1 bedroom apartment for sale
West Terrace, Kings Road, SG1 1AW
Share percentage 65%, full price £190,000, £6,175 Min Deposit.
Share percentage 65%, full price £190,000, £6,175 Min Deposit.
Monthly Cost: £1,077
Rent £193,
Service charge £180,
Mortgage £704*
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 £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.
*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 £190,000 and a purchaser would not need to meet the eligibility criteria listed above.
Summary
This superb modern home is available to buy from as little as £123,500 with a 65% share!
Description
Shared Ownership
This superb modern home is available to buy from as little as £123,500 with a 65% share!
Being offered to the market with no onward chain, this beautifully presented 6th floor apartment features an open plan lounge/kitchen/diner, a spacious double bedroom, bathroom and an allocated parking space
The property is situated less than a 5 minute walk to Stevenage Town Centre & Train Station, providing access to a vast array of local amenities, and direct access to London Kings Cross within 21 minutes. Stevenage comprises both the New and Old Towns and is conveniently situated within easy access of the A1M offering easy access to London, the M25 and also to the North. Local road links provide access to adjacent towns including Hitchin, Letchworth, Baldock, Welwyn Garden City and Hertford.
Stevenage is currently undergoing a £1billion Regeneration Plan. The initial plan will include the development covering 14.5 acres of the town centre and introducing 11 new buildings including residential, leisure, community, commercial and retail facilities. The Historic High Street in the Old Town offers a good selection of shops, cafés/restaurants, public houses, a Library and two Doctor’s Surgeries. In addition, the area is well served by Lister Hospital and a good selection of local primary and secondary schools. The New Town currently provides a large pedestrianised shopping centre and retail parks together with the Gordon Craig Theatre, David Lloyd Health Club.
PRICING & AFFORDABILITY
Full Market Value: £190,000
65% Share Price: £123,500 (rent £193.16pcm)
Minimum 5% Mortgage Deposit (65% share): £6,175
Approximate Service Charges: £180.44pcm*
Shared Ownership Lease: approx. 191 years
Council Tax Band: B
Key Features
Modern Shared Ownership home
Open plan lounge/kitchen/diner
6th floor
Allocated parking
Walking distance to Stevenage train station
No onward chain
Particulars
Tenure: Leasehold
Lease Length: 191 years
Council Tax Band: B
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 65%, full price £190,000, £6,175 Min Deposit. Calculated using a representative rate of 5.26%
