2 bedroom apartment for sale
Whitakers Lodge, Gater Drive, EN2 0JP
Share percentage 50%, full price £400,000, £10,000 Min Deposit.
Share percentage 50%, full price £400,000, £10,000 Min Deposit
Monthly Cost: £1,933
Rent £681,
Service charge £138,
Mortgage £1,114*
Calculated using a representative rate of 5.03%
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 £400,000 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 £200,000 with a 50% share!
Description
Shared Ownership
This superb modern home is available to buy from as little as £200,000 with a 50% share!
A spacious apartment on the top floor of this modern development in Enfield. The accommodation comprises a 28ft reception room, kitchen, two large double bedrooms and two bathrooms. The property benefits from a 161 year lease and one allocated parking space.
Enfield Town Centre:
The heart of shopping in the area, with a variety of high street shops, including retailers like Marks & Spencer, WHSmith, and various independent shops. The Palace Gardens Shopping Centre: A shopping mall in the area offering stores, food outlets, and a few other services.
The property is not far from Enfield Town Railway Station offering direct services to London Liverpool Street and other central London locations. Enfield Chase Railway Station is also nearby, connecting to Moorgate and other parts of London. Multiple bus routes pass through Enfield, providing easy connections to surrounding areas.
There are also various well regarded schools in the area.
PRICING & AFFORDABILITY
Full Market Value: £400,000
50% Share Price: £200,000 (rent £680.95pcm)
Minimum 5% Mortgage Deposit (50% share): £10,000
Approximate Service Charges: £138.04pcm*
Shared Ownership Lease: approx. 161 years
Council Tax Band: E
Key Features
Modern shared ownership home
Top floor (third)
Two large double bedrooms
Kitchen
28ft living room
Two bathrooms
Allocated parking space
Long lease
Particulars
Tenure: Leasehold
Lease Length: 161 years
Council Tax Band: E
Property Downloads
Floor Plan Energy CertificateMap
Material Information
Total rooms:
Furnished: Enquire with provider
Washing Machine: Enquire with provider
Dishwasher: Enquire with provider
Fridge/Freezer: Enquire with provider
Parking: n/a
Outside Space/Garden: n/a
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 50%, full price £400,000, £10,000 Min Deposit. Calculated using a representative rate of 5.03%
