2 bed flat for sale

Oak House, Cottons Approach, Romford RM7

Shared ownership (Advertised price represents 25% share. Full market value £285,000). This smartly-presented flat is on the second floor, which is the top floor in that part of the building. The property has a dual-aspect reception room with double doors that lead out onto a balcony. The kitchen is semi-open-plan to the reception and features white units and contrasting worktops. There is a main bedroom with fitted wardrobe and en-suite shower room plus a second bedroom which, though smaller, still has space for a double bed and good-sized wardrobe. A large storage/utility cupboard has been provided in the entrance hallway and the energy-efficiency rating is very good, thanks to well insulated walls and roof, triple glazing and gas central heating powered by a newly installed boiler. The development has a communal rear garden and backs onto the green, open spaces of Cottons Park. Romford town centre is just a short walk away and Romford Station, for Elizabeth Line, Greater Anglia and London Overground services, is also within easy reach. Ofsted list nine primary schools within a mile radius, all rated either 'Good' or 'Outstanding'.

Interested parties are required to complete the shared ownership common application form [ ]

(Please note the minimum income and deposit requirements for eligibility. You do not need to request a viewing separately once you have completed the application form.)

Housing Association: The Riverside Group.
Tenure: Leasehold (125 years less 3 days from 14/12/2007).
Minimum Share: 25% (£71,250). The housing association will expect that you will purchase the largest share affordable.
Shared Ownership Rent: £639.98 per month (subject to annual review).
Service Charge: £252.99 per month (subject to annual review).
Guideline Minimum Income: Dual - £39,600 | Single - £45,900 (based on minimum share and 10% deposit).
Council Tax: Band C, London Borough of Havering. Priority is given to applicants living and/or working in this local authority.

This property is offered for sale in the condition seen. The housing association does not warrant to carry out any remedial or redecoration work of a cosmetic nature unless specifically advised in writing. As a general rule, fitted domestic appliances are included in the sale; non-fitted appliances are not. If you require confirmation, you must request this in writing from Urban Moves. The information in this document supersedes any information given verbally either in person or by telephone. Pets not permitted. There is no parking space offered with this property however we understand that parking permits for the undercroft car park are available from the housing association.

What is shared ownership ?

Shared Ownership is a housing scheme designed to help homebuyers who are unable to afford the cost of buying a property outright on the open market. Properties may be sold off-plan or new build direct from housing associations, or pre-owned from existing shared owners. The rules and terms of the scheme are set by the Greater London Authority (gla) in London and Homes England outside of London.

Is shared ownership for you ?

The gla and Homes England set the eligibility criteria for Shared Ownership, but broadly speaking you must:

1. Not own another property in the UK or any other country.
2. Have a household income that falls below £90,000 (£80,000 threshold outside the M25). Every property will have a minimum income level too, determined by its value, rent and service charge costs. In most cases you will need to meet or exceed the given minimum income.
3. Have access to a minimum deposit of 10% of the share being purchased (a minimum deposit of 5% of the share being purchased may be acceptable depending on individual financial status).
4. Be in full time permanent employment.
5. Be a British, EU or eea Citizen or have indefinite leave to remain in the UK.
6. Have a good credit history.

Reception Room

15' 3" x 11' 0" (4.65m x 3.35m)

Kitchen

8' 4" x 6' 7" (2.54m x 2.01m)

Bedroom 1

14' 8" max. X 9' 5" max. (4.47m x 2.87m)

En-Suite Shower Room

7' 3" max. X 5' 3" max. (2.21m x 1.60m)

Bedroom 2

10' 9" x 7' 5" (3.28m x 2.26m)

Bathroom

7' 3" max. X 6' 7" max. (2.21m x 2.01m)