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£108,750
Well-Presented One Bedroom Shared Ownership Apartment in Central Colchester
You can apply to buy the home if all of the following apply:
- your household income is £80,000 or less
- you cannot afford all of the deposit and mortgage payments to buy a home that meets your needs
One of the following must also be true:
- you're a first-time buyer
- you used to own a home but cannot afford to buy one now
- you're forming a new household - for example, after a relationship breakdown
- you're an existing shared owner, and you want to move
- you own a home and want to move but cannot afford to buy a new home for your needs
If you own a home, you must have completed the sale of the home on or before the date you complete your shared ownership purchase.
As part of your application, your finances and credit history will be assessed to ensure that you can afford and sustain the rental and mortgage payments.
Situated in a convenient central location on East Street, this well-proportioned one-bedroom apartment offers approximately 474 sq ft (44 sq m) of comfortable living space, making it an ideal opportunity for first-time buyers or those seeking a low-maintenance home close to the city centre.
The accommodation is arranged on a single level and centres around a bright sitting and dining room, providing a welcoming space for relaxing or entertaining. Adjacent to this is a separate kitchen, thoughtfully laid out with practical work surfaces and storage.
The apartment also features a generous double bedroom, offering good floor space and natural light, along with a bathroom suite positioned conveniently off the hallway. The layout is both practical and easy to maintain, making the property well suited to modern lifestyles.
With its excellent location and well-balanced accommodation, this apartment represents a fantastic opportunity to secure a home close to the heart of Colchester.
Key Features- One-bedroom apartment
- Approximately 474 sq ft (44 sq m) of accommodation
- Bright and spacious sitting / dining room
- Separate fitted kitchen
- Generous double bedroom
- Well-appointed bathroom suite
- Practical and easy-to-maintain layout
- Ideal forfirst-time buyers
- Convenient location close to Colchester city centre
Key Information
- Tenure: Shared Ownership
- Available Shares from: 75%
- Full Market Value: £145,000
- Share Value (initial purchase) from: £108,750
- Rent (on unsold equity): £0
- Service Charge: £77.39 per month
- Lease Length: A new lease of 99-years will be granted.
- Council Tax Band: A
- EPC Rating: C
The property is located on East Street, within easy reach of the vibrant centre of Colchester, one of the UK's oldest recorded towns. The city offers a wide range of amenities including shops, restaurants, cafés, leisure facilities, and cultural attractions.
Transport links are excellent, with nearby Colchester Town railway station providing rail connections within the region, while Colchester railway station offers direct services to London Liverpool Street, making it a popular location for commuters.
Colchester also benefits from a rich history and green spaces, including the nearby Colchester Castle and Castle Park, providing a blend of heritage, culture and modern living.
Please note that this sale will be completed via a surrender and re-grant, meaning the buyer will receive a new 99-year lease on completion. The maximum share that can be owned under the terms of the lease is 75%.
Red Loft
