Quercus Drive, Harleston

Entrance Hall

Cloakroom

Lounge

17'6" x 8'10" (5.33m x 2.69m)

Kitchen / Diner

16'6" x 11'11" (5.03m x 3.63m)

Landing

Bedroom 1

16'0" x 9'6" (4.88m x 2.9m)

Bedroom 2

13'7" x 9'6" (4.14m x 2.9m)

Bedroom 3

11'11" x 6'9" (3.63m x 2.06m)

Bathroom

Agents Note

(Plot 85) 16 Quercus Drive, Harleston, IP20 9GW

Property type

3 Bedroom House

Scheme Shared ownership

Full market value

£305,000.00

Share Purchase Price and Rent 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 £76,250.00

and the rent will be £524.22 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

25% £ 76,250.00 £ 524.22

30% £ 91,500.00 £ 489.27

40% £ 122,000.00 £ 419.38

50% £ 152,500.00 £ 349.48

60% £ 183,000.00 £ 279.58

70% £ 213,500.00 £ 209.69

75% £ 228,750.00 £ 174.74

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.

Agents Note

Monthly payment to the landlord

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

includes:

Service charge £6.71

Estate charge £0.00

Buildings insurance £32.72

Management fee £11.99

Reserve fund payment £0.00

Total monthly payment excluding rent £51.42

Reservation fee £500.00

Agents Note

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 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 freehold

At 100% ownership, the freehold will transfer to you.

Landlord

Flagship Homes

31 King Street

Norwich

NR1 1PD

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.

Landlord’s 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

Agents Note

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 48 hours after viewing. 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 £80,000.00 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

Agents Note

• 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

Disclaimer

Howards Estate Agents also offer a professional, ARLA accredited Lettings and Management Service. If you are considering renting your property in order to purchase, are looking at buy to let or would like a free review of your current portfolio then please call the Lettings Branch Manager on the number shown above.



Howards Estate Agents is the seller's agent for this property. Your conveyancer is legally responsible for ensuring any purchase agreement fully protects your position. We make detailed enquiries of the seller to ensure the information provided is as accurate as possible. Please inform us if you become aware of any information being inaccurate.