Rivers Meet, Cleeve Mill Lane
Newent
Gloucestershire
GL18 1DS
Orchard Bungalow, Danford Lane, Hartpury
40% Shared ownership £84,000
1 Bedroom Bungalow - Semi Detached
- 1 Bedroom Bunglow
- Air Source heating
- Allocated parking space
- Private garden
- Local connection to FOD required
- Shower room
- Patio doors to garden
Shared ownership information New AHP
Shared ownership is a part buy part rent property from a registered landlord
You purchase a share with the help of a mortgage based on your affordability.
Example of costs based on a Share of: 40%
Open Market Value: £210,000
Rent per month: £288.75
Service Charges per month: £11.10
Buildings insurance per month: £9.28
The more you buy the lower your rent will be. Rent is calculated at 2.75% of the unowned share. These costs will increase each year with inflation.
How does Shared Ownership work?
If you bought a home on the open market, you would agree a purchase price through an estate agent. Then you would take out a mortgage to cover the total purchase price of the property minus any deposit you might have available.
With Shared Ownership, the price of the property is fixed at the open market value, as assessed by a qualified valuer. You borrow just enough to cover the share you are buying. This is referred to as equity share.
The equity share amount will be an amount that you can afford, as set out under government guidelines. The total monthly cost of the rent, plus your
mortgage, will be lower than the monthly cost if you bought the property outright with a mortgage.
For legal reasons, while you are only buying a part-share of the property, you will have a leasehold interest. However, you may buy further shares. This is called ‘staircasing’, and may
eventually progress to outright ownership.
Two Rivers Housing
TwoCan estate agents are advertising this property on behalf of Two Rivers Housing. Two Rivers Housing are the owners of Twocan
Ground Floor
Doors leading to hallway with further doors cupboard, bedroom, bathroom and lounge kitchen/diner. Side elevation
Bedroom
Window to Front Elevation,
Bathroom
Bathroom with shower tray, low level WC and wash hand basin with window to side elevation
Lounge - Kitchen/diner
Lounge area with double doors leading to outside area with window to rear elevation. With open kitchen and diner with a range of base units, steel sink with mixer tap.
Disclaimer
All measurements are approximate. We have not checked the serviceability of any appliances, fixtures or utilities (i.e. water, electricity, gas) which may be included in the sale. We cannot guarantee building regulations or planning permission has been approved and all prospective purchasers should satisfy themselves on these points prior to entering into a contract. Consumer Protection from Unfair Trading Regulations 2008. The Agent has not tested any apparatus, equipment, fixtures and fittings or services and so cannot verify that they are in working order or fit for the purpose. A Buyer is advised to obtain verification from their Solicitor or Surveyor. References to the Tenure of a Property are based on information supplied by the Seller. The Agent has not had sight of the title documents. A Buyer is advised to obtain verification from their Solicitor. Items shown in photographs are NOT included unless specifically mentioned within the sales particulars. They may however be available by separate negotiation. Buyers must check the availability of any property and make an appointment to view before embarking on any journey to see a property.
Eligibility Criteria
To be eligible for Shared Ownership you need to:
- be a first-time buyer, an existing shared ownership homeowner, or a former homeowner who can’t afford to buy now
- be over 18 years old
- have an annual household income of less than £80,000 (£90,000 in London).
If you wish to buy one of these properties we need to assess your eligibility for shared ownership. For this we need to see:
•Proof of ID
•Proof of address
•Mortgage in principle
You will also be required to complete an application form and an affordability calculation.
Although these particulars are thought to be materially correct their accuracy cannot be guaranteed and they do not form part of any contract.
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