2 bed flat for sale

Station Road North, Merstham, Redhill RH1

Shared Ownership

This superb modern home is available to buy from as little as £211,750 with a 55% share!

An extremely spacious ground floor apartment located 3 miles outside of Redhill town centre. The property provides larger than average accommodation comprising entrance hall, a large bright and airy open plan kitchen/dining/living space with doors out to well maintained communal gardens, two double bedrooms (an en-suite shower room to the master bedroom) and a bathroom. There is an allocated parking space and a very long lease.

The Belfry Shopping Centre with over 60 stores, including Marks & Spencer, H&M, and Boots . The area also hosts a vibrant market three days a week and the newly opened Light development, which includes shops, a cinema, and an arcade. There are also a range of cafes, bars and restaurants.
Merstham Railway Station is just 200 meters from RH1 3GH, offering services on the Southern and Thameslink lines. Redhill Station, approximately 3 km away, provides additional connections. There are also several local bus routes.
Pricing & affordability


Full Market Value: £385,000

55% Share Price: £479.62 (rent £pcm)
Minimum 5% Mortgage Deposit (55% share): £10,587.50
Approximate Service Charges: £129.59pcm*
Lease: 987 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 £385,000 and a purchaser would not need to meet the eligibility criteria listed above.