The details

Address: 2 Little Mead, Cranbrook, Exeter, EX5 7GE

Property type: 2 bedroom end terrace house with 2 parking spaces

Scheme: Shared ownership resale

Full market value: £250,000

Share Purchase Price and Rent Examples

The share purchase price is calculated using the full market value and the percentage share purchased.
If you buy a 40% share, the share purchase price will be £100,000 and the rent will be £317.55 a month.
Your annual rent is calculated as 2.54% of the remaining share of the full market value owned by the landlord.

Please note that the rent is only calculated as a percentage of the retained equity when the lease is granted. All resales properties will have been subject to annual rent increases, which mean that the rent no longer represents a percentage of the retained equity. Further details of the rent review periods and calculations are contained within this document.

All figures are subject to change.

Monthly payment to the landlord: In addition to the rent above, the monthly payment to the landlord includes:

Service charge £4.57
Buildings insurance £12.60
Total monthly payment excluding rent £17.17
(these are subject to change during the purchase process)

Reservation fee: £500.00

You’ll need to pay a reservation fee to secure your home. When you pay the fee, no one else will be able to reserve the home.

If you complete on the purchase of your home, the reservation fee will be added to your rent account. If you or the seller withdraw from the sale the £500 will be refunded.

Eligibility: You can apply to buy the home if both of the following apply:
–
your household income is £80,000 or less
–
you cannot afford all of the deposit and mortgage payments to buy a home that meets your needs
OFFICIAL
One of the following must also be true:
–
you’re a first-time buyer
–
you used to own a home but cannot afford to buy one now
–
you’re forming a new household – for example, after a relationship breakdown
–
you’re an existing shared owner, and you want to move
–
you own a home and want to move but cannot afford to buy a new home for your needs
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.

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.

If there is a local connection criteria, it will be attached to the how to apply email.

Tenure: Leasehold Lease type
Shared ownership house lease: Lease term
125 Years from and including 1 March 2019

For more information, see section 2.7, ‘Lease extensions’, in the ‘Key information about shared ownership’ document.

Rent review:

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%.
For more information, see the Rent Review section in the ‘Summary of Costs’ document which includes an example of how rent could increase over a 5 year period. A worked example demonstrating how the rent is calculated at review is also set out in Appendix 2 of the lease.

Maximum share you can own: You can buy up to 100% of your home.

Cranbrook

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