1 bedroom apartment for sale
Fairbourne Road, SW4 8DZ
Share percentage 30%, full price £460,000, £6,900 Min Deposit.
Share percentage 30%, full price £460,000, £6,900 Min Deposit.
Monthly Cost: £1,837
Rent £914,
Service charge £137,
Mortgage £786*
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. 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 £460,000 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 £138,000 with a 30% share!
Description
Shared Ownership
This superb modern home is available to buy from as little as £138,000 with a 30% share!
Set within a convenient location close to amenities and the London Underground, this top floor apartment benefits from a private balcony that can be accessed via both the living area and bedroom and has accommodation to include: entrance hall, fitted kitchen, a separate open plan lounge/diner, spacious bedroom, bathroom and communal gardens. Parking is available via on street permit parking.
The property sits in an excellent location for commute travel for work and overall living. All local amenities are nearby, and there are tube stations at Clapham Common (Northern Line) and Brixton (Victoria Line). You can reach Central London in less than half an hour from the flat. There are also large green areas such as Clapham Common and Brockwell Park. Several schools are also in the area, many of which are within walking distance.
PRICING & AFFORDABILITY
Full Market Value: £460,000
30% Share Price: £138,000 (rent £914.24pcm)
Minimum 5% Mortgage Deposit (30% share): £6,900
Approximate Service Charges: £137.19pcm*
Shared Ownership Lease: approx. 125 years
Council Tax Band: C
Key Features
Modern Shared Ownership home
Top floor
Private balcony
Open plan lounge/kitchen/diner
Walking distance to Clapham South underground
Communal gardens
Particulars
Tenure: Leasehold
Lease Length: 125 years
Council Tax Band: C
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 £460,000, £6,900 Min Deposit. Calculated using a representative rate of 5.26%
