TENURE: To be advised
Brand new 2 bedroom SHARED OWNERSHIP Detached Bungalow with prices from 104,000, a deposit of 5,200, which represents a 40% share of the full market value of 260,000.
The Colne (826 sqft) features a modern open-plan living/dining/kitchen area, two double bedrooms and family bathroom.
Externally there are landscaped gardens, two car driveway, patio area and garden shed. Additional features include, integrated Zanussi appliances in the kitchen, double glazing and air source heat pump central heating.
Living/Kitchen/Dining - 6.35m x 5.65m | 20' 10" x 18' 6"
Bedroom 1 - 4.65m x 2.95m | 15' 3" x 9' 8"
Bedroom 2 - 2.55m x 4.60m | 8' 4" x 15' 1"
Bathroom - 2.55m x 2.20m | 8' 4" x 7' 2"
All dimensions are approximate
Sitting in the open countryside in the county of Essex, the village of Frating is set in a wonderful location surrounded by fields and open spaces. Just a short walk away from the development is The Kings Arms, a traditional 16th century pub serving freshly cooked food and drinks to the people of Frating. A walk around the surrounding countryside followed by a drink here would make for a lovely evening in this charming village.
Frating also has convenient transport links to Colchester, where you can learn about the history of Britain's oldest recorded town, as well as visit family-favourite attractions such as Colchester Zoo and Colchester Castle.
What is Shared Ownership? Shared ownership could be your step on to the property ladder. This home ownership scheme allows you to purchase a share in your home and rent the remaining unowned share. Over time you can buy more shares in your home until you own the full 100%.
How does Shared Ownership Work? You buy an initial share of between 40% and 75% of the property's full value and pay a subsidised rent on the remaining share you don't own. You may purchase further shares up to 100% of the full property value, as your circumstances change, although there is no obligation
to do so. You will be asked to speak with a Financial Advisor to assess what share you can buy, ensuring this is both affordable and sustainable, based on your circumstances.
Shared ownership can be cheaper than renting a property privately as the mortgage cost and subsidised rent usually add up to less than the equivalent rental payments to a landlord.
. Property Purchase price 260,000
. You purchase a 40% share = 104,000 funded through a combination of your own deposit (5,200) and mortgage (98,800)
. You rent the remaining 60% share = 156,000 x 2.5% rent = rent of 325 per month
. 75% is the maximum share price which you can initially purchase.
. There is an option to purchase up to 100% of the property value at a later point should you wish to do so.
. You enjoy all the benefits of living in a brand new home with an open market value of 260,000
. You can stay in the property for as long as you wish and can sell the share you own at any time. You make the decisions.
. Please speak to one of our advisors to find out more about owning a share of this fabulous property.