Gauntlet Way, Southam

HR Estate Agents are delighted to present this modern two-bedroom home available through the Orbit Shared Ownership scheme.

Built in 2022, this well-presented property offers a fantastic opportunity to get on the property ladder with a 40% share priced at £108,000. The home comes with a 122-year lease and a monthly rent of £431.94.

The ground floor features a welcoming lounge, a modern open-plan kitchen diner, and a convenient W/C. Upstairs, you’ll find two well-proportioned bedrooms and a stylish family bathroom.

Outside, the property boasts a beautifully maintained garden, perfect for relaxing or entertaining, along with driveway parking for two vehicles.

Situated in the popular town of Southam, the home is within easy reach of local amenities, schools, and excellent transport links.

This is an ideal opportunity for first-time buyers or those looking to step onto the property ladder through shared ownership.

Shared Ownership Qualification - Your client is a shared owner. They own a 40% leasehold interest in the above property. They pay rent to Orbit in proportion to our share and there is also a small charge for buildings insurance. There may also be a service charge payable to the Association. Orbit remains the freeholder of the property.

You have been instructed by the leaseholder to sell their share. Before proceeding with a potential buyer’s offer, please check they have completed the online eligibility checker on the Government Website:

• The household earns £80,000 a year or less (or £90,000 a year or less in London)
• They are first-time buyers (or used to own a home but cannot afford to buy one now.
)
• They are aware that shared ownership properties cannot be sub-let and must be the leaseholder’s
primary residence.

The property will already have been valued by a qualified (RICS) valuer. This is part of Homes England regulations for Shared Ownership and complies with the legal terms of the Lease. You will not be able to accept an offer above the maximum value set out by the surveyor. It may help you to ask to see the offer letter sent to your vendor by the Association. We will not consent to sales above the offer value and solicitors will be unable to proceed.

The purchaser will be required to complete an Orbit application form and we will also require satisfactory evidence from their Independent Financial Advisor that they have seen and approved their proof of ID, payslips, savings and Mortgage Certificate. When an offer is accepted, please contact us so this can be actioned.
The buyer will also need to provide a copy of their mortgage offer (if applicable), which, under the terms of the lease must be approved by the Association. If you provide financial advice to the purchaser you may also wish to see a copy of our mortgage approval criteria, which is available on request.

As part of our approval process, we will have to be satisfied that the purchaser complies to the Homes England affordability assessment. Based on the share price we estimate a minimum household income of £38,063.00 is required to afford to purchase the share and meet the rent obligations of this particular home. The purchaser may require a higher income if they have other monthly commitments such as a loan or a lower income if they are able to put down a lump sum to help fund the purchase.

It may be possible for someone to purchase 100% of the property but an additional staircasing process will have to be completed simultaneously by your client and this may incur additional legal costs.

If you require any further information in respect of this sale, please contact: Homeownership Officer on or Homeownership.