3 bed flat for sale

Seagull Lane, London E16

Shared Ownership

This superb modern home is available to buy from as little as £357,500 with a 55% share!

This superb 14th floor apartment located in the heart of Canning Town. This beautifully presented property provides modern, open plan living with a tastefully decorated kitchen/dining/living space and doors to a private sunny aspect balcony for alfresco drinks and dining. There are three double bedrooms. The master suite benefits from an ensuite shower room and there is a door to a further balcony. The family bathroom is beautifully fitted with contemporary furniture and floor to ceiling tiles.

This building is serviced by a concierge and residents benefit from access to the stunning podium gardens. For a small additional monthly charge, there are additional leisure facilities available on site - swimming pool, sauna/steam room, jogging track, cinema room, various workspaces, private meeting room.
Pricing & affordability


Full Market Value: £650,000

55% Share Price: £357,500 (rent £501.24pcm)
Minimum 5% Mortgage Deposit (% share): £17,875
Approximate Service Charges: £325.16pcm*
Lease: 124 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 £90,000.
• 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 £650,000 and a purchaser would not need to meet the eligibility criteria listed above.