Long Park, Cranbrook. EX5 7JD

Property Details: - Type: Apartment - Bedrooms: 2 - Bathrooms: 1

Agent: Complete - Exeter Phone: 01404 228899

<strong></strong> <strong></strong> CHECK OUT this Shared Ownership Apartment<br/><br/>This property features an open plan living space, two double bedrooms, bathroom and off-road parking.<br/><br/>The share purchase price is calculated using the full market value and the percentage share purchased.<br/>If you buy a 40% share, the share purchase price will be £76,000 and the rent will be £294.96 a month.<br/><br/>If you buy a larger share, you'll pay less rent. 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.<br/>Your annual rent is calculated as 3.10% of the remaining share of the full market value owned by the landlord.<br/><br/>In addition to the rent above, the monthly payment to the landlord includes:<br/><br/>Communal internal cleaning - £5.34<br/>Monthly Window cleaning - £1.85<br/>Monthly Door entry system maintenance -£0.95<br/>Monthly Fire system & mansafe maintenance - £28.01<br/>Monthly Grounds maintenance - £12.36<br/>Monthly Buildings Insurance - £8.29<br/>Monthly Sinking Fund - £41.67<br/>Monthly Communal Electricity - £6.86<br/>Monthly Communal Water -£1.73<br/>Monthly Water testing - £13.62<br/><br/>Total monthly payment excluding rent £104.64<br/><br/>Service charges will be reviewed annually with any changes coming into effect on the 1st April each year.<br/><br/>You'll need to pay a reservation fee of £250 to secure your home. When you pay the fee, no one else will be able to reserve the home.<br/><br/>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.<br/><br/>You can apply to buy the home if both of the following apply:<br/><br/>1. Your household income is £80,000 or less<br/>2. You cannot afford all of the deposit and mortgage payments to buy a home that meets your needs<br/> One of the following must also be true:<br/>3. You're a first-time buyer<br/>4. You used to own a home but cannot afford to buy one now<br/>5. You're forming a new household - for example, after a relationship breakdown<br/>6. You're an existing shared owner, and you want to move<br/>7. You own a home and want to move but cannot afford to buy a new home for your needs<br/><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/>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/>The landlord is unlikely to allow permission to keep pets in flats that form part of a block but exceptions can sometimes be made. All permissions must be sought prior to occupation.<br/><br/>You can rent out a room in the home, but you must live there at the same time.<br/><br/>You cannot sublet (rent out) your entire home unless you either:<br/><br/>1. own a 100% share; or<br/>2. have your landlord's permission which they will only give in exceptional circumstances <br/>and have your mortgage lender's permission if you have a mortgage<br/><br/>Tenure - Leasehold<br/>Remaining Lease Term: 987 years<br/><br/>Council tax banding: B<br/><br/>