3 bedroom semi-detached house for sale

SHARED OWNERSHIP PURCHASE FROM 10% TO 75%

A fantastic opportunity to acquire a new build property situated on the development of The Folly in Hornsea by Charles Ward 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 and cloakroom to the ground floor. To the first floor are three bedrooms and a family bathroom. Outside there is a driveway for off street parking, front and rear gardens.

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

The Accommodation Comprises -

Entrance Hall - Front door leading into the entrance hall with stairs off to the first floor.

Cloakroom - Modern suite with low level wc and vanity sink unit with storage under. Tiled splashback and vinyl flooring.

Open Plan Living And Kitchen - 5.20m x 3.10m (17'0" x 10'2") - Fantastic dual aspect space with a good range of modern contrasting wall and floor units with complimentary work surfaces incorporating a corner sink unit, integrated oven, four ring electric hob with chimney extractor over, dish washer and fridge freezer with a further space for a washing machine. Recessed storage cupboard, spotlights to the ceiling and vinyl flooring. Extending to a spacious living area overlooking the private rear garden.

First Floor -

Landing - Hatch to loft space.

Bedroom One - 4.20m x 2.75m (13'9" x 9'0") - Large double room to the front of the property with recessed storage cupboard housing gas central heating boiler.

Bedroom Two - 3.50m x 2.10m (11'5" x 6'10") - Double room to the rear of the property.

Bedroom Three - 2.55m x 2.00m (8'4" x 6'6") - To the rear of the property.

Family Bathroom - 2.10m x 2.05m (6'10" x 6'8") - Modern suite comprising of panelled bath with shower over, wall mounted sink unit and low level wc. Complimentary tiling to the walls, vinyl flooring, ladder towel radiator, spotlights to the ceiling and extractor fan.

Outside - To the front of the property is a small lawned area with decorative planting, block paved side driveway with side access gate into the rear garden which is mainly laid to lawn with a paved patio adjacent to the property and timber fencing to the boundary line.

Application Guide - Request & Complete ERYC Shared Ownership Application Form.
* An Affordability Assessment will determine your eligibility for shared ownership and the share that you can afford to purchase of a property. Cash Purchasers must still obtain an affordability assessment.
* The companies listed below are independent financial brokers with experience of shared ownership & providing the affordability assessments to the required standard. This assessment is FREE of charge and there is no obligation to obtain a mortgage via these companies.
*Metro Finance Tel;[use Contact Agent Button]
*The Mortgage People Tel;[use Contact Agent Button]

The assessment is split into 2 stages; an initial telephone assessment followed by an in-depth assessment for which you will need to provide documents. On receipt of a successful written initial assessment the property will be provisionally allocated to that applicant pending the successful completion of the in-depth assessment. This is in line with the Council’s 1st Come, 1st Served Policy. You can only reserve a property after successfully completing the in-depth affordability assessment and having your application approved by the Council. At this point you can reserve the property and we will request a Reservation Fee of £200, this will be deducted from the sale price on completion of the sale. Providing your application information does not commit you to purchasing a property.

Further information. The companies above will forward details and documents that are part of your affordability assessment to the Council for your application to be reviewed. The Council’s Shared Ownership Policy including the 1st Come, 1st Served appendix & the minimum surplus income appendix can be found on the ERYC website: *If you have any queries or wish to know about the shared ownership properties for sale please Email; [use Contact Agent Button], Tel;[use Contact Agent Button]
Services/Appliances - Mains water, gas, electricity and drainage. No Appliances have been tested by the agent.

Share Purchase Price & 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 £51,875 and the rent will be £356.64 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% £20,750 £427.97
25% £51,875 £356.64
30% £62,250 £332.86
40% £83,000 £285.31
50% £103,750 £237.76
60% £124,500 £190.21
70% £145,250 £142.66
75% £155,625 £118.88

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 & Reservation Fee - In addition to the rent above, the monthly payment to the landlord includes:

Service charge£0
Estate charge£0
Buildings insurance£8.23
Management fee£0.82

£200

You’ll 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.
Reserve fund payment£0

Total monthly payment excluding rent£9.05

Eligibility - EligibilityYou 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, Lease Type & Term - Leasehold. Shared Ownership House Lease, 990 years
For more information, see section 2.5, ‘Lease extensions’, in the ‘Key information about shared ownership’ document

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

Maximum Share You Can Own & Transfer Of Freehold - You can buy up to 100% of your home. At 100% ownership, the freehold will transfer to you.

Landlord & Initial Repair Period - East Riding of Yorkshire Council
County Hall
Cross Street
Beverley
HU17 9BA
*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.
*Under a shared ownership lease, you pay for a percentage share of the market value of a home. You enter into a lease agreement with the landlord and agree to pay rent to the landlord on the remaining share.

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.

Subletting & Pets Info - 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 ‘Key information about shared ownership’ document) * and have your mortgage lender’s permission if you have a mortgage
* YOU CAN HAVE PETS AT THIS PROPERTY