40% SHARED OWNERSHIP
As you step inside this beautiful townhouse, you'll immediately feel at home with its neutral and stylish décor throughout. The entrance hallway features luxury vinyl flooring, which is not only beautiful but also easy to clean - perfect for removing your coats and shoes.
This elegant wood-effect flooring continues into the spacious living room, which is bathed in natural light from the large front window. The room is equipped with TV aerial, Sky/cable, and telephone points, ensuring your connection needs.
Moving through to the kitchen/dining room, you'll find the same luxury vinyl flooring. This modern space features a sleek black 1.5 granite sink, an integral electric hob and oven, and an extractor fan. There are designated areas for your washer/dryer and fridge/freezer and the room also has TV aerial and Sky/cable points. French doors open up onto the rear garden, perfect for indoor/outdoor living during the warmer months.
Both staircases, the landings, and the bedrooms are fitted with lush grey carpet, adding an extra touch of comfort to this home. On the first floor, you'll find the family bathroom and two double-sized bedrooms. Bedroom one is located on the second floor, offering a spacious private retreat. Both bedroom one and bedroom two also benefit from TV aerial and Sky/cable points.
The modern family bathroom boasts luxury vinyl flooring, full tiling around the bath, a white bathroom suite with a shower over the bath, and a shower screen.
Outside, the property features an enclosed rear garden laid to lawn with a patio area and a shed, providing ample space for relaxation and storage.
Measurements
Entrance hallway: 1.26m x 1.5m
Landing: 3.4m x 1m
Living room: 3.8m x 3.7m
Kitchen/diner: 3.62m x 2.71m
Bathroom: 2.6m x 1.7m
Bedroom one: 6.5m x 2.7m
Bedroom two: 3.62 x 3.19m
Bedroom three: 3.62m x 2.71m
Rear garden: 8.1m x 4.1m
SHARED OWNERSHIP INFORMATION
If you buy a 40% share, the share purchase price will be £118,000 and the rent will be £473.21 a month. The full market value is £295,000.
Your annual rent is calculated as 3.21% 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
Buildings insurance
Total monthly payment excluding rent £9.36
(these are subject to change during the purchase process)
Reservation fee: £250.00
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 £250 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: 123 years remaining
Landlord's nomination period: If you sell the property in future, you must give the landlord notice that you intend to sell your share in your home, the landlord has 8 weeks to find a buyer. The landlord may offer to buy back your share, but only in exceptional circumstances and if they have funds available. If they do not find a buyer within 8 weeks, you can sell your share yourself on the open market. For example, through an estate agent.
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 are allowed to keep pets in your house. The landlord is unlikely to allow permission to keep pets in flats that form part of a block but exceptions can sometimes be made. All permissions must be sought prior to occupation.
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) and * have your mortgage lender's permission if you have a mortgage
Council Tax Band: C
Tenure: Leasehold (123 years)
Service Charge: £9.36 per month
Shared Ownership: 40% being sold, £473.21 per month rental payments
Parking options: Off Street
Garden details: Private Garden
