3 bed end terrace house for sale

Manifold Drive, Alvaston, Derby DE24

Shared Ownership

This property in need of complete modernisation is available to buy from as little as £82,500 with a 50% share!

This end of terrace property requires complete renovation. The accommodation comprises entrance hall, reception room, kitchen/dining room, three bedrooms and a shower room. Outside, there is driveway parking and a private garden at the rear.

Alvaston is a well-established suburb of Derby, situated about 3miles south-east of the city centre.
Frequent buses (Arriva and Diamond) run along the A6 to Derby centre, East Midlands Airport, Leicester. Road connections are strong via the A6, A5111 ring road, with Derby station a short bus or drive away.
Pricing & affordability


Full Market Value: £165,000

50% Share Price: £82,500 (rent £177.66 pcm)
Minimum 5% Mortgage Deposit (50% share): £4,125
Approximate Service Charges: £61.89 pcm*
Lease: 99 years
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 £165,000 and a purchaser would not need to meet the eligibility criteria listed above.