2 bed flat for sale

Thornton Side, Redhill, Surrey RH1

Shared Ownership

This superb modern home is available to buy from as little as £217,500 with a 75% share!

Conveniently positioned within this modern development (built in 2021) in Thornton Side is a well planned, bright and spacious apartment on the first floor. The accommodation provides two bedrooms, two bathrooms and a beautiful open plan kitchen/living space. Outside, there are mature communal gardens and the property benefits from the balance of a 999 year lease.

This property is located in Merstham on the borders of Redhill in Surrey. Merstham railway station sits on the Brighton Main Line with regular services to London Bridge, Victoria, and Gatwick Airport, making it very commuter-friendly. In addition, London Buses and Metrobus routes connect Merstham to Redhill, Reigate, Croydon, Coulsdon, Caterham, and Warlingham.
Earlswood Common is within walking distance and provides lakes, trails and picnic spots.
Nearby Redhill provides a broader range of amenities and retail.
Pricing & affordability


Full Market Value: £290,000

75% Share Price: £217,500 (rent £218.29 pcm)
Minimum 5% Mortgage Deposit (% share): £1087.50
Approximate Service Charges: £292.84 pcm*
Lease: 995 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 £290,000 and a purchaser would not need to meet the eligibility criteria listed above.