- CONTACT BROWN&CO TO VIEW
- Shared Ownership - www.helptobuyagent3.org.uk
- BUYER TO REGISTER ON HELPTOBUYAGENT3 BEFORE REQUESTING TO VIEW
- Own from 25%
- Buy up to 80% and staircase to 100% total ownership
- CLOSE TO TOWN CENTRE
- EASY ACCESS TO MAINLINE STATION
- GAS CENTRAL HEATING
- DOUBLE GLAZED THROUGHOUT
- Must be viewed
*SHARED OWNERSHIP* ONLY ONE AVAILABLE, CONTACT BROWN&CO TO VIEW. Very rare opportunity for a two bedroom mid-terrace modern home on the Yours South Lynn development offered on the shared ownership scheme.
About this property
Please Note: Interested partied must be registered for Help to Buy Scheme via Helptobuyagent3 website before requesting a viewing.
Brown&Co offer a two bedroom mid-terrace modern home on the Yours South Lynn development. The house has a cool contemporary architectural exterior design as part of a modern community. The house has parking and rear yard with access to the communal play area. The house is being re-sold under the shared ownership scheme. Further details of the helpful scheme are listed below.
35 The Portway in Kings Lynn is a two bedroom mid-terrace modern property. Inside there is a reception hallway, wc, fitted kitchen and open plan sitting and dining room. Upstairs there are two bedrooms and a family bathroom. Outside there is a store to the front, with a rear patio yard and further store. There is dedicated private parking. Heating is a highly efficient gas system with sealed unit double glazed windows throughout. First hand inspection of this development is highly recommended and this scheme is a superb way to acquire a house on this prestigious site.
35 The Portway, Kings Lynn, Norfolk, PE30 5GB
Two bedroom mid-terrace house
Open market valuation - £140,000
Min Share to Purchase 25% £35,000
Maximum share purchase initially - 75%
Maximum Staircase - 100%
Rent Payable on the Balance at 3.00%
Service charge (monthly): £41.08 management company + £8.32 buildings insurance
Gas central heating
Allocated parking space
Small courtyard garden
Large communal area with access to play area
What is Shared Ownership?
Shared Ownership gives first time buyers and those that do not currently own a home the opportunity to purchase a share in a new build or resales property, The purchaser pays a mortgage on the share they own, and pays rent to a housing association on the remaining share. Because the purchaser only needs a mortgage for the share they are purchasing, the amount of money required for a deposit is a lot lower when compared to the amount that would be required when purchasing outright.
The purchaser has the option to increase his share during their time in the property via a process known as 'staircasing', and in most cases can staircase all the way to 100%, thereby owning the property outright. snared ownership properties are always leasehold.
How shared ownership works
With shared ownership, you buy between a quarter and three-quarters of a property. You have the option to buy a bigger share in the property at a later date. These schemes are aimed at people who don't earn enough to buy a home outright. Most of the homes available are newly built, but some are properties being re-sold by housing associations.
Who can apply for Shared Ownership?
- First-time buyers or those who used to own a home but can't afford one now
- People whose combined household income is less than £80,000 (in London, it's less than £90,000)
- You rent a council or housing association property.
You don't have to be a key worker, such as a nurse or teacher, to apply for shared ownership. Military personnel will be given priority over other applicants.
Advantages of shared ownership
It can enable you to get onto the property ladder more quickly than you might if you were buying a home outright. You can buy additional shares as time goes on and you save more or pay off more of your mortgage It may be cheaper than renting (but not always) You can sell a shared ownership property at any time, and will benefit from any increase in value it's seen since you bought it.