3 bedroom semi-detached house for sale
Key information
Property description & features
- Tenure: Leasehold
- Shared Ownership Range of Options Available
- Option To Purchase 10% 75% With Reduced Rent On Remaining Share
- Full Value £260,000 Purchase Options From £26,000 to £195,000
- New Build 3 Bedroom Semi Detached Family Home
- High Energy Efficiency
- Off Street Parking & Good Size Rear Garden
What is Shared Ownership?
Shared Ownership allows you to buy a share in your new home. This will range from 10%-75% depending on what you can afford. You will then pay a reduced rent on the remaining share. The advantage to you the buyer is that you only need to get a smaller mortgage to buy the property, and you will also need a smaller deposit (your deposit is a percentage of the share that you are buying and not based on the full value of the property). You can buy more shares as and when you can afford them - this is called 'staircasing'. As you buy more shares you will pay less rent. In most cases you can eventually own 100% of the property and at that point you will pay no rent at all. As a homeowner you will be responsible for the maintenance and repairs on your home
Financial Example
Property value - £260,00010% share purchase price - £26,000 (Mortgage & Deposit)Monthly rent on the remaining share - £536.2525% share purchase price - £65,000 (Mortgage & Deposit)Monthly rent on the remaining share - £446.8830% share purchase price - £78,000 (Mortgage & Deposit)Monthly rent on the remaining share - £417.0840% share purchase price - £104,000 (Mortgage & Deposit)Monthly rent on the remaining share - £357.5050% share purchase price - £130,000 (Mortgage & Deposit)Monthly rent on the remaining share - £297.9260% share purchase price - £156,000 (Mortgage & Deposit)Monthly rent on the remaining share - £238.3370% share purchase price - £182,000 (Mortgage & Deposit)Monthly rent on the remaining share - £178.7575% share purchase price - £195,000 (Mortgage & Deposit)Monthly rent on the remaining share - £148.96In addition to the monthly rent above the following is payable:Service Charge: £11.86Estate Charge: £0.00Buildings Insurance: £31.88Management Fee: £15.00Reserve Fund Payment: £0.00Total monthly payment (excluding rent): £58.74Term and conditions applyReservation Fee: £300.00The reservation fee secures the home for 56 days. If you buy the home, the fee will be taken off the final amount you pay on completion. If you do not buy the home, the fee is not refundable
Why Shared Ownership?
1. An affordable way to get on the housing ladder2. Provides security of home ownership3. Benefit from any increase in property prices4. Flexibility to sell and move at any time5. Ability to increase the level of ownership, subject to terms and conditions
Eligibility
If your household income is below £80,000 per annum, you cannot afford all of the deposit and mortgage payments to buy a home that meets your needs and you can afford to sustain mortgage and rent payments in the long term then Shared Ownership could be your route onto the property ladder. One of the following must also be true: - you're a first time buyer- you used to own your own home but cannot afford to buy one now- you're forming a new household (e.g. after a relationship breakdown)- you're an existing shared owner and you want to move on- you own a home and want to move but you cannot afford to buy a new home that meets your needs (you must complete the sale of your existing home prior to completing the purchase of the shared ownership property).
Lease Details
Tenure - LeaseholdLease Type - Shared Ownership House LeaseLease Term - 990 yearsMaximum share you can own - 100%Transfer of freehold - At 100% ownership, the freehold will transfer to you
Initial Repair Period
Up to £500 a year for the first 10 years to help with essential repairs
Further Details
For further details or to register your interest please contact our sales team on[use Contact Agent Button]
Agents Notes
Please note:In most cases we use wide angle lens photography to ensure we capture as much of the room and its features. This can distort the image slightly and should be considered alongside the other details within the particulars. Oscars give notice that these particulars whilst believed to be accurate are set out as a general outline only for guidance and do not constitute any part of an offer or contract. Purchasers and potential purchasers should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise to assess their accuracy. No person in the employment of Oscars has the authority to make or give any representation or warranty in relation to the propertyFree Valuation:If you are considering selling your property, we would be delighted to provide a free valuation and marketing advice. Please contact the office on[use Contact Agent Button] to arrange an appointment.
Fixtures & Fittings
Fixtures and Fittings:Fixtures and fittings within the property may be available by separate negotiation unless otherwise stated. Any items of particular importance to you can be verified with our team.
Property Information
EPC Rating - TBC (New build)Council Tax Band - TBC (New build awaiting rating)Broadband - Ultrafast is available in this location (awaiting confirmation via Ofcom website)Mobile Phone Coverage - 4 networks have limited indoor availability in this location. Please refer to the Ofcom website for further details
Council Tax Band: TBC
Tenure: Leasehold
Lease Years Remaining: 990
Ground Rent: £0.00 per year
Service Charge: £704.88 per year
Shared Ownership (%): 75%
Shared Ownership (Rent): £148.96 per month
Places of interest
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*DISCLAIMER
Property reference 12457025. The information displayed about this property comprises a property advertisement. OnTheMarket.com makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and OnTheMarket.com has no control over the content provided by the agent or developer. This property advertisement does not constitute property particulars. The information is provided and maintained by Oscars Estate Agents - Hull.
OnTheMarket may have applied supplementary data to this property listing, including:
Broadband availability and predicted speed: obtained from Ofcom on June 10, 2022
Broadband speed is measured in megabits per second, with the number returned showing how fast the connection is. Each reading is based on the highest predicted speed of any major broadband network for services that deliver the download speeds. The following are the different readings that we may display:
Basic: Up to 30 Mbit/s
Super-fast: Between 30 Mbit/s and 300 Mbit/s
Ultra-fast: Over 300 Mbit/s
The data is updated three times a year. The checker results are predictions and should not be regarded as guaranteed. For more information, see: https://checker.ofcom.org.uk/en-gb/about-checker#Answer_0_2
Mobile phone signal availability and predicted strength
Mobile signal predictions are provided by the four UK mobile network operators: EE, O2, Three and Vodafone. Predictions can vary significantly from the coverage you may actually experience as a result of local factors (especially terrain). Ofcom has tested the actual coverage provided in various locations around the UK to help ensure that these predictions are reasonable. The values shown against a property can be broken down as follows:
Clear: No bars, no signal predicted
Red: One bar, reliable signal unlikely
Amber: Two bars, may experience problems with connectivity
Green: Three bars, likely to have good coverage and receive a data rate to support basic web services
Enhanced: Full bars, likely to have good coverage indoors and to receive an enhanced data rate to support multimedia services
Energy Performance data and Internal floor area
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