2 bed end terrace house for sale

Bridle Lane, Downham Market, Norfolk PE38

** shared ownership **

A brand new 2-bedroom end-terraced home available on a shared ownership (part buy/part rent) basis. The full market value of £265,000 is available from 35%-75% share on initial purchase with the option to staircase to 100% in the future.

This superb new home has been designed with style, comfort and efficiency in mind. Finished to superb specification throughout this beautifully spacious end-terraced new home offers a generous open plan kitchen with integrated oven, hob and fan over and space for additional appliances, opening into the living/dining room with patio doors leading to the garden. In addition, there is a useful storage cupboard and a stylish cloakroom. To the first floor are two double bedrooms that share the family bathroom, and the rear garden is ideal to enjoy the summer months with family and friends. For early reservations there is a select choice of carpets.

Location
Downham Market is a thriving market town with excellent road and rail connections to London, Cambridge and Ely. The town offers a variety of facilities including various dining options, community spaces, and leisure activities. The town boasts a bustling market on Fridays and Saturdays, as well as numerous cafes and restaurants. Additionally, there are community centres, a library, a leisure centre, and opportunities for outdoor activities like walking and cycling.

• Select choice of carpets on early reservations
• Two Double Bedrooms
• Open Plan Kitchen/Dining/Living Room with patio door to garden
• Front garden and rear garden
• Driveway offering parking
• Flooring to wet areas
• Gas central heating

What is Shared Ownership?

When you buy a Shared Ownership home, you decide what stake in the property you can afford to buy from the housing association. You put down a deposit of at least 5% of your stake and take out a mortgage to cover the rest. You then pay rent on the part you do not own. You can increase the share you own in the property, through a process known as staircasing, until you own 100% of the property. There’s a legal cost every time you staircase so it may make sense to buy larger proportions.

To qualify for shared ownership, you will need to meet the following criteria:

· Annual household income less than £80,000
· Unable to purchase a home suitable for your needs without assistance
· Not a current home owner (or named on the deeds of another property) in the UK or abroad
· No outstanding credit issues (ie unsatisfied defaults or County Court Judgements)

Example Share Breakdown at 35%
Full market value: £265,000
35% share value: £92,750
5% deposit: £4,637.50
Rent charged on unowned share: 2.75%
Rent on unowned share (65%): £394.74

Example Share Breakdown at 75%
Full market value: £265,000
75% share value: £198,750
5% deposit: £9,937.50
Rent charged on unowned share: 2.75%
Rent on unowned share (25%): £151.82
Agents notes

Please note all CGI’s, internal and external images are examples for representation purposes only, with images taken from the show home, and are subject to material and colour changes. Specification is subject to change.