Lund Mews, Preston
Sold Subject to Contract

SHARED OWNERSHIP PURCHASE FROM 10% TO 75%

A fantastic opportunity to acquire a new build property situated on the development of Headstock Meadows within the village of Preston. This property is offered for sale on a shared ownership basis through East Riding of Yorkshire Council.

Accommodation briefly comprising entrance hall, open plan living and kitchen, cloakroom to the ground floor. The first floor offers two fantastic sized bedrooms and family bathroom.

Externally there is two allocated car parking spaces and rear garden.

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

THE ACCOMMODATION COMPRISES

ENTRANCE HALL
Front door leads into the entrance hall with stairs off to the first floor.

CLOAKROOM
Suite comprising of low level WC and vanity sink unit with storage under. Vinyl flooring and extractor fan.

OPEN PLAN KITCHEN/LIVING 5.38 x 4.22 x 8.34 (17'7" x 13'10" x 27'4")
Good range of white modern wall and floor units with complimentary work tops and splashbacks incorporating a moulded sink unit with contemporary mixer tap, integrated oven, four ring induction hob with chimney extractor over, space for washing machine and fridge freezer.

Opening into the living area with large patio doors opening into the rear garden, recessed storage cupboard, spotlights to the ceiling, television and USB points.

FIRST FLOOR

LANDING
Hatch to loft space.

MASTER BEDROOM 4.23 x 3.09 (13'10" x 10'1")
Good sized light and airy room to the rear of the property with television point.

BEDROOM TWO 4.24 x 3.00 (13'10" x 9'10")
Good sized light and airy room to the front of the property with recessed storage cupboard housing central heating boiler.

BATHROOM 2.09 x 2.06 (6'10" x 6'9")
Modern white suite comprising of low level WC, wall mounted sink unit and panelled bath with chrome shower over. Feature tiling to the walls and vinyl flooring. Large chrome towel radiator and extractor fan.

OUTSIDE
Accessed by a private driveway there is a block paved driveway providing two parking spaces and power sockets.
The rear garden is laid mainly to lawn with a paved patio area adjacent to the property and side access gate.

ADDITIONAL INFORMATION
Shared ownership is a low cost home ownership scheme that enables a prospective purchaser to buy a share of a property and rent the remainder. An initial share of between 10 % up to 75% can be purchased with rent payable on the remaining share. Also an option to purchase remaining shares at a later date. Further information is available at the agents office.

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 25% share, the share purchase price will be £42,000 and the rent will be £288.75 a month.

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

Share Share Purchase Price |Monthly rent

10% £16,800 | £346.50
25% £42,000 | £288.75
30% £50,400 | £269.50
40% £67,200 | £231.00
50% £84,000 | £192.50
60% £100,800 | £154.00
70% £117,600 | £115.50
75% £126,000 | £96.25

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

Service charge £0
Estate charge £0
Buildings insurance £8.13
Management fee £0.81
Reserve fund payment £0

Total monthly payment excluding rent £8.94

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. 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 For more information.

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.

INITIAL REPAIR PERIOD
Up to £500 a year for the first 10 years to help with some essential repairs.

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 property.

SUBLETTING
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 circumstance

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.