House For Sale £150,000
Thornapple View, Red Lodge, Bury St Edmunds, IP28

SHARED OWNERSHIP (Advertised price represents 50% share. Full market value £300,000). A recently-constructed and stylishly-presented house located in the village of Red Lodge. The attractive, semi-detached property has a cloakroom and spacious kitchen/dining room at the front while at the rear is a reception room with patio doors that open onto the good-sized garden. Upstairs is a main bedroom with built-in wardrobe and en-suite shower room plus two further, comfortable, double bedrooms and a naturally-lit family bathroom. Well insulated walls, roof and floor, high performance glazing and a modern gas central heating system make for a very good energy-efficiency rating. The house comes with a two-car driveway and the local roads provide easy access to Bury town centre as well as direct routes north-east to Norwich and south-west towards Cambridge and the M11. Thetford Forest, which offers forty six thousand acres to explore, is also just a brief drive away.

INTERESTED PARTIES ARE REQUIRED TO COMPLETE THE SHARED OWNERSHIP COMMON APPLICATION FORM

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(Please note the minimum income and deposit requirements for eligibility. You do not need to request a viewing separately once you have completed the application form.)

Housing Association: Heylo. Heylo Housing requires that all applicants must have permanent rights to reside in the UK.
Tenure: Leasehold (125 years from 2021).
Minimum Share: 50% (£150,000).
Shared Ownership Rent: £392.00 per month (subject to annual review).
Service Charge: £39.13 per month (subject to annual review).
Guideline Minimum Income: Dual - £39,400 Single - £45,600 (based on minimum share and 10% deposit).
Council Tax: Band C, West Suffolk Council. Priority is given to applicants living and/or working in this local authority.

This property is offered for sale in the condition seen. The housing association does not warrant to carry out any remedial or redecoration work of a cosmetic nature unless specifically advised in writing. As a general rule, fitted domestic appliances are included in the sale; non-fitted appliances are not. If you require confirmation, you must request this in writing from Urban Moves. The information in this document supersedes any information given verbally either in person or by telephone.

WHAT IS SHARED OWNERSHIP ?

Shared Ownership is a housing scheme designed to help homebuyers who are unable to afford the cost of buying a property outright on the open market. Properties may be sold off-plan or new build direct from housing associations, or pre-owned from existing shared owners. The rules and terms of the scheme are set by the Greater London Authority (GLA) in London and Homes England outside of London.

IS SHARED OWNERSHIP FOR YOU ?

The GLA and Homes England set the eligibility criteria for Shared Ownership, but broadly speaking you must:

1. Not own another property in the UK or any other country.
2. Have a household income that falls below £90,000 (£80,000 threshold outside the M25). Every property will have a minimum income level too, determined by its’ value, rent and service charge costs. In most cases you will need to meet or exceed the given minimum income.
3. Have access to a minimum deposit of 10% of the share being purchased (a minimum deposit of 5% of the share being purchased may be acceptable depending on individual financial status).
4. Be in full time permanent employment.
5. Be a British, EU or EEA Citizen or have indefinite leave to remain in the UK.
6. Have a good credit history.