3 bedroom chalet for sale

SHARED OWNERSHIP PURCHASE FROM 10% TO 75%

A fantastic opportunity to acquire a new build property situated on the development of Kings Reach in Snaith by Lovell Homes.

This property is offered for sale on a shared ownership basis through East Riding of Yorkshire Council.

Briefly comprising of open plan kitchen, dining, living room, bedroom one and a shower room to the ground floor. To the first floor are two bedrooms and a further shower room. Outside there is a driveway for off street parking, front and rear gardens and storage shed.

East Riding of Yorkshire Council Tax Band - TBC
Energy Performance Certificate - B
Tenure - Leasehold

The Accommodation Comprises -

Entrance Hall - 2.87m x 2.09m (9'4" x 6'10") - Front door leading in with stairs to the first floor and under stairs storage cupboard.

Shower Room - 2.14m x 1.81m (7'0" x 5'11") - Modern suite comprising of large walk in shower cubicle, wall mounted hand basin and concealed Wc with full tiling to the shower, part tiling to the walls, vinyl flooring, recessed spotlights to the ceiling, chrome towel radiator and extractor fan.

Bedroom One - 3.90m x 3.83m (12'9" x 12'6") - Double room to the front of the property.

Open Plan Kitchen/Dining And Living Room - 4.37m x 3.19m (14'4" x 10'5") - Having an excellent range of wall and floor units with complimentary work surfaces and splashbacks incorporating a one and a half bowl stainless steel sink unit, integrated fridge freezer, split level double oven, four ring gas hob with stainless steel splashback and chimney extractor over. Space for washing machine, patio doors lead into the rear garden and recessed spotlights to the ceiling.

First Floor -

Landing - 2.99m x 0.92m (9'9" x 3'0") - Hatch to loft space.

Bedroom Two - 8.15m x 3.29m (26'8" x 10'9") - Large spacious room with space for a home office or walk in dressing area.

Bedroom Three - 3.64m x 3.01m (11'11" x 9'10") - Double room to the rear of the property.

Shower Room - 1.39m x 1.28m (4'6" x 4'2") - Modern suite comprising of shower cubicle, wall mounted hand basin and concealed Wc with full tiling to the shower, part tiling to the walls, vinyl flooring, recessed spotlights to the ceiling, chrome towel radiator and extractor fan.

Outside - To the front of the property is a side driveway providing off street parking, front garden being laid mainly to lawn with decorative planting to the borders and side access gate into the rear garden. the rear garden is laid mainly to lawn with a paved patio adjacent to the property, timber fencing to the boundary and large storage shed,

Additional Information -

Services - Mains, gas, and electricity are connected to the property

Appliances - No appliances have been tested by the agent.

Share Purchase Price And Rent Examples - The share purchase price is calculated using the full market value and the percentage share purchased.
If you buy a 25% share, the share purchase price will be £70,625 and the rent will be £485.55 a month.
If you buy a larger share, you'll pay less rent. The table below shows further examples.
Share Share Purchase
Price
Monthly rent
10% £28,250 £582.66
25% £70,625 £485.55
30% £84,750 £453.18
40% £113,000 £388.44
50% £141,250 £323.70
60% £169,500 £258.96
70% £197,750 £194.22
75% £211,875 £161.85
The percentage share and rent amount will change depending on the
amount you can afford. You'll receive a worked example after a financial assessment.
Your annual rent is calculated as 2.75% of the remaining share of the full market value owned by the landlord.

Monthly Payment To Landlord - In addition to the rent above, the monthly payment to the landlord
includes:
Service charge £0
Estate charge £10.83
Buildings insurance £14.88
Management fee £2.57
Reserve fund payment £0
Total monthly payment excluding rent £28.28

Reservation Fee - £200
Youll need to pay a reservation fee to secure your home. When you
pay the fee, no one else will be able to reserve the home.
The reservation fee secures the home for 84 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

Eligibility - You can apply to buy the home if both of the following apply:
• your household income is £80,000 or less
• you cannot afford all of the deposit and mortgage payments to
buy a home that meets your needs
One of the following must also be true:
• you're a first-time buyer
• you used to own a home but cannot afford to buy one now
• you're forming a new household - for example, after a
relationship breakdown
• you're an existing shared owner, and you want to move
• you own a home and want to move but cannot afford to buy a
new home for your needs
If you own a home, you must have completed the sale of the home on
or before the date you complete your shared ownership purchase.
As part of your application, your finances and credit history will be
assessed to ensure that you can afford and sustain the rental and
mortgage payments.

Tenure - Leasehold.

Lease Type - Shared Ownership House Lease

Lease Term - 990 years
For more information, see section 2.5, 8Lease extensions9, in the 8Key
information about shared ownership9 document.

Rent Review - Your rent will be reviewed each year by a set formula using Retail
Price Index (RPI) for the previous 12 months plus 0.5%

Maximum Share You Can Own - You can buy up to 100% of your home.

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. For
more information, see section 5, 'Maintaining and living in the home', in
the 'Key information about shared ownership' document.
For more information, see section 5, 'Maintaining and living in the home',
in the 'Key information about shared ownership' document.

Landlords Nomination Period - When you give the landlord notice that you intend to sell your share in
your home, the landlord has 4 weeks to find a buyer. The landlord may
offer to buy back your share, but only in exceptional circumstances
and if they have funds available. If they do not find a buyer within 4
weeks, you can sell your share yourself on the open market. For
example, through an estate agent.

Pets - You can keep pets at the home

Subletting - You cannot sublet (rent out) your entire home unless you either:
• own a 100% share; or
• have your landlord's permission which they will only give in
exceptional circumstances (see section 1.5 in 8Key information
about shared ownership9 document)
and
• have your mortgage lender9s permission if you have a mortgage