Three bedroom family home in the popular Saltram Meadow location. Entrance Hall, kitchen/diner, full width lounge, downstairs WC, enclosed, level and landscaped garden and two off road parking spaces. Very well presented throughout.
This corner plot enjoys a well appointed garden with French Doors leading out from the lounge. Fitted kitchen and bathroom and neutral decor throughout.
This property is offer on a 40% share with Livewest. The buyer need only raise a mortgage for the 40% share (£84,000) and will pay a rent of £321 for the remaining 60% to livewest.
This is an excellent opportunity to get onto the property ladder with a superb modern build home in a well respected location.
Shared ownership, also known as part rent part buy, is a way to help people get onto the property ladder. You buy a percentage of a house and pay rent to LiveWest for the remaining share. This means smaller deposits, smaller mortgage, and the rent you pay on the remaining share is charged at a discounted rate.
You can buy more shares as and when you can afford to, usually between 25%-75% and eventually up to 100%, in most cases, you can own your own home outright.
Stamp Duty paid for first-time buyers of shared ownership properties.
In the 2018 Budget, the government announced that shared ownership first-time buyers would be exempt from paying stamp duty if their shared ownership property is worth up to £300,000.
You will need to meet certain criteria in order to be eligible for shared ownership. You will need to confirm that you can raise enough money (normally with a mortgage) to buy the share that you own.
Criteria to be eligible for Help to Buy Shared Ownership:
Your household income must be less than £80,000
You must not own another property
You must be buying to live in the property
You must have the required lawyer fees and moving costs already set aside
The shared ownership scheme is a fantastic government backed scheme whereby you can purchase a property but you only need to raise a mortgage for a part of it. In this case 40% will be required to be bought, if by mortgage or cash, and the remaining 60% is rented from Livewest housing making it a truly affordable way to buy a new property. You have the opportunity to purchase the remaining 60% (Known as staircasing) until you own the whole property. Alternatively you can use the money you are saving by only paying interest on a mortgage of 40% of the value to increase your share, or put towards your next property move. The rent payable on the remaining 60% is £321 PCM (reviewed annually) and also includes the building insurance and service charge.
Please note this opportunity is NOT available for a buy to let investor and must be purchase by a buyer looking to live in the property.
In order to proceed you simply need to view the property and if you wish to purchase you must register with Help to Buy South West and also complete the Livewest application form. Once accepted, your offer can then be formally accepted and the purchase proceeds as normal.
* We have not tested any appliance or fixture in the property
* All photographs and measurements are for Guidance only and should not be relied upon
* Under the Estate Agency Act we declare that a person at Novahomes Estate Agents is disclosed as a connected person under the act.
For more details please contact Novahomes.
Please note we have not tested any apparatus, fixtures, fittings, or services. Interested parties must undertake their own investigation into the working order of these items. All measurements are approximate and photographs provided for guidance only.