2 bedroom apartment for sale
Plot 44- Meadowsweet Way, CO5 0GN
Share percentage 40%, full price £272,500, £5,450 Min Deposit.
Share percentage 40%, full price £272,500, £5,450 Min Deposit
Monthly Cost: £1,133
Rent £375,
Service charge £166,
Mortgage £592*
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.
At Scarlett Mews, advertised shares start at a 40% share of your home (the maximum you can buy initially is 75%). When you’re ready, you can buy more shares until you staircase to owning 100% of your home.
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.
• Purchasers who live and/or work in Colchester in will be given priority but buyers from outside the borough can still apply.
Please note the minimum share you can purchase can vary depending on your financial situation and you may be asked to purchase a larger share, should your personal circumstances permit.
*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.
**These photos are for information purposes only and may not represent a true likeness for the units being sold. They may have been taken from earlier phases or similar developments/house types and digitally furnished to represent how the home could be laid out; the final colours/appearance/specification may differ from the images and are not plot specific. We advise applicants to make their own investigations on future development in the area. We would suggest contacting the local authority for more information.
Summary
This brand new home is available to buy from as little as £109,000 with a 40% share!
Description
Situated just outside Tiptree, one of Essex’s largest villages, Scarlett Mews enjoys lovely rural surroundings and easy access to one of the county’s key routes, the A12. Tiptree combines the charm of village life with essential amenities, notable landmarks, and efficient transport connections, making it an attractive location for prospective homeowners.
Local Amenities:
Tiptree boasts a variety of shops, eateries, and essential services, ensuring residents have easy access to daily necessities. The village is renowned for its production of Tiptree jams and preserves, adding a unique local flavour to the community.
Landmarks:
A significant landmark in the vicinity is the Tiptree Jam Factory, a popular destination for both locals and visitors. Additionally, the surrounding Essex countryside provides picturesque landscapes, offering ample opportunities for outdoor activities and leisurely walks.
Transport Links:
The area is well-connected, with the A12 road within easy reach, facilitating convenient travel to nearby towns and cities. Kelvedon train station is approximately 2.1 miles away, providing regular services to London Liverpool Street in under an hour, making it ideal for commuters. For air travel, London Southend Airport is situated about 17 miles from Tiptree, offering a range of domestic and international flights.
This brand new first floor apartment features a spacious open plan lounge/kitchen/diner, two balconies, two bedrooms and a bathroom. Externally is allocated parking.
PRICING & AFFORDABILITY
Approximate Size 940 sq ft
Full Market Value: £272,500
40% Share Price: £109,000 (rent £374.69pcm)
50% Share Price: £136,250 (rent £312.24pcm)
75% Share Price: £204,375 (rent £156.12pcm)
Minimum 5% Mortgage Deposit (40% share): £5,450
Approximate Service Charges: £166.09 pcm*
Shared Ownership Lease: 990 years
Council Tax Band: TBC
Key Features
Brand new Shared Ownership apartments
Parking Private
outside space to all homes
Easy access to A12
Choice of apartments on ground, first & second floor
Open plan living
Particulars
Tenure: Leasehold
Lease Length: 990 years
Council Tax Band: Not specified
Property Downloads
Key Information Document 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: Yes - Allocated
Outside Space/Garden: Yes - Communal Garden
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 £272,500, £5,450 Min Deposit. Calculated using a representative rate of 4.78%
