Brook Court, Spring Place, Barking, Greater London IG11 7GH

£57,500 Shared Ownership

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  • Guideline Minimum Deposit £5,750
  • Guideline Income Dual £22.5k, Single £28.1k
  • Fifth Floor with Balcony
  • Approx. 540 Sqft Gross Internal Area
  • Double Glazing
  • Open-Plan Reception/Kitchen
  • Gas Central Heating
  • Walking Distance to Barking Town Centre

General Description

A Fantastic Opportunity to Purchase a One Bedroom Apartment on a Shared Ownership (Part Buy/Part Rent) Basis

 

SHARED OWNERSHIP. (Advertised price represents the minimum 25% share. Maximum share available 75%. Full market value £230,000. APPLICANTS WILL BE REQUIRED TO PURCHASE THE MAXIMUM SHARE THAT IS AFFORDABLE). This one-bedroom apartment is on the fifth floor (building has a lift) of a modern development. The property features a reception room with open-plan kitchen and a balcony overlooking the communal courtyard. Well insulated walls, double glazing and gas central heating make for good energy-efficiency and environmental-impact ratings. Barking town centre and railway station are within comfortable walking distance.

 

INTERESTED PARTIES ARE REQUIRED TO COMPLETE THE SHARED OWNERSHIP COMMON APPLICATION FORM [HERE; http://bit.ly/2ThzgPe]

(Please note the minimum income and deposit requirements for eligibility. You do not need to request a viewing separately once you have completed the application form.)

 

Tenure: New 125 year lease
Share Available: 25% - 75%
Shared Ownership Rent: 2.75%*
Service Charge: £173.18* per month
Ground Rent: £100 per year
Guideline Minimum Household Income: £22,450**
Local Authority: Barking & Dagenham***
Council Tax Band: C (£1327.88 for 2018-19)

The property is offered for sale on a sold-as-seen basis. London & Quadrant Housing Trust (L&Q) do not offer any warranties on the domestic appliances in the property or undertake to carry out any remedial work or redecoration work of a cosmetic nature. Pets not permitted (except assistance animals). There is no parking space offered with this property.

* The rent and service charge are subject to annual review.
** Assumes dual incomes and a 10% deposit of 25% share. Equivalent single-income figure would be £28,050.
*** Priority will be given to applicants that currently live and/or work in the London Borough of Barking & Dagenham.

Dimensions

Reception
27' 8" max. x 10' 5" (8.43m x 3.18m)
Kitchen
included in reception measurement
Bedroom
12' min. x 9' 10" (3.66m x 3.00m)
Bathroom
Energy Effeciency Rating

Floorplans


Shared Ownership

WHAT IS SHARED OWNERSHIP ?
Shared Ownership is a housing scheme designed to help homebuyers who are unable to afford the cost of buying a property outright on the open market. Properties may be sold off-plan or new build direct from housing associations, or pre-owned from existing shared owners. The rules and terms of the scheme are set by the Greater London Authority (GLA) in London and the Homes and Communities Agency (HCA) outside of London.

IS SHARED OWNERSHIP FOR YOU ?
The GLA and HCA set the eligibility criteria for Shared Ownership, but broadly speaking you must:
 Not own another property in the UK or any other country.
 Have a household income that falls below £90,000 (£80,000 threshold outside the M25). Every property will have a minimum income level too, determined by its’ value, rent and service charge costs. In most cases you will need to meet or exceed the given minimum income.
 Have access to a minimum deposit of 10% of the share being purchased (a minimum deposit of 5% of the share being purchased may be acceptable depending on individual financial status).
 Be in full time permanent employment.
 Be a British, EU or EEA Citizen or have indefinite leave to remain in the UK.
 Have a good credit history.
If you are still unsure about Shared Ownership or would like more information view [ Facts and Frequently Asked Questions]

Location

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