
Service charge £100,
Mortgage £551*
Calculated using a representative rate of 4.78%
Calculate estimated monthly costs
Older Persons Shared Ownership (OPSO), available for those aged 55 or over, enables buyers to buy-part and part-rent a purpose-built home, whether it be because they’re looking to downsize from their existing family home or their current abode simply isn’t suitable for their needs anymore. This means that monthly costs are often much smaller than a full mortgage or privately renting a home.
- You must be aged 55 years or older. However, some OPSO developments will allow a couple where the main applicant is 55 but a second applicant is 50 or older.
- Your maximum household income must not exceed £90,000 per annum in London or £80,000 outside of London.
- You should be unable to purchase a home suitable for your needs without assistance.
- You do not already own a home, or you will need to sell any existing property owned before purchasing through the scheme.
- You will need to be able to secure a mortgage or have sufficient savings to pay the share in full if retired.
Summary
2 bed first-floor flat
Description
Eastlight are proud to offer this well presented 2 bedroom flat on the first floor at Longstraw Close, Stanway.
Ideally located within walking distance to Tollgate retail park, this property benefits from good bus route, local village shops, post-office, access to the A12 and a short drive to Colchester town centre.
The flat is in a two-storey building with a communal, key operated, entrance to the building and is accessible via the entrance stairs (refer to pictures). It comprises of hallway, 2 bedrooms, bathroom, dinning room/ living room and a newly fitted, barely used, kitchen.
New flooring and new blind fixtures throughout. Fully tiled bathroom with walk in shower.
Please note that the property is an OPSO - refer to eligibility information.
Key Features
- Older Persons Shared Ownership home
- 70% staircase cap
- No rent due on the remaining shares
- Newly fitted, barely used, kitchen with all appliances integrated
- Ideal location
- 1 allocated car parking space off road
Particulars
Tenure: Leasehold
Lease Length: 93 years
Council Tax Band: A
Map
Material Information
Total rooms:
Furnished: Unfurnished
Washing Machine: Yes
Dishwasher: Yes
Fridge/Freezer: Yes
Parking: Yes - Off Street
Outside Space/Garden: No
Year property was built: 1990
Unit size: Enquire with provider
Communal lift: No
Accessible measures: Enquire with provider
Flooded within the last 5 years: No
Listed property: No
Heating: Gas Central
Sewerage: Mains supply
Water: Mains supply
Electricity: Mains supply
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 70%, full price £145,000, £5,075 Min Deposit. Calculated using a representative rate of 4.78%
