2 bedroom apartment for sale
Rye Lane, SE15 4TP
Share percentage 30%, full price £475,000, £7,125 Min Deposit.
Share percentage 30%, full price £475,000, £7,125 Min Deposit.
Monthly Cost: £2,187
Rent £1,132,
Service charge £243,
Mortgage £812*
Calculated using a representative rate of 5.26%
Calculate estimated monthly costs
ELIGIBILITY
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.
** This home can also be purchased outright (100% of the value) which is £475,000 and a purchaser would not need to meet the eligibility criteria listed above.
Summary
Fifth Floor Apartment
Description
Shared Ownership
This superb modern apartment with a large private terrace is available to buy for as little as £142,500 for a 30% share.
Offered to the market stands this beautifully presented two bedroom, fifth floor apartment in Rye Lane, London.
The apartments accommodation includes an entrance hall with ample storage, two double bedrooms with fitted storage in the master bedroom, family bathroom and large open plan kitchen/living room. The property is a 5 minute walk to Peckham Pye Park and Consoort Park and is around the corner from incredible restaurants and bars of Peckham and a short walk to Nunhead and East Dulwich.
This apartment has plenty of cafes, restaurants and shops close by including Morrisons, Lidl and Tesco Express. There are schools and gyms on your doorstep too. Short walk to Peckham Rye Station with quick access to London Victoria (13 mins), London Bridge (14 mins), Blackfriars (15mins), Clapham Junction (25 mins), Waterloo (26 mins) and Canary Wharf (29mins). This property further benefits from having secure bike storage, video entry system and had a private terrace spanning from the master bedroom to the living room.
PRICING AND AFFORDABILITY
Full market value: £475,000
30% Share Price: £142,500
Rent on unowned share: £1131.76 pcm
Service charge: £243.26 pcm Lease:
Approx. 121 years remaining
Key Features
Two double bedrooms
Fifth floor apartment
Integrated appliances
Large private terrace
Secure bike storage
Video entry system
Communal rooftop terrace
Particulars
Tenure: Leasehold
Lease Length: 121 years
Council Tax Band: Not specified
Property Downloads
Floor PlanMap
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 30%, full price £475,000, £7,125 Min Deposit. Calculated using a representative rate of 5.26%
