Frankland Drive, Cottingham

SHARED OWNERSHIP PURCHASE FROM 25% TO 75%

A fantastic opportunity to acquire a new build property situated on the development of Harland Gardens, Harland Way, Cottingham.

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

NEWLY CARPETED THROUGHOUT the accommodation briefly comprising entrance hall, living room, cloak room and dining kitchen. To the first floor are two bedrooms and a family bathroom. The master bedroom is located to the second floor.

Externally there is a block paved driveway providing two parking spaces and a lawned rear garden.

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

The Accommodation Comprises -

Entrance Hall - Front door leads into the entrance hall.

Living Room - 3.60m x 4.48m (11'9" x 14'8") - Good sized room with under stairs storage cupboard, Tv, telephone point and fibre nest broadband.

Internal Hallway - With stairs off to the first floor.

Cloakroom - Suite comprising of low level Wc, pedestal hand basin with tiled splashback, vinyl flooring and extractor fan.

Dining Kitchen - 3.60 x 2.69 (11'9" x 8'9") - Having a good range of light coloured wall and floor units with complimentary work surfaces and splashbacks. Incorporating a one and a half bowl sink unit with mixer tap over, integrated oven, four ring gas hob with stainless steel splash back and chimney extractor over. Space for washing machine and fridge freezer. Dining area with patio doors off into the rear garden.

First Floor -

Landing - Stairs off to the second floor.

Bedroom Two - 3.60 x 3.18 max (11'9" x 10'5" max) - A good sized double to the front of the property.

Bedroom Three - 3.61 x 2.70 max (11'10" x 8'10" max) - A good sized double to the rear of the property.

Family Bathroom - 1.67 x 2.41 (5'5" x 7'10") - Suite comprising of low level Wc, pedestal hand basin and panelled bath with chrome shower over. Part tiling to the walls, vinyl flooring, chrome towel radiator and extractor fan.

Second Floor -

Reservation Fee - £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 90 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.

Small Landing - With recessed storage cupboard.

Master Bedroom - 2.57 plus recess x 8.42 (8'5" plus recess x 27'7") - Large master with two velux windows to the ceiling, hatch to loft space. Restricted head height.

Outside - To the front of the property is a block paved driveway providing parking for two vehicles. A side pathway leads to access gate into the rear garden which if laid mainly to lawn with a paved patio adjacent to the property.

Additional Information -

Share Purchase Price And Examples - The share purchase price is calculated using the full market value and the percentage share purchased.

If you buy a 50% share, the share purchase price will be £116,250 and the rent will be £266.40 a month.

If you buy a larger share, you'll pay less rent. The table below shows further examples.

ShareShare Purchase PriceMonthly rent
25%£58,125£399.61
30%£69,750£372.97
40%£93,000£319.69
50%£116,250£266.40
60%£139,500£213.12
70%£162,750£159.84
75%£174,375£133.20

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£0
Buildings insurance£11.05
Management fee£1.10
Reserve fund payment£0

Total monthly payment excluding rent£12.15

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.

Lease Type - Shared Ownership house lease.

Lease Term - 990 Years

Transfer Of Freehold - At 100% ownership, the freehold will transfer to you.

Landlord - East Riding of Yorkshire Council
County Hall
Cross Street
Beverley
East Riding of Yorkshire
HU17 9BA

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.

Pets - You can keep pets at the home.

Subletting - You can rent out a room in the home, but you must live there at the same time.

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

and

•have your mortgage lender’s permission if you have a mortgage

Services - Mains gas, water, electricity and drainage.

Appliances - No appliances have been tested by the agent.