1 bed flat for sale

Lundy House, Drake Way, Reading RG2

Shared Ownership

This superb modern apartment is available to buy from as little as £74,000 with a 40% share!

Offered to the market is this well-presented top floor apartment located within the Kennet Island development. The property benefits from having a double bedroom, a modern bathroom, an open plan kitchen/dining/living room and an allocated parking space. The apartment will also be sold with an extended lease of 990 years.

The home is situated in the popular area of Kennet Island which is 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: £185,000

40% Share Price: £74,000 (rent £481.51 pcm)
Minimum 5% Mortgage Deposit (40% share): £3,700
Approximate Service Charges: £170.62 pcm*
Shared Ownership Lease: Approx. 990 years
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.

** This home can also be purchased outright (100% of the value) which is £185,000 and a purchaser would not need to meet the eligibility criteria listed above.