4 bedroom semi-detached house for sale

Shared Ownership

This brand new home is available to buy from as little as £155,000 with a 50% share!

Lockley Gardens offers a selection of four bedroom Shared Ownership homes in the popular Warwickshire town of Nuneaton. Designed for comfortable, contemporary living, these stylish properties provide an the ideal stepping stone onto the property ladder for local families.

The development enjoys a well connected setting close to a range of local amenities, schools and leisure facilities. Nuneaton town centre offers a mix of high-street and independent shops, cafes and restaurants, while nearby green spaces such as Riversley Park provide plenty of opportunities to enjoy the outdoors.

Excellent transport links make Lockley Gardens perfect for commuters. Nuneaton railway station offers direct connections to Birmingham, Coventry and London, while the nearby A5, M69 and M6 provide easy access across the Midlands. Combining modern homes, great local facilities and superb connectivity, Lockley Gardens is an ideal place to call home.

These four bedroom homes will benefit from a spacious kitchen/diner with a separate lounge and a ground floor cloakroom. To the first floor are four bedrooms and a family bathroom whilst externally is off road parking for two cars and an enclosed rear garden.

PRICING & AFFORDABILITY

Approximate Size 1,052 sq ft
Full Market Value: £310,000

50% Share Price: £155,000 (rent £355.21pcm)
60% Share Price: £186,000 (rent £284.17pcm)
75% Share Price: £232,500 (rent £177.60pcm)

Minimum 5% Mortgage Deposit (50% share): £7,750
Approximate Service Charges: £85 pcm*
Shared Ownership Lease: 990 years
Council Tax Band: TBC

ELIGIBILITY

Shared Ownership gives first time buyers and those that do not currently own a home the opportunity to purchase a share in a new build or resales leasehold property. The purchaser pays a mortgage on the share they own and pays rent to a housing association on the remaining share. The combined mortgage and rent is usually less than you’d expect to pay if you bought a similar property outright although this is not a guarantee.

At Lockley Gardens advertised shares start from a 50% share of your home (the maximum you can buy initially is 75%). When you’re ready, you can buy more shares until you staircase to owning 100% of your home.

To be eligible for shared ownership you would need to meet the following criteria:

• Your annual household income does not exceed £80,000
• You have a deposit of at least 5% of the share value
• You do not own another property or have your name on the deeds or a mortgage for a property worldwide
• This will be your only residence
• You are a permanent UK resident or have indefinite right to remain

LOCAL AREA CONNECTION REQUIREMENT
Buyers for Lockley Gardens are required to have a local area connection to the Borough of Nuneaton & Bedworth. Evidence of the local area connection will be required as part of the reservation process. This could be in one of the following ways:

• Have lived within the Borough for at least 6 out of the last 12 months, or 3 out of the last 5 years.
• Have immediate family currently living in the Borough who have been residents for at least 5 years or more. Immediate family would normally include parents, adult children, brothers or sisters, provided there are sufficiently close links (e.g., frequent contact, commitment, or dependence). Other family associations, such as grandparents or adoptive parents, may also be considered if sufficiently close links can be evidenced.
• Work permanently in the Borough.
• Give to, or receive support from, a close family member who is resident in the Borough. Applicants will need to supply supporting evidence from a medical professional or social worker.

Please note the minimum share you can purchase can vary depending on your financial situation and you may be asked to purchase a larger share, should your personal circumstances permit.

*Service charges are estimated and may subject to change. Rent and service charges will be reviewed annually by your housing provider, usually on 1st April each year.

*These photos are for information purposes only and may not represent a true likeness for the units being sold. They may have been taken from earlier phases or similar developments/house types and digitally furnished to represent how the home could be laid out; the final colours/appearance/specification may differ from the images and are not plot specific. We advise applicants to make their own investigations on future development in the area. We would suggest contacting the local authority for more information.