2 bedroom apartment for sale
11 Bishops Place Apartments, Bishops Place, TQ3 3EB
Share percentage 50%, full price £215,000, £5,375 Min Deposit.
Share percentage 50%, full price £215,000, £5,375 Min Deposit.
Monthly Cost: £1,035
Rent £320,
Service charge £116,
Mortgage £599*
Calculated using a representative rate of 5.03%
Calculate estimated monthly costs
The GLA and Homes England set the eligibility criteria for Shared Ownership, but broadly speaking you must:
- Not own another property in the UK or any other country.
- Have a household income that falls below £90,000 (£80,000 threshold outside the M25). Every property will have a minimum income level too, determined by its’ value, rent and service charge costs. In most cases you will need to meet or exceed the given minimum income.
- Have access to a minimum deposit of 10% of the share being purchased (a minimum deposit of 5% of the share being purchased may be acceptable depending on individual financial status).
- Be in full time permanent employment.
- Be a British, EU or EEA Citizen or have indefinite leave to remain in the UK.
- Have a good credit history.
Summary
2 Bedroom Apartment in Paignton now available under Shared Ownership
Description
This charming and classy apartment comprises of two double bedrooms one of which has an ensuite, open plan living area/kitchen/diner and family bathroom.
The apartment has a light and airy feel throughout, with its modern kitchen/ bathroom and large windows letting in natural light. Both rooms are a great size with plenty of storage and room for furniture.
Bishops Place is conveniently located in the heart of Paignton within walking distance to the Sea Front and Town Centre, with local shops, amenities and public transport to include Paignton train & bus station only a stones throw away.
*Information is correct to the best of our knowledge, please speak to the estate agent for more information*
Key Features
- Stylish Open Planned Kitchen / Dining Room
- Two Double Bedrooms
- Close to local amenities and main bus routes
- Close to Paignton Harbour
- Ensuite Bathroom
- Light & Modern
- Secure gates
- SHARED OWNERSHIP
- Tenure: Leasehold (125 years from 24/07/2019).
- Share Available: 50% (£107,500).
- Shared Ownership Rent:£319.92 per month (subject to annual review).
- Lease Management Fee:£25.54 per month (subject to annual review).
- Service Charge:£116.44 per month (subject to annual review).
- Council Tax: Band B, Torbay Council.
Particulars
Tenure: Leasehold
Lease Length: 125 years
Council Tax Band: B
Property Downloads
Key Information Document 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 50%, full price £215,000, £5,375 Min Deposit. Calculated using a representative rate of 5.03%
