Semi-detached house for sale in Bristol Road, Cambridge, Shared Ownership GL2

40% shared ownership - 3 bed semi detached house situated on a small development in Cambridge. This property comprises of entrance hall to lounge, kitchen/diner, WC, second floor to 2 bedrooms, bathroom and second floor to bedroom one. The property also benefits from GCH, dg, front and rear gardens and allocated parking for 2 cars.

Shared Ownership Costs

Shared ownership is a part buy part rent property from Two Rivers Housing.
You purchase a share with the help of a mortgage based on affordability and the minimum share being sold.
Local connection to the area required.

Open Market Value - £300,000
40% Share - £120,000
Rent - £497.13pcm
Building Insurance - £5.21pcm

Entrance Hall (4.7 x 1.0 (15'5" x 3'3"))

Doors leading to kitchen, lounge and WC. Stairs to first floor

Kitchen/ Diner (4.5 x 2.3 (14'9" x 7'6"))

Fully fitted kitchen with range of fitted wall and base units, worktops, sink unit with mixer tap. Space for fridge/freezer and washing machine. Window to front elevation. Dining area.

Lounge (4.7 x 3.8 (15'5" x 12'5"))

Patio doors to rear garden and storage cupboard.

Wc (2.0 x 0.9 (6'6" x 2'11"))

White wash hand basin and low level WC, window to front elevation.

First Floor

Landing

Doors leading to 2 bedrooms, bathroom and door to stairwell up to second floor

Bedroom 2 (4.7 x 2.9 (15'5" x 9'6"))

Window to front elevation.

Bathroom (2.3 x 2.0 (7'6" x 6'6"))

White suite comprising of wash hand basin, low level WC and bath with shower over. Window to side elevation

Bedroom 3 (3.0 x 2.6 (9'10" x 8'6"))

Window to front elevation.

Second Floor

Bedroom 1 (4.4 x 3.6 (14'5" x 11'9"))

Velux windows to rear elevation with far reaching views. Loft space storage.

External

Allocated parking for 2 cars. Front and rear gardens.

How Does Shared Ownership Work?

If you bought a home on the open market, you would agree a purchase price through an estate agent. Then you would take out a mortgage to cover the total purchase price of the property minus any deposit you might have available.
With Shared Ownership, the price of the property is fixed at the open market value, as assessed by a qualified valuer. You borrow just enough to cover the share you are buying. This is referred to as equity share.

The equity share amount will be an amount that you can afford, as set out under government guidelines. The total monthly cost of the rent, plus your
mortgage, will be lower than the monthly cost if you bought the property outright with a mortgage.

For legal reasons, while you are only buying a part-share of the property, you will have a leasehold interest. However, you may buy further shares. This is called ‘staircasing’, and may
eventually progress to outright ownership.

Buy Back Lease

In some rural areas properties must be always available for shared ownership. This means if you buy over 80% of the share of the property, the freeholder (or other Housing association) must buy your property back (at market value) if you wish to sell on.

Two Rivers Housing

TwoCan Estate Agents are advertising this property on behalf of Two Rivers Housing. Two Rivers Housing are the owners of TwoCan and the Centigen brand.

Disclaimer

All measurements are approximate. We have not checked the serviceability of any appliances, fixtures or utilities (i.e. Water, electricity, gas) which may be included in the sale. We cannot guarantee building regulations or planning permission has been approved and all prospective purchasers should satisfy themselves on these points prior to entering into a contract. Consumer Protection from Unfair Trading Regulations 2008. The Agent has not tested any apparatus, equipment, fixtures and fittings or services and so cannot verify that they are in working order or fit for the purpose. A Buyer is advised to obtain verification from their Solicitor or Surveyor. References to the Tenure of a Property are based on information supplied by the Seller. The Agent has not had sight of the title documents. A Buyer is advised to obtain verification from their Solicitor. Items shown in photographs are not included unless specifically mentioned within the sales particulars. They may however be available by separate negotiation. Buyers must check the availability of any property and make an appointment to view before embarking on any journey to see a property.