Rivers Meet, Cleeve Mill Lane
Newent
Gloucestershire
GL18 1DS
Hewins Place, Willersey, Broadway - Shared ownership
35% Shared Ownership £113,750
2 Bedroom House
- 2 Generous Double Bedrooms
- 35% Share
- Allocated parking
- remainder of 10 year New Build Warranty
- Local connection required
- Carpet and Vinyl floorcoverings throughout
- Fitted Oven, Hob and Hood
- Built By Newland Homes
- Mid Terrace
- Overlooking green space
2 Bedrooms, allocated parking, floor coverings provided as standard
Inspired by the rural surroundings and local architecture, this tranquil development at Willow Green reflects and respects the character of the village of Willersey and its idyllic setting.
All applicants need to successfully register with Help to Buy Agent 2.
Share sold depends on applicants affordability
OMV - £325000
35% Share = £1137500
Monthly rent of £500.89 plus a service charge of £25.28 (Variable)
Building Insurance £9.87 per month
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.
Shared ownership Costs
Open Market Value £325,000
25% Share~: £113,750
Monthly rent £500.89
Service Charge £25.28 pcm
Buildings insurance £9.87 pcm
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
•Proof of deposit
•Full details for each buyer
You will also be required to complete an application form and an affordability calculation.
Room Dimentions
Ground Floor
Entrance hall leading to;
Cloakroom
Kitchen/Diner 3.77m x 2.90m
Lounge with storage cupboard under stairs 3.74 x 5.0m max
Double doors leading to private garden
First Floor
Bedroom1 3.05x 5m
Bedroom 2 3.71 x 3.06
Family bathroom with shower over bath
2 Allocated parking spaces
Buy Back Lease
In some rural areas properties must be always available for shared ownership. This means if you buy over 80% of the share of the property, the freeholder (or other Housing association) must buy your property back (at market value) if you wish to sell on.
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.
Services
All mains services are connected.
Energy Efficiency and Environmental Impact
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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