1 bed flat for sale

Drake Way, Reading, Berkshire RG2

Shared Ownership

This superb modern home is available to buy from as little as £76,000 with a 40% share!

Offered to the market with no onward chain is this top floor one bedroom apartment. The property will be sold with an extended lease of 972 years and provides the following accommodation – entrance hall, bedroom, modern bathroom, spacious reception room with Juliet balcony and separate kitchen. There is also the benefit of an allocated parking space.

The home is situated in the popular area of Kennet Island, ideally located for easy access to Reading Town Centre which offers a variety of high street and designer shops, cafes and riverside restaurants. Access to J11 of the M4 and A33 to Basingstoke are easily accessible., there is a regular bus service into Reading town centre and the Hilton Hotel with its fitness facilities are only a short walk away.
Pricing & affordability


Full Market Value: £190,000

40% Share Price: £76,000 (rent £450.94pcm)
Minimum 5% Mortgage Deposit (40% share): £3,800
Approximate Service Charges: £142.16 pcm*
Shared Ownership Lease: Approx. 972 years (extended on completion)
Council Tax Band: C
Eligibility


Shared Ownership gives first time buyers and those that do not currently own a home the opportunity to purchase a share in a new build or resales leasehold property. The purchaser pays a mortgage on the share they own and pays rent to a housing association on the remaining share. The combined mortgage and rent is usually less than you’d expect to pay if you bought a similar property outright although this is not a guarantee.

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.

*Service charges are estimated and may subject to change. Rent and service charges will be reviewed annually by your housing provider, usually on 1st April each year.

** This home can also be purchased outright (100% of the value) which is £190,000 and a purchaser would not need to meet the eligibility criteria listed above.