SHARED OWNERSHIP FROM 25% TO 75%

A fantastic opportunity to acquire a new build property situated on this popular Lovell Homes site The Sycamores in Kirk Ella.

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 two bedrooms and a family 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

Entrance Hall - Front entrance leads into the entrance hall with stairs off to the first floor.

Living Room - 4.12m x 3.26m (13'6" x 10'8") - Lovely sized room to the front of the property with TV and telephone point.

Dining Kitchen - 4.33m x 2.87m (14'2" x 9'4") - A good range of modern wall and floor units with complimentary work surfaces and splashbacks incorporating a one and a half bowl stainless steel sink unit, integrated oven, four ring gas hob with chimney extractor over and stainless steel splashback. With complimentary vinyl flooring, recessed spotlights to the ceiling, extractor fan and an excellent sized recessed storage cupboard. Space for a dining table and back door off.

Cloakroom - 1.83m x 0.95m (6'0" x 3'1") - Suite comprising of low level WC and pedestal hand basin. With vinyl flooring and tiled splashback.

Landing - Hatch to loft space.

Bedroom One - 4.32m x 3.22m (14'2" x 10'6") - A good sized double room to the front of the property with over stairs storage cupboard.

Family Bathroom - 2.10m x 2.00m (6'10" x 6'6") - Modern suite comprising of pedestal hand basin, low level WC, panelled bath with shower over and glass screen. Recessed spotlights to the ceiling, part tiled walls, extractor fan, complimentary vinyl flooring and tall chrome ladder radiator.

Bedroom Two - 4.32m x 4.22m (14'2" x 13'10") - Double room to the rear of the property.

Outside - To the front of the property is a block paved area leading to the property which has parking for two cars. The rear garden is laid mainly to lawn with timber fencing to the boundary line, paved patio area adjacent to the property and a side access gate.

Additional Information -

Services And Appliances - Mains water, gas, electricity and drainage. 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 25% share, the share purchase price will be £56,250 and the rent will be £386.72 a month.
If you buy a larger share, you'll pay less rent. The table below shows further examples.

ShareShare Purchase PriceMonthly rent
25% £56,250 £386.72
30% £67,500 £360.94
40% £90,000 £309.37
50% £112,500 £257.81
60% £135,000 £206.25
70% £157,500 £154.69
75% £168,750 £128.90

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.

Monthly Payment To Landlord - In addition to the rent above, the monthly payment to the landlord includes:
Service charge£0
Estate charge£14.17
Buildings insurance£9.52
Management fee£2.37
Reserve fund payment£0
Total monthly payment excluding rent£26.07

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 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 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.

Tenure - Leasehold.

Lease Type - Shared Ownership House Lease

Lease Term - 990 years
For more information, see section 2.5, ‘Lease extensions’, in the ‘Key information about shared ownership’ document.

Rent Review - Your rent will be reviewed each year by a set formula using the Consumer Price Index (CPI) for the previous 12 months plus 1%. For more information, see the Rent Review section in the 'Summary of Costs' document which includes an example of how rent could increase over a 5 year period. A worked example demonstrating how the rent is calculated at review is also set out in Appendix 2 of the lease.

Maximum Share You Can Own - You can buy up to 100% of your home.

Transfer Of Leasehold - 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 (see section 1.5 in ‘Key information about shared ownership’ document)
and
•have your mortgage lender’s permission if you have a mortgage

Application Guidelines - Request & Complete ERYC Shared Ownership Application Form.
* An Affordability Assessment will determine your eligibility for shared ownership and the share that you can afford to purchase of a property. Cash Purchasers must still obtain an affordability assessment.
* The companies listed below are independent financial brokers with experience of shared ownership & providing the affordability assessments to the required standard. This assessment is FREE of charge and there is no obligation to obtain a mortgage via these companies.
*Metro Finance Tel;
*The Mortgage People

The assessment is split into 2 stages; an initial telephone assessment followed by an in-depth assessment for which you will need to provide documents. On receipt of a successful written initial assessment the property will be provisionally allocated to that applicant pending the successful completion of the in-depth assessment. This is in line with the Council’s 1st Come, 1st Served Policy. You can only reserve a property after successfully completing the in-depth affordability assessment and having your application approved by the Council. At this point you can reserve the property and we will request a Reservation Fee of £200, this will be deducted from the sale price on completion of the sale. Providing your application information does not commit you to purchasing a property.
Further information. The companies above will forward details and documents that are part of your affordability assessment to the Council for your application to be reviewed. The Council’s Shared Ownership Policy including the 1st Come, 1st Served appendix & the minimum surplus income appendix can be found on the ERYC website: **If you have any queries or wish to know about the shared ownership properties for sale please Email; shared. , Tel;