New Homes for Key Workers

All Sold

Epsom Road Guildford GU1

New Homes for Key Workers

This prestigious development is conveniently located in a well-established and desirable residential area within very close proximity to the upper High Street and London Road Railway Station. It provides 12 one bedroom and 14 two bedroom apartments for shared ownership sale. All the properties offer generous living accommodation and have an allocated parking space. They will be ready for viewing at the beginning of December.

Buy your own home from as little as £475 per month

Apartment Specification:

• Timber framed double glazing throughout
• Electric heating throughout
• TV and Telecom points
• Fully fitted kitchens with a range of appliances
• Bathroom suites in white with power shower.
• Smoke alarms
• Allocated parking for residents

    

The floor plans are taken from architectural drawings and are for guidance only.  They are examples of 2 of the properties and precise dimensions may vary.

How much will it cost

Uniquely for this scheme there will be no rent to pay on the unpurchased share for  prescribed key workers. The following example is given for illustrative purposes and prospective purchasers should seek independent legal and financial advice.

1 Bed Apartment Valuation	£180,000
Purchase 40% share	£72,000
95% Mortgage (25 year repayment)	£68,400
Monthly Payment at 5.5%	£425.00
Service  Charge (Estimate)	£50.00
Rent 60% share Key Workers only	Waived
Total	£475.00

 

Stop Press Valuations Released 15.12.2003 1 Bedroom Flats at £175,000 - 2 Bedroom Flats at 215,000

 

What is it?

Shared Ownership is a method of getting your first step on the property ladder. It enables people who cannot afford to purchase a property on the open market to buy part of a property, with a housing association or the local authority owning the remaining share. Normally you would have to pay rent to the landlord calculated on the amount of the property that you do not own. With this scheme Key workers do not pay any rent but there is a service charge.

What shares can I buy initially?

You are expected to buy the largest share you can reasonably afford. With this scheme the minimum amount that you can purchase is 40%.

What are the costs?

The initial costs are broadly the same as if you were purchasing on the open market. You will therefore need to employ a solicitor, and pay stamp duty and mortgage fees. It is also advisable to have enough savings for a mortgage deposit of 5% of the amount that you will be borrowing. It is suggested that you will need a minimum of £3000 - £5000 to meet these costs.

How are properties allocated?

These flats are initially to be offered to key workers living or working in the borough.

Further shares and moving on.

It is possible to purchase additional shares in your home. The price paid for further shares is based on the open market valuation of the property at the time you wish to purchase more shares. (i.e. If the property is valued at £200,000, purchasing an extra 10% will cost £20,000).

If you purchase 100% of the property you can usually sell it on the open market. If you own a percentage of the property and wish to move the local authority will often have first refusal on re-purchasing the property. This will be at the current market valuation.