Corn Close, Cranbrook, EX5 7HT

Property Details: - Type: Terraced house - Bedrooms: 3 - Bathrooms: 1

Agent: Complete - Exeter Phone: 01404 228899

<strong></strong> <strong></strong> Property type: 3 bedroom mid terrace house with 2 parking spaces<br/><br/>Scheme: Shared ownership resale<br/><br/>Full market value: £275,000<br/><br/>Share Purchase Price and Rent Examples<br/><br/>The share purchase price is calculated using the full market value and the percentage share purchased.<br/>If you buy a 70% share, the share purchase price will be £192,500 and the rent will be £171.08 a month.<br/>Your annual rent is calculated as 2.49% of the remaining share of the full market value owned by the landlord.<br/><br/>Please note that the rent is only calculated as a percentage of the retained equity when the lease is granted. All resales properties will have been subject to annual rent increases, which mean that the rent no longer represents a percentage of the retained equity. Further details of the rent review periods and calculations are contained within this document.<br/><br/>All figures are subject to change. Monthly payment to the landlord<br/><br/>In addition to the rent above, the monthly payment to the landlord includes:<br/><br/>Service charge £0.00<br/>Buildings insurance £13.89<br/>Total monthly payment excluding rent £13.89<br/>(these are subject to change during the purchase process)<br/><br/>Reservation fee: £500.00<br/><br/>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.<br/><br/>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.<br/><br/>Eligibility: You can apply to buy the home if both of the following apply:<br/><br/>• your household income is £80,000 or less<br/>• you cannot afford all of the deposit and mortgage payments to buy a home that meets your needs<br/><br/>One of the following must also be true:<br/>• you're a first-time buyer<br/>• you used to own a home but cannot afford to buy one now<br/>• you're forming a new household - for example, after a relationship breakdown<br/>• you're an existing shared owner, and you want to move<br/>• you own a home and want to move but cannot afford to buy a new home for your needs<br/>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.<br/><br/>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.<br/><br/>Tenure: Leasehold<br/>Lease type: Shared ownership house lease<br/>Lease term: 199 year from and including commencement date 12 August 2021<br/>For more information, see section 2.5, 'Lease extensions', in the 'Key information about shared ownership' document.<br/><br/>Rent review: Your rent will be reviewed each year by a set formula using the Retail Prices Index (RPI) for the previous 12 months plus 0.5%.<br/><br/>Maximum share you can own: You can buy up to 100%% of your home.