1 bedroom apartment for sale

Shared Ownership

This second floor apartment is conveniently situated on the skirts of Wokingham town centre. The property is immaculately presented and offers well-planned accommodation comprising a good size double bedroom, modern bathroom and an open plan kitchen/living space with doors to a balcony. There is an allocated parking space and a long lease.

Oak Avenue is located approximately 1.5 miles from the town centre of Wokingham. This charming market town provides a good range of shops, cafes, restaurants and bars and has a lively nightlife.
The property is within easy reach of the M4 motorway network and Wokingham train station provides good services to London Waterloo in under an hour and a half.

PRICING & AFFORDABILITY

Full Market Value: £250,000

40% Share Price: £100,000 (rent £248.37 pcm)
Minimum 5% Mortgage Deposit (% share): £5,000
Approximate Service Charges: £93.43 pcm*
Lease: 119 years

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.

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.

*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.

* This home can also be purchased outright (100% of the value) which is £250,000 and a purchaser would not need to meet the eligibility criteria listed above.