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2 Bedroom Flat

Station Road North, Merstham, Redhill, RH1

£ 147,000

Call the Shared Ownership branch on 02380 820 121

Features:

  • Brand new Shared Ownership home
  • Open plan lounge/kitchen/diner
  • Parking
  • Excellent travel links
  • Available immediately
  • En suite

 

Property Description:

Shared Ownership

This brand new home is available to buy from as little as £147,000 with a 40% share!

Sandstone Court features a collection of brand new shared ownership apartments situated in the picturesque Surrey town of Merstham. The location offers excellent travel links with Merstham train station less than 0.2 miles from the development with direct trains to both London Victoria and London Bridge, not to mention, easy access to the M23, M25 and Gatwick Airport. This is complimented with great access to many local parks & recreational grounds such as Merstham Recreation Ground and Gatton Park, with beautiful 250 acres of parkland in Reigate looked after by the National Trust.

Residents can enjoy conveniences from the nearby, picturesque market town of Reigate, only a short drive away. It is home to a honeypot of restaurants, cafes and shops, many of which are independent. The quaint village of Nutfield also offers local amenities, such as a farm shop offering high quality fresh local produce, a bakery, and butchers and then there is Redhill with its extensive shopping and entertainment facilities at The Belfry and Harlequin.

This brand new ground floor apartment features a spacious 20ft lounge/kitchen/diner, two double bedrooms (en suite to main bedroom) and a family bathroom. Externally are communal grounds and parking.

PRICING & AFFORDABILITY

Approximate Size 830 sq ft

Full Market Value: £367,500

40% Share Price: £147,000 (rent £505.31pcm)

50% Share Price: £183,750 (rent £421.09pcm)

75% Share Price: £275,625 (rent £210.55pcm)

Minimum 5% Mortgage Deposit (40% share): £7,350

Approximate Service Charges: £128.33 pcm*

ELIGIBILITY

The Shared Ownership scheme is a Part Buy, Part Rent way of owning your own home for a smaller up front payment. With Shared Ownership, you buy a share of your home using a mortgage from a bank or building society and pay a subsidised rent on the share you did not purchase. The combined mortgage and rent is usually less than you'd expect to pay if you bought a similar property outright.

At Sandstone Court you can buy a minimum 40% share of your home (the maximum you can buy initially is 75%). When you're ready, you can buy more shares until you staircase to owning 100% of your home.

To be eligible for shared ownership you would need to meet the following criteria:

' Your annual household income does not exceed £80,000

' You have a deposit of at least 5% of the share value

' You do not own another property or have your name on the deeds or a mortgage for a property worldwide.

' This will be your only residence.

' You are a permanent UK resident or have indefinite right to remain.

Please note the minimum share you can purchase can vary depending on your financial situation and you may be asked to purchase a larger share, should your personal circumstances permit.

*Service charges are estimated and may subject to change.

**These photos are for information purposes only and may not represent a true likeness for the units being sold. They may have been taken from earlier phases or similar developments/house types and digitally furnished to represent how the home could be laid out; the final colours/appearance/specification may differ from the images and are not plot specific. We advise applicants to make their own investigations on future development in the area. We would suggest contacting the local authority for more information.

 

Call the Shared Ownership branch on 02380 820 121