Flat 24, Whitakers Lodge, Gater Drive, Enfield

Shared Ownership

This superb modern home is available to buy from as little as £200,000 with a 50% share!

A spacious apartment on the top floor of this modern gated development in Enfield. The accommodation comprises a 28ft reception room, kitchen, two large double bedrooms and two bathrooms. The property benefits from a 161 year lease and one allocated parking space. The property has been improved by the current owners having installed new uPVC windows and new carpets & flooring throughout the apartment.

Enfield Town Centre:
The heart of shopping in the area, with a variety of high street shops, including retailers like Marks & Spencer, WHSmith, and various independent shops. The Palace Gardens Shopping Centre: A shopping mall in the area offering stores, food outlets, and a few other services.
The property is not far from Enfield Town Railway Station offering direct services to London Liverpool Street and other central London locations. Enfield Chase Railway Station is also nearby, connecting to Moorgate and other parts of London. Multiple bus routes pass through Enfield, providing easy connections to surrounding areas.
There are also various well regarded schools in the area.


PRICING & AFFORDABILITY

Full Market Value: £400,000

50% Share Price: £200,000 (rent £719.08 pcm)
Minimum 5% Mortgage Deposit (50% share): £10,000
Approximate Service Charges: £138.67 pcm*
Shared Ownership Lease: approx. 161 years
Council Tax Band: E

ELIGIBILITY

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 leasehold property. The purchaser pays a mortgage on the share they own and pays rent to a housing association on the remaining share. The combined mortgage and rent is usually less than you’d expect to pay if you bought a similar property outright although this is not a guarantee.

To be eligible for shared ownership you would need to meet the following criteria:

• Your annual household income does not exceed £80,000
• You have a deposit of at least 5% of the share value
• You do not own another property or have your name on the deeds or a mortgage for a property worldwide.
• This will be your only residence.
• You are a permanent UK resident or have indefinite right to remain.

*Service charges are estimated and may subject to change. Rent and service charges will be reviewed annually by your housing provider, usually on 1st April each year.

** This home can also be purchased outright (100% of the value) which is £400,000 and a purchaser would not need to meet the eligibility criteria listed above.