Share Price £90,000 (from 50% Min. Share)

Full Value £180,000 | £9,000 Min. Deposit

Scheme: Shared Ownership Resales

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1 bedroom apartment in Basildon - Essex

place Withams Apartments, Redgrave Road, SS16 4FH

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A Fantastic Opportunity to Purchase a one Bedroom House, on Shared Ownership by Clarion Housing


Eligibility

WHAT IS SHARED OWNERSHIP ?
Shared Ownership is a housing scheme designed to help homebuyers who are unable to afford the cost of buying a property outright on the open market. Properties may be sold off-plan or new build direct from housing associations, or pre-owned from existing shared owners. The rules and terms of the scheme are set by the Greater London Authority (GLA) in London and Homes England outside of London.

IS SHARED OWNERSHIP FOR YOU ?
The GLA and Homes England set the eligibility criteria for Shared Ownership, but broadly speaking you must:
 Not own another property in the UK or any other country. 
 Have a household income that falls below £90,000 (£80,000 threshold outside the M25). Every property will have a minimum income level too, determined by its’ value, rent and service charge costs. In most cases you will need to meet or exceed the given minimum income.
 Have access to a minimum deposit of 10% of the share being purchased (a minimum deposit of 5% of the share being purchased may be acceptable depending on individual financial status).
 Be in full time permanent employment.
 Be a British, EU or EEA Citizen or have indefinite leave to remain in the UK.
 Have a good credit history.
If you are still unsure about Shared Ownership or would like more information view [ Facts and Frequently Asked Questions]


Description

A Fantastic Opportunity to Purchase a One Bedroom Flat, on a Shared Ownership (Part Buy/Part Rent) Basis, through Clarion Housing 

SHARED OWNERSHIP (Advertised price represents 50% share. Full market value £180,000). A large one-bedroom flat on the ground floor of a modern development. The property features a spacious, dual-aspect reception room with open plan kitchen and access to a private patio garden. There is a good-sized bedroom, gas central heating and windows are double glazed throughout. 

INTERESTED PARTIES ARE REQUIRED TO COMPLETE THE SHARED OWNERSHIP COMMON APPLICATION FORM [HERE; http://bit.ly/2LVzQy8] 

(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.) 

Tenure: Leasehold (125 years from 2009)
Minimum Share Available: 50% (£90,000). The housing association will expect you to purchase the largest affordable share which may be more than the advertised minimum.
Shared Ownership Rent: £103.78 per month (based on 50% ownership). The rent is subject to annual review.
Service Charge: £70.31 per month. The service charge is subject to annual review.
Guideline Minimum Household Income: £18,650 assuming a 10% deposit of a 50% share.
Council Tax: Band B, Basildon (£1411.48 for 2019-20). Priority may be given to applicants that currently live and/or work in the area governed by Basildon Council.

The property is offered for sale on a sold-as-seen basis. Clarion Housing do not offer any warranties on the domestic appliances in the property or undertake to carry out any remedial work or redecoration work of a cosmetic nature. Pets not permitted (except assistance animals). There is no parking space offered with this property.


Key Features

  • Guideline Minimum Deposit £9,000
  • Guideline Income Dual £18,650
  • Ground Floor with Patio
  • Approx. 600 Sqft Gross Internal Area
  • Double Glazing
  • Gas Central Heating

Download Documents

Link to the floor plan Property brochure 1 Energy Certificate

Accessibility

F – General Needs

General needs housing does not meet any of the above criteria. Properties in this category will have more than four steps or a ramp access that is steeper than 1:10 to access the property front door. These properties should be marketed with the number of steps to access the property as this will provide an additional factor for helping people choosing what to bid for.


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Share price
£ 90,000
Min. £90,000
Share percentage
Min. 50%
Your deposit
Min. £9,000
Monthly cost*
£513
Cost breakdown
£104
Rent
£70
Service charge
£339
Mortgage*
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Disclaimer

The information displayed about this property comprises a property advertisement. Share to Buy ltd makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Share to Buy has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by the sponsoring housing association. Please contact the housing association or estate agent directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007.

The ‘Estimated total monthly cost’ for a Shared Ownership property consists of three separate elements added together:

  • 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 costs for the property as a whole and communal areas
  • Mortgage: Share to Buy ltd are specialist Shared Ownership mortgage brokers and we use a database of daily updated mortgage rates to work out the lowest rate available for the deposit amount shown, and then generate an estimated monthly payment on a 25 year capital repayment basis.


NB: this mortgage estimate is not confirmation that you can obtain a mortgage and you will also need to satisfy the requirements of the relevant mortgage lender. Nor is this a guarantee that in practice you would be able to apply for such a rate, and nor is this a recommendation that the rate used would be the best product for you.