2 bed Flat For Sale £227,500
Monroe House, 7 Lorne Close, London, NW8

SHARED OWNERSHIP (Advertised price represents 35% share. Full market value £650,000). A rare opportunity to buy a shared ownership property in such an enviable location. Regent's Park is just minutes away, to the north is Lord's cricket ground and Baker Street Station is a short walk to the south. The property is on the third floor (building has a lift) within a gated development. There is a dual-aspect reception room with small, south-east-facing balcony, a stylish, modern bathroom and a kitchen that features sleek, handle-less units. Both bedrooms are comfortable doubles and include a fitted wardrobe. Well insulated walls, double glazing and gas central-heating make for a good energy-efficiency rating. The current owner rents two spaces in the underground car park.

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

(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: A2Dominion.
Tenure: Leasehold (125 years from 2001).
Minimum Share: 35% (£227,500).
Shared Ownership Rent: £961.78 per month (subject to annual review).
Service Charge: £207.18 per month (subject to annual review).
Guideline Minimum Income: Dual £80,900 (based on minimum share and 20% deposit) Single £86,700 (based on minimum share and 30% deposit).
Council Tax: Band F, City of Westminster (£1317.40 for 2023/24).

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. Pets not permitted (except assistance animals). A new owner would need to apply to the management company for a parking permit (or permits). The current owner rents two parking spaces for £27.65 per month, per space.

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.