26 Shepherds Fold, Engleton Lane, Brewood, Stafford

25% Shared Ownership £68,750

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Property Overview

Bungalow - detached
2 bedrooms
1 bathroom
1 reception room

Full Property Description:

An opportunity to buy a shared ownership property for over 55's only in a sought after location in a new build development on the fringes of a highly regarded South Staffordshire village.
This property is being sold off plan and is due to be build completion date is anticipated July / August 2022

Full information

Location

The development of which this property forms a part of stands on the fringes of Brewood which is a thriving South Staffordshire village with a busy centre and active community. There is an old market square and a comprehensive range of shops catering for everyday needs together with a bank, doctors surgery, public houses and a highly regarded restaurant.

Communications are excellent with the A5 and A449 corridors being nearby facilitating access to Wolverhampton, Stafford and Telford with both the M6 and M54 being easily accessible providing fast access to the entire industrial West Midlands and beyond.

Two bedroom bungalow; over 55 years only, with res

Property price £275,000
Shares to be sold from 25% to 75%
Rent charged at 2.75% on the share not brought.
For the over 55 years of age only.
Stair-casing capped at maximum of 75%, once a 75% share as being purchased then ‘no rent will be charge on the remining 25% share’.
In house assessments for cash buyers, only purchasers requiring a mortgage to go through TMP.

Outside

Each property will benefit from two allocated parking spaces and a pleasant garden to the rear.

Terms

The properties will be sold on a Shared Ownership basis to qualifying buyers subject to the conditions imposed, applicants must be over the age of 55 Years. The shares will start from 25% to 75% on the first tranche depending upon your income and the remaining share will be charged as rent at 2.75%. Additional percentages can be bought over time up to a maximum of 75%. Additional percentages can be bought over time up to a maximum of 80%.

The shares sold are based on qualifying criteria with relation to income and individual circumstances, with the aim of maximising the share but ensuring that the property is sustainable in the long term.

All applicants will be assessed by (TMP) The Mortgage People https://tmpmortgages.co.uk/ on behalf of Severn Homes, to qualify for a shared ownership property the buyers must meet the following criteria:

To qualify

-Your household income is less than £80,000 per year
-You do not already own a property, or have a buyer in place if you do
-You must not be able to afford to buy a property outright on the open market
-The property cannot be purchased by an investor
-The purchaser should have a good credit history (i.e. you have never been declared bankrupt)
-The purchaser must be approved by Severn Homes as a part owner and Severn Homes have the right to refuse if this criteria is not met.
-Applicants must be over the age of 55 Years

Register

with Midlands Help to Buy https://www.helptobuyagent2.org.uk/ and TMP (The Mortgage People) https://tmpmortgages.co.uk/

Complete the Severn Homes application form and return it to Severn Homes.

Severn Homes have an arrangement with a company who specialise in shared ownership mortgages who will carry out a no-obligation, initial financial assessment to see if you are likely to be eligible and to confirm what would be affordable and sustainable for you. When you are ready to apply, please contact (TMP) Mortgage People who will assist you with completing a Homes England Affordability Calculator (HEAC). When prompted you should select Homes Plus Ltd (who Severn Homes are a part of). Upon completion of this, Severn Homes will receive a copy of HEAC.

Following this initial assessment and the feedback you will receive from TMP it will become clear if you should proceed with the other steps.

Service charge

There is a service charge payable which currently amount to approximately £22.28 per calendar month. Prospective purchasers are recommended to verify these details with their solicitor. The lease length is 125 years from 2022.

We are informed by the Vendors that all main services are installed.
COUNCIL TAX BAND tbc - South Staffordshire
POSSESSION Vacant possession will be given on completion.
VIEWING Please contact the Tettenhall Office.
TENURE Shared Ownership Leasehold

Example

On a shared ownership property value of £275,000 a share of 25% of the property would be £68,750 you would pay rent on the remaining 75% share at 2.75%; which means the rent you would pay would be £472.66 pcm and service charge at £22.28 pcm.