2 bedroom apartment for sale
Oak House, Cottons Approach, Romford, RM7 7LN
Share percentage 25%, full price £285,000, £7,125 Min Deposit.
Share percentage 25%, full price £285,000, £7,125 Min Deposit
Monthly Cost: £1,247
Rent £640,
Service charge £253,
Mortgage £354*
Calculated using a representative rate of 4.42%
Calculate estimated monthly costs
Summary
A Fantastic Opportunity to Purchase a Two Bedroom Flat on a Shared Ownership (Part Buy/Part Rent) Basis
Description
This smartly-presented flat is on the second floor, which is the top floor in that part of the building. The property has a dual-aspect reception room with double doors that lead out onto a balcony. The kitchen is semi-open-plan to the reception and features white units and contrasting worktops. There is a main bedroom with fitted wardrobe and en-suite shower room plus a second bedroom which, though smaller, still has space for a double bed and good-sized wardrobe. A large storage/utility cupboard has been provided in the entrance hallway and the energy-efficiency rating is very good, thanks to well insulated walls and roof, triple glazing and gas central heating powered by a newly installed boiler. The development has a communal rear garden and backs onto the green, open spaces of Cottons Park. Romford town centre is just a short walk away and Romford Station, for Elizabeth Line, Greater Anglia and London Overground services, is also within easy reach. Ofsted list nine primary schools within a mile radius, all rated either 'Good' or 'Outstanding'.
SHARED OWNERSHIP (Advertised price represents 25% share. Full market value £285,000).
INTERESTED PARTIES ARE REQUIRED TO COMPLETE THE SHARED OWNERSHIP COMMON APPLICATION FORM [ https://tinyurl.com/5cm2f8tr]
(Please note the minimum income and deposit requirements for eligibility. You do not need to request a viewing separately once you have completed the application form.)
Housing Association: The Riverside Group.
Tenure: Leasehold (125 years less 3 days from 14/12/2007).
Minimum Share: 25% (£71,250). The housing association will expect that you will purchase the largest share affordable.
Shared Ownership Rent: £639.98 per month (subject to annual review).
Service Charge: £252.99 per month (subject to annual review).
Guideline Minimum Income: Dual - £39,600 | Single - £45,900 (based on minimum share and 10% deposit).
Council Tax: Band C, London Borough of Havering. Priority is given to applicants living and/or working in this local authority.
This property is offered for sale in the condition seen. The housing association does not warrant to carry out any remedial or redecoration work of a cosmetic nature unless specifically advised in writing. As a general rule, fitted domestic appliances are included in the sale; non-fitted appliances are not. If you require confirmation, you must request this in writing from Urban Moves. The information in this document supersedes any information given verbally either in person or by telephone. Pets not permitted. There is no parking space offered with this property however we understand that parking permits for the undercroft car park are available from the housing association.
Key Features
- Guideline Minimum Deposit £7,125
- Guide Min Income Dual £39.6k | Single £45.9k
- Second Floor (building has a lift)
- Approx. 645 Sqft Gross Internal Area
- Bathroom plus En-Suite Shower Room
- Very Good Energy Efficiency Rating
- Balcony
- Short Walk to Town Centre/Station
Particulars
Tenure: Leasehold
Lease Length: 107 years
Council Tax Band: C
Property Downloads
Floor Plan BrochureMap
Material Information
Total rooms:
Furnished: Enquire with provider
Washing Machine: Enquire with provider
Dishwasher: Enquire with provider
Fridge/Freezer: Enquire with provider
Parking: No
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 £285,000, £7,125 Min Deposit. Calculated using a representative rate of 4.42%