2 bedroom apartment for sale
Samuelson House, Merrick Road, UB2 4WS
Share percentage 25%, full price £380,000, £4,750 Min Deposit.
Share percentage 25%, full price £380,000, £4,750 Min Deposit.
Monthly Cost: £1,367
Rent £681,
Service charge £145,
Mortgage £541*
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 £380,000 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 £95,000 with a 25% share!
Description
Shared Ownership
This superb modern home is available to buy from as little as £95,000 with a 25% share!
This spacious second floor apartment is well presented throughout. The well planned accommodation is generously proportioned and comprises a light and airy reception room which is open plan with a fully fitted kitchen and a door to a covered balcony, two large double bedrooms both offering access to a second covered balcony, an en-suite shower room servicing the master bedroom, a further family bathroom and communal rooftop gardens. Please note, this property does not have any allocated parking
This property is located a short distance away from Southall Train station which is now on the Elizabeth Line. There is a wealth of local amenities nearby and the M4 is easily accessible.
PRICING & AFFORDABILITY
Full Market Value: £380,000
25% Share Price: £95,000 (rent £681.26pcm)
Minimum 5% Mortgage Deposit (% share): £4750
Approximate Service Charges: £144.58pcm*
Shared Ownership Lease: approx. 119 years
Council Tax Band: D
Key Features
Modern Shared Ownership home
Two double bedrooms
En-suite shower room
Open plan living / kitchen space
24 hour concierge service
No onward chain
Particulars
Tenure: Leasehold
Lease Length: 119 years
Council Tax Band: D
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 25%, full price £380,000, £4,750 Min Deposit. Calculated using a representative rate of 5.26%
