1 bedroom apartment for sale
1 Railway Walk, SM1 4FR
Share percentage 60%, full price £300,000, £9,000 Min Deposit.
Share percentage 60%, full price £300,000, £9,000 Min Deposit.
Monthly Cost: £1,543
Rent £354,
Service charge £163,
Mortgage £1,026*
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 £300,000 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 £180,000 with a 60% share!
Description
Shared Ownership
This superb modern home is available to buy from as little as £180,000 with a 60% share!
Situated just a short walk from Sutton Train Station and located on the 7th floor of this modern development, this beautiful apartment features an open plan kitchen/living space which opens to a private balcony where you can enjoy views across the Sutton townscape. There is a spacious double bedroom with a built in double wardrobe and a bathroom. Please note there is no parking with this apartment.
Located in Sutton, residents will have access to a variety of local shops, restaurants, and parks, as well as excellent transport links for easy commuting to London and beyond. Living in Sutton offers a beautiful blend of suburban comfort and urban convenience. With its charming neighbourhoods, vibrant community spirit, and excellent amenities, Sutton provides a fantastic quality of life. Residents enjoy easy access to a bustling town centre, boasting a diverse range of shops, restaurants, and entertainment options. The area is well-served by public transport, making commuting to London and surrounding areas a breeze. Sutton's green spaces, parks, and recreational facilities provide ample opportunities for outdoor activities and relaxation. With top-notch schools, a rich cultural scene, and a friendly atmosphere, Sutton is a welcoming and desirable place to call home.
PRICING & AFFORDABILITY
Full Market Value: £300,000
60% Share Price: £180,000 (rent £354.44pcm)
Minimum 5% Mortgage Deposit (% share): £8,000
Approximate Service Charges: £163.14pcm*
Shared Ownership Lease: approx. 122 years
Council Tax Band: B
Key Features
Double bedroom
Open plan living/dining room
Balcony
Fitted kitchen
Fully tiled bathroom
Long lease
Particulars
Tenure: Leasehold
Lease Length: 122 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 60%, full price £300,000, £9,000 Min Deposit. Calculated using a representative rate of 5.26%
