2 bed property for sale

Newby Vale, Cottingham HU16

Shared ownership purchase from 25% to 75%

A fantastic opportunity to acquire a new build property situated on the development of Harland Gardens

This property is offered for sale on a shared ownership basis through East Riding of Yorkshire Council.

Accommodation briefly comprising entrance hall, living room, cloakroom and dining kitchen to the ground floor. To the first floor there are two bedrooms and a family bathroom.

Externally there is a paved driveway to the front of the property providing two parking spaces and a rear garden is laid to lawn.

East Riding of Yorkshire Council Tax Band - C
Energy Performance Certificate - B
Tenure - Leasehold

Entrance Hall

Composite door leads into entrance hall with WC and stairs off to the first floor

Cloakroom (1.70m x 0.92m (5'6" x 3'0"))

With low level WC corner wash basin UPVC double glazed window to front elevation.

Living Room (4.35m x 3.63m (14'3" x 11'10"))

UPVC double glazed window to front elevation.

Dining Kitchen (4.67m x 2.67m (15'3" x 8'9"))

UPVC double glazed window and french doors to rear elevation. A range of base and wall mounted units with wood effect worktops and upstands. Vinyl floorcovering. Built in gas hob, electric oven and extractor hood. Space for washer and fridge/freezer. Cupboard housing Combi boiler.

Landing

Storage cupboard and loft access.

Bedroom One (4.69m x 2.87m (15'4" x 9'4"))

UPVC double glazed windows x 2 to front elevation. Storage cupboard.

Bedroom Two (4.66m x 2.31m (15'3" x 7'6"))

UPVC double glazed window to rear elevation.

Family Bathroom (1.85m x 1.79m (6'0" x 5'10"))

UPVC double glazed window to side elevation. White suite comprising panel bath with shower over, low level WC and pedestal wash basin. Heated towel rail. Vinyl flooring. Extractor fan.

Outside

To the front of the the property there is a driveway for two vehicles, with side gate access to rear garden. Garden to rear mainly laid to lawn with paved patio. Timber boundary fencing.

Additional Information

Counctil tax band C - EPC rating B

Services And Appliances

None of the appliances have been tested by the agent.
Mains water, gas, electricity and drainage

Share Purchase Price And Examples

The share purchase price is calculated using the full market value and the percentage share purchased.
If you buy a 25% share, the share purchase price will be £53,570 and the rent will be £369.53 a month.
If you buy a larger share, you'll pay less rent. The table below shows further examples.
ShareShare Purchase PriceMonthly rent
25%£53,750£369.53
30%£64,500£344.89
40%£86,000£295.62
50%£107,500£246.36
60%£129,000£197.08
70%£150,500£147.81
75%£161,250£123.18

The percentage share and rent amount will change depending on the amount you can afford. You'll receive a worked example after a financial assessment.
Your annual rent is calculated as 2.75% of the remaining share of the full market value owned by the landlord.

Monthly Payment To Landlord

In addition to the rent above, the monthly payment to the landlord includes:
Service charge£0
Estate charge£0
Buildings insurance£9.17
Management fee£0.92
Reserve fund payment£0
Total monthly rental payments exclude £10.08

Reservation Fee

£200
You’ll need to pay a reservation fee to secure your home. When you pay the fee, no one else will be able to reserve the home.
The reservation fee secures the home for 90 days. If you buy the home, the fee will be taken off the final amount you pay on completion. If you do not buy the home, the fee is not refundable.

Eligibility

You can apply to buy the home if both of the following apply:
•your household income is £ 80,000 or less
•you cannot afford all of the deposit and mortgage payments to buy a home that meets your needs
One of the following must also be true:
•you're a first-time buyer
•you used to own a home but cannot afford to buy one now
•you're forming a new household - for example, after a relationship breakdown
•you're an existing shared owner, and you want to move
•you own a home and want to move but cannot afford to buy a new home for your needs

If you own a home, you must have completed the sale of the home on or before the date you complete your shared ownership purchase.
As part of your application, your finances and credit history will be assessed to ensure that you can afford and sustain the rental and mortgage payments'

Tenure

Leasehold

Lease Type

Shared Ownership House Lease

Lease Term

990 years
For more information, see section 2.5, ‘Lease extensions’, in the ‘Key information about shared ownership’ document.

Rent Review

Your rent will be reviewed each year by a set formula using the Consumer Price Index (cpi) for the previous 12 months plus 1%.
For more information, see the Rent Review section in the 'Summary of Costs' document which includes an example of how rent could increase over a 5 year period. A worked example demonstrating how the rent is calculated at review is also set out in Appendix 2 of the lease.

Maximum Share You Can Own

You can buy up to 100%% of your home.

Transfer Of Leasehold

At 100% ownership, the freehold will transfer to you.

Landlord

East Riding of Yorkshire Council
County Hall
Cross Street
Beverley
East Riding of Yorkshire
HU17 9BA

Landlords Nomination Period

When you give the landlord notice that you intend to sell your share in your home, the landlord has 4 weeks to find a buyer. The landlord may offer to buy back your share, but only in exceptional circumstances and if they have funds available. If they do not find a buyer within 4 weeks, you can sell your share yourself on the open market. For example, through an estate agent.

Pets

You can keep pets at the home.

Subletting

You can rent out a room in the home, but you must live there at the same time.
You cannot sublet (rent out) your entire home unless you either:
•own a 100% share; or
•have your landlord's permission which they will only give in exceptional circumstances (see section 1.5 in ‘Key information about shared ownership’ document)
and
•have your mortgage lender’s permission if you have a mortgage

Application Guidelines

Application guidelines
An Affordability Assessment will determine your eligibility for shared ownership and the share that you can afford to purchase of a property. Cash Purchasers must still obtain an affordability assessment. * The companies listed below are independent financial brokers with experience of shared ownership & providing the affordability assessments to the required standard. This assessment is free of charge and there is no obligation to obtain a mortgage via these companies. *Metro Finance Tel; *The Mortgage People ; The assessment is split into 2 stages; an initial telephone assessment followed by an in-depth assessment for which you will need to provide documents. On receipt of a successful written initial assessment the property will be provisionally allocated to that applicant pending the successful completion of the in-depth assessment. This is in line with the Council’s 1st Come, 1st Served Policy. You can only reserve a property after successfully completing the in-depth affordability assessment and having your application approved by the Council. At this point you can reserve the property and we will request a Reservation Fee of £200, this will be deducted from the sale price on completion of the sale. Providing your application information does not commit you to purchasing a property. Further information. The companies above will forward details and documents that are part of your affordability assessment to the Council for your application to be reviewed. The Council’s Shared Ownership Policy including the 1st Come, 1st Served appendix & the minimum surplus income appendix can be found on the eryc website: **If you have any queries or wish to know about the shared ownership properties for sale please Email; , Tel;