Frankland Drive, Cottingham
Sold Subject to Contract

SHARED OWNERSHIP PURCHASE FROM 25% TO 75%

A fantastic opportunity to acquire a new build property situated on the development of Harland Gardens

This property is offered for sale on a shared ownership basis through East Riding of Yorkshire Council.

Accommodation briefly comprising entrance hall, living room, cloakroom and dining kitchen to the ground floor. To the first floor there are two bedrooms and a family bathroom.

Externally there is a paved driveway to the front of the property providing two parking spaces and a rear garden is laid to lawn.

East Riding of Yorkshire Council Tax Band - C
Energy Performance Certificate - B
Tenure - Leasehold

THE ACCOMMODATION COMPRISES

ENTRANCE HALL
Front door leading in with stairs off to the first floor.

CLOAKROOM
Suite comprising of low level Wc, corner hand basin with tiled splashback, vinyl flooring and extractor fan.

LIVING ROOM 3.62 x 4.34 (11'10" x 14'2")
Good sized room with under stairs storage cupboard, Tv, telephone point and fibre nest broadband.

DINING KITCHEN 4.65m x 2.68m (15'3" x 8'9")
Having a good range of light coloured wall and floor units with complimentary work surfaces and splashbacks incorporating a one and a half bowl sink unit with mixer tap over, integrated oven, four ring gas hob with stainless steel splash back and chimney extractor over. Space for washing machine and fridge freezer. Dining area with patio doors off into the rear garden.

FIRST FLOOR

LANDING
Hatch to loft space and recessed cupboard.

MASTER BEDROOM 4.65m x 2.88m (15'3" x 9'5")
A good sized double to the front of the property with over stairs storage cupboard.

BEDROOM TWO 4.66m x 2.32m (15'3" x 7'7")
Double room to the rear of the property.

BATHROOM 1.84 x 1.80 (6'0" x 5'10")
Suite comprising of low level Wc, pedestal hand basin and panelled bath with chrome shower over. Part tiling to the walls, vinyl flooring, chrome towel radiator and extractor fan.

OUTSIDE
To the front of the property is a block paved driveway providing parking for two vehicles. A side pathway leads to access gate into the rear garden which if laid mainly to lawn with a paved patio adjacent to the property.

ADDITIONAL INFORMATION

SHARE PURCHASE PRICE AND EXAMPLES
The share purchase price is calculated using the full market value and the percentage share purchased.

If you buy a 50% share, the share purchase price will be £95,000 and the rent will be £217.71 a month.

If you buy a larger share, you'll pay less rent. The table below shows further examples.

ShareShare Purchase PriceMonthly rent
25%£47,500£326.56
30%£57,000£304.79
40%£76,000£261.25
50%£95,000£217.71
60%£114,000£174.17
70%£133,000£130.62
75%£142,500£108.85

The percentage share and rent amount will change depending on the amount you can afford. You'll receive a worked example after a financial assessment.

Your annual rent is calculated as 2.75% of the remaining share of the full market value owned by the landlord.

MONTHLY PAYMENT TO LANDLORD
In addition to the rent above, the monthly payment to the landlord includes:

Service charge£0
Estate charge£0
Buildings insurance£8.23
Management fee£0.82
Reserve fund payment£0

Total monthly payment excluding rent£9.05

RESERVATION FEE
£200

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.

The reservation fee secures the home for 90 days. If you buy the home, the fee will be taken off the final amount you pay on completion. If you do not buy the home, the fee is not refundable.

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

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.

LEASE TYPE
Shared Ownership house lease.

LEASE TERM
990 years

TRANSFER OF FREEHOLD
At 100% ownership, the freehold will transfer to you.

LANDLORD
East Riding of Yorkshire Council
County Hall
Cross Street
Beverley
HU17 9BA

Under a shared ownership lease, you pay for a percentage share of the market value of a home. You enter into a lease agreement with the landlord and agree to pay rent to the landlord on the remaining share.

LANDLORDS NOMINATION PERIOD
When you give the landlord notice that you intend to sell your share in your home, the landlord has 4 weeks to find a buyer. The landlord may offer to buy back your share, but only in exceptional circumstances and if they have funds available. If they do not find a buyer within 4 weeks, you can sell your share yourself on the open market. For example, through an estate agent.

PETS
You can keep pets at the home.

SUBLETTING
You can rent out a room in the home, but you must live there at the same time.

You cannot sublet (rent out) your entire home unless you either:

•own a 100% share; or
•have your landlord's permission which they will only give in exceptional circumstances

and

•have your mortgage lender's permission if you have a mortgage

SERVICES
Mains gas, water, electricity and drainage.

APPLIANCES
No appliances have been tested by the agent.