Shared Ownership

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

A beautifully presented ground floor apartment within this purpose built block located within easy reach of Letchworth High Street. Accommodation comprises entrance hall, double bedroom, modern bathroom and an open plan kitchen/reception room. Further benefits include an allocated parking space and a 92 year lease. There are no onward chain complications.

Letchworth Garden City is situated in North Hertfordshire, 38 miles from the heart of London and 29 miles from the centre of Cambridge. Letchworth is approximately 40 minutes drive from Luton Airport via the A505 and under an hour from Stansted Airport. This property is conveniently located within a 5 minute drive of the town centre and all its’ shops, cafes and amenities.

PRICING & AFFORDABILITY

Full Market Value: £200,000

50% Share Price: £100,000 (rent £265.47 pcm)
Minimum 5% Mortgage Deposit (50% share): £5,000
Approximate Service Charges: £87.53 pcm*
Shared Ownership Lease: approx. 92 years
Council Tax Band: B

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.