Shared Ownership – EXTENDED LEASE

This superb modern home is available to buy from as little as £100,000 with a 50% share!

Being offered to the market with no onward chain and available immediately is this 2nd floor modern apartment. Situated just a short walk from Farnborough train station and within driving distance of Farnborough airport, the apartment features and open plan lounge/diner with access through to a fitted kitchen, two bedrooms, bathroom and an allocated residents parking bay. As part of the sale, the lease is being extended by the current owner to around 972 years.

Farnborough is situated in northeast Hampshire, close to the Surrey border. The town offers excellent transport links and is located thirty-five miles southwest of London, directly to the south of junction 4 of the M3 motorway. Farnborough is served by three railway stations, Farnborough Station on the mainline from London Waterloo, Farnborough North and North Camp Stations which are both on the line between Reading and Gatwick.

Since 2003 Farnborough Airport has been an international business airport operated by TAG Aviation. The Farnborough International Air Show takes place at the airport on even numbered years. Farnborough has excellent shopping facilities and a multiplex cinema complex. Nearby, The Meadows has superstores including Marks & Spencer and Next.

PRICING & AFFORDABILITY

Full Market Value: £200,000

50% Share Price: £100,000 (rent £431.70pcm)
Minimum 5% Mortgage Deposit (% share): £5,000
Approximate Service Charges: £165.54pcm*
Shared Ownership Lease: approx. 972 years (being extended by current owner as part of the sale)
Council Tax Band: C

ELIGIBILITY

Shared Ownership gives first time buyers and those that do not currently own a home the opportunity to purchase a share in a new build or resales leasehold property. The purchaser pays a mortgage on the share they own and pays rent to a housing association on the remaining share. The combined mortgage and rent is usually less than you’d expect to pay if you bought a similar property outright although this is not a guarantee.

To be eligible for shared ownership you would need to meet the following criteria:

• Your annual household income does not exceed £80,000.
• You have a deposit of at least 5% of the share value
• You do not own another property or have your name on the deeds or a mortgage for a property worldwide.
• This will be your only residence.
• You are a permanent UK resident or have indefinite right to remain.

*Service charges are estimated and may subject to change. Rent and service charges will be reviewed annually by your housing provider, usually on 1st April each year.

** This home can also be purchased outright (100% of the value) which is £200,000 and a purchaser would not need to meet the eligibility criteria listed above.