John Brown Drive, May's Place, Bourne, PE10

SHARED OWNERSHIP - Three Bedroom SEMI DETACHED HOUSE, on the modern Mays Place development. Property consist of lounge, kitchen diner, three bedrooms, ensuite and family bathroom. MUST VIEW! Price advertised is based on a 45% share. 100% Value is £250,000

Property Summary

This well-presented detached house situated in May's Place, Bourne, Lincolnshire, offers comfortable and modern accommodation suitable for a range of lifestyles. The property is advertise on a 45% shared ownership basis, representing an excellent opportunity to enter the property market with the full house valued at £250,000.

The accommodation comprises three bedrooms, delivered with a thoughtful layout to maximise space and functionality. There are two bathrooms, ensuring convenience for residents and guests alike. The main public room is well proportioned, providing a flexible space for relaxation or entertaining. Gas central heating serves the property, contributing to warmth and efficiency throughout the year.

Externally, the house boasts a private garden, enhancing the appeal for those who enjoy outdoor living or gardening. Parking is readily available via a garage and driveway, delivering security and ease of access.

Share Purchase Price and Rent Examples

If you buy a 45% share, the share purchase price will be £112,500 and the rent will be £315.10 a month.

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

Share Share Purchase Price Monthly rent
10% £25,000.00 £515.63
25% £62,500.00 £429.69
30% £75,000.00 £401.04
40% £100,000.00 £343.75
50% £125,000.00 £286.46
60% £150,000.00 £229.17
70% £175,000.00 £171.88
75% £187,500.00 £143.23

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 the landlord

In addition to the rent above, the monthly payment to the landlord includes:

Service charge £7.97
Estate charge £0.00
Buildings insurance £10.11
Management fee £25.95

Total monthly payment excluding rent £44.03

Reservation Fee

£250.00

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 8 weeks. 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.

Eligibilty

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.

Also, you must have a local connection to South Kesteven either through residency, work or family.

Belvoir Disclaimer

Every care has been taken with the preparation of these Particulars but complete accuracy cannot be guaranteed. If there is any point, which is of particular importance to you, please obtain professional confirmation. All measurements quoted are approximate. These Particulars do not constitute a contract or part of a contract