50% SHARED OWNERSHIP
A fantastic opportunity to acquire this well presented two double bedroom mid terrace property. Offered for sale under the shared ownership scheme prospective buyers will own a 50% share in this property, with the ability to staircase to 100% ownership.
The accommodation is light and spacious throughout and comprises in brief entrance hall, dual aspect open plan living accommodation including a modern fitted kitchen, rear lobby with access onto the garden and a W.C. to the ground floor. Two good sized bedrooms and a bathroom are situated to the first floor. Outside the property enjoys a fully enclosed rear garden and an allocated parking space situated to the front of the property.
Right At Home Estate Agents are delighted to bring this property to the market for sale and highly recommend internal viewing.
The property is close to M5 commuter links, A30, Met Office, Exeter Airport and easy access to and from Exeter City Centre. Close by are amenities such as popular schools, pubs, supermarkets and RD&E hospital just 2 miles away. With the added benefit of the Jurassic Coast and beautiful beaches close by for day trips.
If you buy a 50% share, the share purchase price will be £135,000 and the rent will be £279.88 a month.
All figures are subject to change.
Monthly payment to the landlord, In addition to the rent above includes:
Service charge £2.30
Buildings insurance £12.60
Total monthly payment excluding rent £14.90
(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 May 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: 50% being sold
