2 bed terraced house for sale

Rush Meadow Road, Cranbrook EX5

Description

Shared ownership with Live West on a 45% share basis.

Situated in the popular and growing town of Cranbrook, Rush Meadow Road is a spacious and beautifully presented 45% shared ownership mid-terrace home, offering an excellent opportunity for first-time buyers, young families or professional couples seeking an affordable step onto the property ladder.

This leasehold property benefits from a long lease with approximately 194 years remaining and is thoughtfully laid out to provide bright and airy accommodation throughout. The ground floor comprises a welcoming entrance hallway, a generous and light-filled living room, a modern kitchen/diner ideal for both everyday family life and entertaining, and a convenient downstairs WC. Upstairs, there are two well-proportioned double bedrooms and a contemporary family bathroom. Externally, the property enjoys an enclosed rear garden, perfect for children, pets or summer dining, along with allocated parking.

The share purchase price is calculated using the full market value and the percentage share purchased. If you buy a 45% share, the share purchase price will be £108,000 and the rent will be £313.45 a month. Your annual rent is calculated as 2.85% of the remaining share of the full market value owned by the landlord.
(All figures are subject to change)

In addition to the rent above, the monthly payment to the landlord includes:

Service charge £0.09
Estate charge £0.00
Buildings insurance £14.97
LiveWest Management Charge £0.00
Reserve fund payment £0.00
Total monthly payment excluding rent £15.06

Reservation fee: £500.00

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.

If you complete on the purchase of your home, the reservation fee will be added to your rent account. If you or the seller withdraw from the sale the £500 will be refunded.

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.

If there is a local connection criteria, it will be attached to the how to apply email.

Tenure: Leasehold
Lease type: Shared ownership house lease
Lease term: 199 years from and including 29 September 2021 (94 unexpired years remaining as at date of initial issue, 12 March 2025)

Maximum share you can own: You can buy up to 100% of your home.
Transfer of freehold: At 100% ownership, the freehold will transfer to you

Cranbrook offers an excellent range of local amenities within easy reach, including a Morrisons supermarket, independent shops, cafés and the popular Denleys Indian Restaurant & Takeaway. Families are particularly well catered for with the highly regarded Cranbrook Education Campus nearby, providing schooling from primary through to secondary level.

For commuters, the property is ideally positioned with convenient access to Cranbrook railway station offering regular services to Exeter and beyond, as well as excellent road links to the M5 motorway and A30, making travel across the region straightforward. Overall, this is a really good-sized, well-maintained home in a thriving community, perfectly suited to buyers looking for comfort, convenience and long-term value.

Please Note:
We are supervised by hmrc for the purposes of Anti-Money Laundering (aml) regulations. If your offer to purchase a property is accepted, you will need to satisfy the requirements set out in the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. To comply with these obligations, we work with an independent third-party provider to complete id verification, aml checks, and source of funds checks. A charge of £48.00 applies for these checks. Please note that a memorandum of sale cannot be issued until all required verification has been successfully completed.

As a regulated Sales Agent, we are required to be part of an approved redress scheme. We are members of The Property Ombudsman, which is a government-approved scheme providing independent dispute resolution.

From time to time, we may introduce buyers or sellers to The Mortgage Quarter. Use of their services is entirely optional. If you choose to proceed with them, please be aware that we may receive an average referral payment of £200 for the introduction.

Stamp Duty Land Tax (sdlt) may be payable on your purchase. We advise speaking with your solicitor or legal representative to confirm what, if any, amount is due based on the latest government guidelines.

Council Tax Band: C
Tenure: Leasehold (194 years)
Ground Rent: £0 per year
Service Charge: £15.06 per month
Shared Ownership: 45% being sold, £313.45 per month rental payments