2 bedroom house for sale
Cherry Lee Close, Westleton, IP17 3AL
Share percentage 20%, full price £350,000, £7,000 Min Deposit.
Share percentage 20%, full price £350,000, £7,000 Min Deposit
Monthly Cost: £1,055
Rent £642,
Service charge £60,
Mortgage £353*
Calculated using a representative rate of 4.59%
Calculate estimated monthly costs
You must be eligible for the shared ownership scheme
Can demonstrate you meet the minimum income requirements
Can demonstrate a deposit sufficient to obtain a mortgage for the property
Have a local connection to the area
Summary
2-bed semi-detached house in Westleton
Description
This property is an ideal opportunity for a first time buyer to get onto the property ladder with Hastoe.
It is being sold under a shared ownership scheme whereby you purchase a share in the property and pay a reduced rent on the remaining Hastoe equity.
Costs:
Full market price: £350,000
Minimum share: 20%
Share value: £70,000
Monthly rent: £641.67
Estimated service charge: £60.00
EPC: B86
What is shared ownership?
Shared ownership is a scheme designed to help those who wouldn’t otherwise be able to purchase a home of their own. This may be because you can’t meet the full mortgage repayments, save a sufficient deposit, or both. With shared ownership, you buy a percentage of your home and pay a reduced rent on the share you don’t own.
How does shared ownership work?
You will buy a percentage share of a home, independently priced at market value. Hastoe will charge you rent on the share you don’t own plus a service charge. This service charge covers things like buildings insurance and estate maintenance.
If you eventually own your home outright, you’ll no longer pay rent, but may continue to pay a service charge.
About Hastoe:
Hastoe owns and manages over 7,500 homes in 70 local authority areas. Our properties are predominantly rural and we specialise in providing sustainable and affordable rural housing to enable local people to remain within their communities.
Key Features
Allocated parking
Private garden
Fully fitted kitchen
Double glazing
Downstairs WC
Can staircase to 100%
Measurements:
Kitchen: 3.6m x 2.09m
Living/dining room: 4.89m x 3.21m
Bedroom 1: 4.89m x 3.29m
Bedroom 2: 5.12m x 2.55m
Particulars
Tenure: Leasehold
Lease Length: 125 years
Council Tax Band: New build - Council tax band to be determined
Property Downloads
Brochure Price ListMap
Material Information
Total rooms:
Furnished: Unfurnished
Washing Machine: Enquire with provider
Dishwasher: Enquire with provider
Fridge/Freezer: Enquire with provider
Parking: Yes - Allocated
Outside Space/Garden: Yes - Private Garden
Year property was built: Enquire with provider
Unit size: Enquire with provider
Accessible measures: Enquire with provider
Heating: Enquire with provider
Sewerage: Enquire with provider
Water: Enquire with provider
Electricity: Enquire with provider
Broadband: Enquire with provider
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 20%, full price £350,000, £7,000 Min Deposit. Calculated using a representative rate of 4.59%
