House For Sale £135,000
Shared Ownership Property - Rarely available in the village, this 3 bedroom, end of terrace shared ownership home is offered with no onward chain.The home is located in a quiet cul de sac of similar houses close to the centre of Stoke sub Hamdon and offers a great location and an affordable option in these times of more careful financial planning.The front entrance has two gated access points, one over a path to the front door and the 2nd leading to the side gate and rear garden access.The entrance opens to a spacious hall with distribution to the downstairs WC, kitchen and then onto the large sitting room with stairs, front aspect window and French doors opening to the rear conservatory.On the first floor are 3 bedrooms and the bathroom.Please read the detail which applies to any potential buyers as there are criteria in place to ensure this home goes to someone who has local connections.
Shared Ownership
Shared ownership helps you to buy a home if you cannot afford all of the deposit and mortgage payments for a home that meets your needs.You pay for a percentage share, normally between 50% and 80% of the home's full market value (we are advertising 50% value on this property).You enter into a lease agreement with the landlord (Willow Tree Housing), and agree to pay rent to the landlord on the remaining share.You'll be referred to a mortgage adviser. They will assess your income and outgoings. For this particular purchase, the share available is fixed at 50%.
Willow Tree Housing Partnership Limited (WTHP)
Willow Tree Housing Partnership Limited (WTHP) will administer the sale of this property. Upon applying to purchase this property through Orchards Estates, your details will be forwarded to the relevant department with WTHP who will then guide you through the process and send you the relevant paperwork. There are a range of qualifying criteria to be considered when purchasing this property.
Criteria for Shared Ownership
Glovers Close, Stoke Sub Hamdon - Local ConnectionA connection with one of the parishes of Stoke-Sub-Hamdon, Norton-Sub-Hamdon, Montacute, Chiselborough or Martock as follows:* Has resided in one of the specified parishes for not less than two years out of the last five.* Has worked in one of the specified parishes for not less than two years out of the last five* A member of their family has lived or worked in one of the parishes as set out above.Family members are defined as:o Spouseo Parento Grandparento Childo Grandchildo Brother or sistero Aunt or uncleso Nephew or niece
RICS Survey
An Independent RICS Chartered Survey has taken place and confirmed the full value of this property at £270,000. The property price as advertised equates to 50% of the total value and is the minimum mortgage affordability required.
Monthly Charges (current)
The current monthly charges for the rented 50% of the property are:•Rent £256.45•Service charge £ 18.42•Total £274.87There is an annual increase each April which is based on Retail Price Index so is variable. This year Willow Tree Housing chose to cap the increase for shared owners at 6%, matching the social housing rent cap, as RPI was somewhat higher than this.The lease is valid for 99 years from 25/03/1993 so has approx. 68 years remaining.
Viewings and Application
Please contact the agent, Orchards Estates to arrange your viewing. We will also guide you through the initial requirements and send you paperwork prior to introducing you to the Landlord, Willow Tree Housing who will then check your criteria and confirm your application.
Council Tax Band: C
Tenure: Leasehold
Lease Years Remaining: 119
Ground Rent Review Period: 1 year
Ground Rent Increase: 6%
Service Charge: £18.42 per year
Shared Ownership (%): 50%
Shared Ownership (Rent): £256.45 per month
Shared Ownership
Shared ownership helps you to buy a home if you cannot afford all of the deposit and mortgage payments for a home that meets your needs.You pay for a percentage share, normally between 50% and 80% of the home's full market value (we are advertising 50% value on this property).You enter into a lease agreement with the landlord (Willow Tree Housing), and agree to pay rent to the landlord on the remaining share.You'll be referred to a mortgage adviser. They will assess your income and outgoings. For this particular purchase, the share available is fixed at 50%.
Willow Tree Housing Partnership Limited (WTHP)
Willow Tree Housing Partnership Limited (WTHP) will administer the sale of this property. Upon applying to purchase this property through Orchards Estates, your details will be forwarded to the relevant department with WTHP who will then guide you through the process and send you the relevant paperwork. There are a range of qualifying criteria to be considered when purchasing this property.
Criteria for Shared Ownership
Glovers Close, Stoke Sub Hamdon - Local ConnectionA connection with one of the parishes of Stoke-Sub-Hamdon, Norton-Sub-Hamdon, Montacute, Chiselborough or Martock as follows:* Has resided in one of the specified parishes for not less than two years out of the last five.* Has worked in one of the specified parishes for not less than two years out of the last five* A member of their family has lived or worked in one of the parishes as set out above.Family members are defined as:o Spouseo Parento Grandparento Childo Grandchildo Brother or sistero Aunt or uncleso Nephew or niece
RICS Survey
An Independent RICS Chartered Survey has taken place and confirmed the full value of this property at £270,000. The property price as advertised equates to 50% of the total value and is the minimum mortgage affordability required.
Monthly Charges (current)
The current monthly charges for the rented 50% of the property are:•Rent £256.45•Service charge £ 18.42•Total £274.87There is an annual increase each April which is based on Retail Price Index so is variable. This year Willow Tree Housing chose to cap the increase for shared owners at 6%, matching the social housing rent cap, as RPI was somewhat higher than this.The lease is valid for 99 years from 25/03/1993 so has approx. 68 years remaining.
Viewings and Application
Please contact the agent, Orchards Estates to arrange your viewing. We will also guide you through the initial requirements and send you paperwork prior to introducing you to the Landlord, Willow Tree Housing who will then check your criteria and confirm your application.
Council Tax Band: C
Tenure: Leasehold
Lease Years Remaining: 119
Ground Rent Review Period: 1 year
Ground Rent Increase: 6%
Service Charge: £18.42 per year
Shared Ownership (%): 50%
Shared Ownership (Rent): £256.45 per month
