Warren Drive, Leven

SHARED OWNERSHIP PURCHASE FROM 25% TO 75%

A fantastic opportunity to acquire a new build property situated on Southwell County Homes, Redwood Development located in Leven.

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

Briefly comprising of entrance hall, cloakroom, living room and dining kitchen to the ground floor. To the first floor are three bedrooms and a Jack and Jill bathroom. Outside there is ample parking space and the rear garden is laid mainly to lawn with a paved patio adjacent to the property.


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

The Accommodation Comprises -

Ground Floor -

Entrance Hall - 1.63m x 1.01m (5'4" x 3'3") - Front door gives access to the entrance hall.

Cloakroom - 1.53m x 1.00m (5'0" x 3'3") - Suite comprising of low level Wc and pedestal hand basin with tile splashback. Vinyl flooring.

Living Room - 4.79m x 3.24m (15'8" x 10'7") - Good sized living room with TV point and BT internet. Double doors into the..

Inner Hall - 1.77m (5'9") - Stairs off to the first floor. Double doors into..

Dining Kitchen - 3.63m x 4.30m (11'10" x 14'1") - Good range of modern grey wall and floor units with complimentary work surfaces and splash backs, incorporating a one and a half bowl sink unit., integrated oven, four ring gas hob with chimney extractor over, space for washing machine and fridge freezer. Useful recessed pantry cupboard with lighting and double doors give access to the rear garden.

First Floor -

Landing - 2.97m x 1.97m (9'8" x 6'5") - Two recessed storage cupboards.

Master Bedroom - 4.31m x 2.83m (14'1" x 9'3") - Large double to the rear of the property with door into the Jack and Jill bathroom. Tv point.

Bedroom Two - 4.58m x 2.25m (15'0" x 7'4") - Double room to the front of the property.

Bedroom Three - 2.77m x 1.98m (9'1" x 6'5") - To the front of the property.

Jack And Jill Bathroom - 2.42m x 2.00m (7'11" x 6'6") - Modern suite comprising of low level Wc, pedestal hand basin with tile splashback and panelled bath with shower over. Large towel radiator, vinyl flooring, shaver point and extractor fan.

Outside - Having a gravel front driveway providing off street parking, lawn area and paved pathway leading to the front door. Side access gate leads into the rear garden which is mainly laid to lawn, with a paved patio adjacent to the property. Outside lighting and power point.

Additional Information -

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

Appliances - No appliances have been tested by the agents.

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 £105,000 and the rent will be £240.62 a month.

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

ShareShare Purchase PriceMonthly rent
25% £52,000 £360.94
30% £63,000 £336.88
40% £84,000 £288.75
50% £105,000 £240.62
60% £126,000 £192.50
70% £147,000 £144.38
75% £157,000 £120.31

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 - Monthly payment to the landlordIn addition to the rent above, the monthly payment to the landlord includes:

Service charge £0
Estate charge £0
Buildings insurance £9.29
Management fee £0.92
Reserve fund payment £0

Total monthly payment excluding rent £10.21

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.

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 a sale agreed in order to be eligible. You must complete the sale on or before the date you complete on 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 can transfer to you on application.

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

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 8 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 ‘Key information about shared ownership’ document)

and

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