2 bedroom apartment for sale
129 Lambeth Road, SE1 7BT
Share percentage 50%, full price £665,000, £33,250 Min Deposit.
Share percentage 50%, full price £665,000, £33,250 Min Deposit.
Monthly Cost: £2,640
Rent £637,
Service charge £324,
Mortgage £1,679*
Calculated using a representative rate of 4.59%
Calculate estimated monthly costs
Eligibility Criteria for Shared Ownership
To qualify for a Shared Ownership home, there are a few key requirements you need to meet:
- Age: You must be at least 18 years old.
- Income: If you live outside of London, your total household income must be less than £80,000 per year. In London, the income cap is £90,000 per year.
- Property Ownership: You cannot currently own another home. Shared Ownership is mainly for first-time buyers, but if you do own a property (in the UK or abroad), you need to be in the process of selling it.
- Affordability: You should not be able to afford to buy a suitable home on the open market.
- Financial History: You must have a good credit history, with no outstanding debts or County Court Judgements (CCJs), and show that you can afford the payments and costs involved.
- Deposit & Costs: Typically, you’ll need a deposit of 5-10% of the share you're purchasing and access to around £4,000 to cover additional costs like legal fees and surveys, although this figure can vary.
Who Gets Priority for Shared Ownership?
Shared Ownership is available to anyone who meets the eligibility criteria, including first-time buyers, people looking to move up, downsize, or relocate. While there are no priority groups in areas where Shared Ownership homes are in short supply, military personnel and former members of the Armed Forces (discharged within the last two years) are given priority under government schemes.
In some cases, local authorities may require that applicants who live or work in the area be given preference, depending on local planning policies.
Affordability & Eligibility Check
Each applicant will need to complete an affordability and eligibility check with an independent mortgage advisor. Once you submit an enquiry, we will send you a link to start this process.
Summary
2 Bedroom Apartment Available On Shared Ownership In Lambeth
Description
2-Bedroom Apartment in Lambeth, London – Shared Ownership
This modern second-floor apartment in Lambeth offers a fantastic opportunity to purchase a 50% share through the shared ownership scheme. The property combines practicality with a bright and open feel, ideal for comfortable city living.
Key Features:
- Living Space: Open-plan living area with wood flooring and access to a private balcony, offering a bright and welcoming atmosphere.
- Bedrooms: Two well-sized bedrooms, including a main bedroom with fitted wardrobes. Both are carpeted for comfort.
- Kitchen: Modern kitchen with tiled flooring, featuring a built-in oven, hob, extractor fan, integrated dishwasher, fridge freezer, and a freestanding washing machine.
- Bathroom: Tiled bathroom with a clean, modern design.
- Electric heating throughout.
- Video door entry system for added security.
- Total floor space of the property is 61 sqm.
Conveniently located in Lambeth, the property benefits from excellent transport links, local amenities, and green spaces. Bright and thoughtfully designed, this apartment is a great option for those looking to take their first step onto the property ladder.
Get in touch today to register your interest.
Particulars
Tenure: Leasehold
Lease Length: 121 years
Council Tax Band: F
Property Downloads
Floor Plan Energy CertificateMap
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 £665,000, £33,250 Min Deposit. Calculated using a representative rate of 4.59%
