Magnolia Drive, Banstead, Surrey

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

Agent: SOWN - National Phone: 023 8221 9179

Shared Ownership<br/><br/>This superb modern home is available to buy from as little as £212,400 with a 59% share!<br/><br/>This beautifully arranged second-floor apartment offers a seamless blend of comfort and modern living, set within a desirable residential location. The property is thoughtfully laid out to maximize both space and natural light, creating an inviting and practical home environment ideal for a range of lifestyles.<br/>At the heart of the home is a spacious open-plan kitchen and reception area, perfect for both everyday living and entertaining. The kitchen is well-equipped and positioned to maintain a sociable atmosphere, while the reception space provides ample room for relaxing and dining, all enhanced by a bright and airy feel.<br/>The apartment features two well-proportioned bedrooms, each offering a and comfortable retreat. The principal bedroom benefits from generous proportions, while the second bedroom is versatile and suitable for guests, a home office, or additional living space.<br/>A well-appointed bathroom and additional facilities are conveniently positioned, complementing the overall functionality of the home. The layout ensures a natural flow throughout, with thoughtful design elements enhancing usability and comfort.<br/>Outside, there is an allocated parking space for added convenience.<br/><br/>This property enjoys a peaceful residential setting in Banstead, known for its low crime rates and family-friendly environment. A range of everyday amenities are within easy reach, including local shops, convenience stores and well-regarded schools, all contributing to a highly practical and desirable neighbourhood. Transport links are well-connected, with Banstead railway station approximately 0.7 miles away providing services towards London and surrounding areas.<br/><br/>PRICING & AFFORDABILITY<br/><br/>Full Market Value: £360,000<br/><br/>59% Share Price: £212,400 (rent £509.59 pcm)<br/>Minimum 5% Mortgage Deposit (% share): £10,620<br/>Approximate Service Charges: £120 pcm* <br/>Lease: 110 years<br/><br/>ELIGIBILITY<br/><br/>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.<br/><br/>To be eligible for shared ownership you would need to meet the following criteria:<br/><br/>• Your annual household income does not exceed £80,000<br/>• You have a deposit of at least 5% of the share value<br/>• You do not own another property or have your name on the deeds or a mortgage for a property worldwide. <br/>• This will be your only residence.<br/>• You are a permanent UK resident or have indefinite right to remain.<br/><br/>*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.<br/><br/>* This home can also be purchased outright (100% of the value) which is £360,000 and a purchaser would not need to meet the eligibility criteria listed above.<br/>