2 bedroom apartment for sale
Oculus House, Barking, IG11 8SJ
Share percentage 25%, full price £375,000, £4,688 Min Deposit.
Share percentage 25%, full price £375,000, £4,688 Min Deposit
Monthly Cost: £1,516
Rent £733,
Service charge £274,
Mortgage £509*
Calculated using a representative rate of 4.78%
Calculate estimated monthly costs
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 £90,000.
• 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 £375,000 and a purchaser would not need to meet the eligibility criteria listed above.
Summary
This modern home is available to buy from as little as £93,750 with a 25% share!
Description
A superb eight floor apartment situated close to excellent connectivity at Barking Station. This beautiful property provides over 780 square feet of well appointed accommodation and is well presented throughout. A bright and spacious open plan kitchen/dining/living space provides ample storage and doors opening to a fabulous winter garden offering flexible additional living space. There are two large bedrooms and the master benefits from an ensuite and build in wardrobes. There is a contemporary family bathroom. The residents have use of a communal roof garden with far reaching panoramic city views and there is a concierge service (8am-8pm). Further benefits include, underfloor heating and bike storage.
Oculus House is conveniently located amongst an array is amenities and just 140 yards from Barking Station which provides overground and underground services across London and to surrounding areas, including the coast!
VicarageField Shopping Centre is directly adjacent, offering supermarkets, cafés, banks, and daily services. Barking High Street—with its mix of big-name and independent shops, restaurants, pubs, and a cinema—is just a short stroll away. There are also many notable schools in the locality.
PRICING & AFFORDABILITY
Full Market Value: £375,000
25% Share Price: £93,750 (rent £733.12 pcm)
Minimum 5% Mortgage Deposit (25% share): £4687.50
Approximate Service Charges: £273.81 pcm*
Lease: 246 years
Key Features
Modern shared ownership home
Eight floor
Winter garden & communal roof garden
Concierge service
Two large bedrooms
Modern well planned accommodation
Particulars
Tenure: Leasehold
Lease Length: 246 years
Council Tax Band: Not specified
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: Yes - Private Balcony
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 £375,000, £4,688 Min Deposit. Calculated using a representative rate of 4.78%
