3 bed semi-detached house for sale

Lynn Road, Downham Market, Norfolk PE38

Shared Ownership

This brand new home is available to buy from as little as £180,000 with a 60% share!

The Willows is an attractive new development situated on the edge of the historic Norfolk market town of Downham Market. Surrounded by green open spaces and incorporating community allotments and a children’s play area, the development offers a pleasant residential setting while remaining within easy reach of the town’s shops, schools and everyday amenities.

Downham Market provides a good range of local facilities, including supermarkets, independent shops, leisure facilities, pubs and restaurants. Families are well catered for, with Nelson Academy approximately 0.8 miles away, Hillcrest Primary School around 1.1 miles and Downham Market Academy approximately 1.3 miles away. For leisure, residents have access to nearby playing fields, The Howdale and The Willows Nature Reserve, while the surrounding Norfolk countryside provides plenty of opportunities to enjoy the outdoors.

The development is also well positioned for commuters, with the A10 approximately 0.9 miles away and the A1122 around 1.3 miles away. Downham Market railway station is approximately 2 miles from the development, offering direct services towards Ely, Cambridge and London King’s Cross.

The Saunton is a well-designed three-bedroom, three-storey home, offering flexible accommodation across three floors. On the ground floor is a bright kitchen/dining room with access to the rear garden, together with a separate front-aspect living room and convenient downstairs WC.

The first floor provides two well-proportioned bedrooms, either of which could also work well as a home office, together with the family bathroom. The entire top floor is dedicated to the spacious principal bedroom, which benefits from its own en suite shower room and generous storage, creating an impressive private bedroom suite.
Pricing & affordability


Full Market Value: £300,000

50% Share Price: £150,000 (rent £343.75pcm)
60% Share Price: £180,000 (rent £275.00pcm)
75% Share Price: £225,000 (rent £171.88pcm)

Minimum 5% Mortgage Deposit (50% share): £7,500
Approximate Service Charges: £60.16 pcm*
Shared Ownership Lease: 990 years
Council Tax Band: Tbc
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.

At The Wilows advertised shares start at 50% (the maximum you can buy initially is 75%). When you’re ready, you can buy more shares until you staircase to owning 100% of your home.

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.

Please note the minimum share you can purchase can vary depending on your financial situation and you may be asked to purchase a larger share, should your personal circumstances permit.

*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.

**These photos are for information purposes only and may not represent a true likeness for the units being sold. They may have been taken from earlier phases or similar developments/house types and digitally furnished to represent how the home could be laid out; the final colours/appearance/specification may differ from the images and are not plot specific. We advise applicants to make their own investigations on future development in the area. We would suggest contacting the local authority for more information.