1 bed flat for sale

Prioress House, 5-7 Loxford Road, Barking IG11

Shared ownership (Advertised price represents 45% share. Full market value £225,000). A good-sized, one-bedroom apartment on the first floor of this modern development. The property has a stylish bathroom just off the entrance hallway and a spacious bedroom with west-facing balcony. The smart, fully-fitted kitchen is semi-open-plan to the reception and both feature attractive flooring. Well insulated walls, modern double glazing and a communal heating/hot water system make for a very good energy-efficiency rating. Barking Station, for District Line, C2C and London Overground services, is just a short walk away. Barking Park and the shops and other amenities of the town centre are also within easy reach.

Interested parties are required to complete the shared ownership common application form [ ]

(Please note the minimum income and deposit requirements for eligibility. You do not need to request a viewing separately once you have completed the application form.)

Housing Association: Home Group.
Tenure: Leasehold (125 years from 01/04/2014).
Minimum Share: 45% (£101,250).
Shared Ownership Rent: £317.43 per month (subject to annual review).
Service Charge: £201.19 per month (subject to annual review).
Guideline Minimum Income: Dual - £31,600 | Single - £37,900 (based on minimum share and 10% deposit).
Council Tax: Band C, London Borough of Barking & Dagenham.

This property is offered for sale in the condition seen. The housing association does not warrant to carry out any remedial or redecoration work of a cosmetic nature unless specifically advised in writing. As a general rule, fitted domestic appliances are included in the sale; non-fitted appliances are not. If you require confirmation, you must request this in writing from Urban Moves. The information in this document supersedes any information given verbally either in person or by telephone. Pets only permitted with a revocable pet licence (from Home Group) at a cost of £125+VAT. There is no parking space offered with this property.

What is shared ownership ?

Shared Ownership is a housing scheme designed to help homebuyers who are unable to afford the cost of buying a property outright on the open market. Properties may be sold off-plan or new build direct from housing associations, or pre-owned from existing shared owners. The rules and terms of the scheme are set by the Greater London Authority (gla) in London and Homes England outside of London.

Is shared ownership for you ?

The gla and Homes England set the eligibility criteria for Shared Ownership, but broadly speaking you must:

1. Not own another property in the UK or any other country.
2. Have a household income that falls below £90,000 (£80,000 threshold outside the M25). Every property will have a minimum income level too, determined by its value, rent and service charge costs. In most cases you will need to meet or exceed the given minimum income.
3. Have access to a minimum deposit of 10% of the share being purchased (a minimum deposit of 5% of the share being purchased may be acceptable depending on individual financial status).
4. Be in full time permanent employment.
5. Be a British, EU or eea Citizen or have indefinite leave to remain in the UK.
6. Have a good credit history.

Bathroom

7' 5" x 5' 7" (2.26m x 1.69m)

Bedroom

14' 1" max. X 12' 1" max. (4.29m x 3.69m)

Balcony

4' 2" x 2' 7" (1.27m x 0.78m)

Kitchen

8' 2" x 7' 7" (2.49m x 2.30m)

Reception Room

16' 11" max. X 13' 6" max. (5.16m x 4.11m)