3 bed semi-detached house for sale

Shared ownership purchase from 25% to 75%

A fantastic opportunity to acquire a new build property situated on the development of The Vines, Cottingham by Risby Homes.

This property is offered for sale on a shared ownership basis through East Riding of Yorkshire Council.

Accommodation briefly comprising entrance hall, living room, cloakroom, utility room and dining kitchen to the ground floor. To the first floor there are three bedrooms, master en suite and a family bathroom.

Externally there is a paved driveway to the side of the property providing ample parking and the rear garden is laid mainly to lawn.

East Riding of Yorkshire Council Tax Band - tbc
Energy Performance Certificate - B
Tenure - Leasehold

The Accommodation Comprises

Ground Floor

Entrance Hall

Front entrance door leads into the hallway with stairs off to the first floor.

Living Room (4.20m x 3.27m (13'9" x 10'8"))

Spacious room to the front of the property with under stairs storage cupboard.

Utility Room (1.90m x 1.70m (6'2" x 5'6"))

With base unit, complimentary work surface and space for washing machine and tumble dryer.

Cloakroom (1.75m x 1.33m (5'8" x 4'4"))

Modern suite comprising of low level Wc, vanity sink unit with storage under, tiled splash back, extractor fan and vinyl flooring.

Dining Kitchen (3.45m x 3.43m (11'3" x 11'3"))

Spacious dining kitchen with a good range of modern wall and floor units with complimentary work surfaces 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. Space for washing machine and fridge freezer. Patio doors into the rear garden. Vinyl flooring.

First Floor

Landing

Hatch to loft space.

Master Bedroom (3.54m x 3.47m (11'7" x 11'4"))

Good sized room to the front of the property with recessed cupboard housing gas central heating boiler.

En Suite (1.75m x 1.70m (5'8" x 5'6"))

Modern suite comprising of low level Wc, corner shower cubicle and pedestal hand basin. Part tiling to the walls, large chrome towel radiator, extractor fan, part tiling to the walls and vinyl flooring.

Bedroom Two (3.95m x 2.48m (12'11" x 8'1"))

Double room to the rear of the property.

Bedroom Three (2.95m x 1.92m (9'8" x 6'3"))

To the rear of the property.

Family Bathroom (2.48m x 1.60m (8'1" x 5'2"))

Suite comprising panelled bath with shower over, low level Wc and pedestal hand basin. Complimentary part tiling to the walls and bath, vinyl flooring, large chrome towel radiator and extractor fan.

Outside

To the front of the property there is decorative planting with block paved pathway and driveway providing ample off street parking. Side access gate leads into the rear garden with a paved area adjacent to the property and a good sized lawned area.

Additional Information

Services

Mains water, drainage, gas and electricity are connected to the property.

Appliances

No appliances have been tested by the agent.

Shared 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 50% share, the share purchase price will be £127,500 and the rent will be £292.18 a month.

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

ShareShare Purchase PriceMonthly rent
25%£63,750£438.28
30%£76,500£409.06
40%£102,000£350.63
50%£127,500£292.18
60%£153,000£233.75
70%£178,500£175.31
75%£191,250£146.09

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 Landord

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

Service charge£0
Estate charge£0
Buildings insurance£9.70
Management fee£0.76
Reserve fund payment£0

Total monthly payment excluding rent£10.67

Reservation Fee

£200

Eligibility

EligibilityYou 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.

Transfer Of Freehold

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