45% SHARED OWNERSHIP
A stylish and modern three bedroom semi-detached family home, boasting off road parking and only a short distance to the local country park and new Town Centre, together with convenient access to excellent road and rail links.
Inside, this property is well presented throughout, with light neutral décor and in ready to move into condition, with community central heating and double-glazing. This superb home is arranged over three floors, offering spacious accommodation ideal for a growing family.
From the entrance hallway which has hanging space for winter coats, a door leads into a spacious living room, ideal for relaxation and entertainment, with an under-stairs cupboard for handy storage. A further door leads into an inner hallway where there is a convenient and elegantly decorated cloakroom/W.C, and a turning staircase rising to the first floor.
The modern kitchen has plenty of cupboard and worktop space, offering both functionality and style. The dining area easily accommodates a family dining room table which has a pleasant outlook to the garden. The kitchen/diner is flooded with naturally flowing light from the window and French doors leading out to the garden.
On the first floor, there are two spacious and light double bedrooms and a family bathroom. A turning staircase continues up to the top floor into the master bedroom which is a spacious double with lots of light from a dormer and Velux windows.
Outside, the south facing rear garden is fully enclosed, making this a safe space for children and pets. With a grass lawn area and large patio terrace, making this a great space for entertaining, be it alfresco dining or a family barbecue. A gate provides side access to the front of the property, ideal for recycling days! The property also benefits from two parking spaces.
The new town of Cranbrook is a popular residential area with easy access to public transport and major transport links including the M5, A30, Exeter International Airport, Sowton Industrial Estate, the Met Office and Cranbrook train station which has a direct train to Exeter and London Waterloo. The property is conveniently located to the St Martin's C of E Primary and Nursery School, Cranbrook Education Campus, Cranberry Farm Public House, the Country Park, local shop and new supermarket.
If you buy a 45% share, the share purchase price will be £139,050 and the rent will be £322.86 a month.
Your annual rent is calculated as 2.28% of the remaining share of the full market value owned by the landlord.
All figures are subject to change.
Monthly payment to the landlord, In addition to the rent above includes:
Service charge £4.82
Buildings insurance £13.89
Total monthly payment excluding rent £18.71
(these are subject to change during the purchase process)
Reservation fee: £500.00
You'll need to pay a reservation fee to secure your home. When you pay the fee, no one else will be able to reserve the home.
If you complete on the purchase of your home, the reservation fee will be added to your rent account. If you or the seller withdraw from the sale the £500 will be refunded.
Eligibility: You can apply to buy the home if both 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.
You must also meet the local connection criteria:
An eligible person means a person who is in need of Affordable Housing and who has a strong location connection with the administrative area of East Devon District Council or Exeter City Council (priority will be given to applicants with a local connection to the East Devon District) and who satisfies one or more of the following criteria .
- The person is currently resident in the area
- The person needs to live in the area to take up firmly committed employment
- The person has close family living in the area (i.e. mother, father, daughter, son,sister, brother).
- The person has been resident in the area for at least five of the last ten years.
Tenure: Leasehold
Lease type: Shared ownership house lease
Lease term: 125 years from and including 1 February 2018
Maximum share you can own: You can buy up to 100% of your home. Transfer of freehold: At 100% ownership, the freehold will transfer to you.
Pets:
You cannot keep pets at the home without prior written consent.
Once you have been approved to purchase, you will need to register your pet with your homeownership officer.
Subletting:
You can rent out a room in the home, but you must live there at the same time. You cannot sublet (rent out) your entire home unless you either: * own a 100% share; or * have your landlord's permission which they will only give in exceptional circumstances (see section 1.5 in 'Key information about shared ownership' document, a copy of which is held by the estate agent) and * have your mortgage lender's permission if you have a mortgage
Before booking a property viewing, LiveWest require us to ensure that an applicant has:
- Provided us with confirmation of a gross household income less than £80,000 per year;
- (IF applicable) Provide us with a memorandum of sale to show you have sold your property.
- Confirmed to us that you cannot afford to buy a suitable property on the open market;
- Provide us with evidence of a sufficient deposit and funds available to pay the associated costs; and
- Provide us with evidence of meeting the local connection.
Council Tax Band: C
Tenure: Leasehold (125 years)
Shared Ownership: 45% being sold, £341.57 per month rental payments
