1 Bed Flat For Sale

50% SHARED EQUITY. Perfect way to get on the property ladder. This particularly spacious and well presented first floor apartment is ideally located in central Lowestoft being within easy walking distance to the town centre.
The 'Hollies' provides a secure building with keycode/fob access for peace of mind. As you enter the property, you appreciate the clean and bright communal areas, and then you ascend via the stairs or lift to the first floor. Once inside the apartment, you will appreciate the spacious through lounge/diner with bay window, double bedroom & refitted shower room. Outside, there are attractive communal gardens which also provides a clothes drying area.
PLEASE SEE NOTES ON SHARED OWNERSHIP.

Communal Entrance Door - to communal areas, to include stairs and lifts, oak entrance door to:-

Spacious Hallway - built-in store cupboard also housing hot water storage tank, fuse box, electric radiator, door entry phone.

Particularly Spacious Lounge/Diner - square bay window, upvc double glazing, electric radiator, opening to:-

Kitchen - fitted in a range of base and walls units, single drainer sink, recess and plumbing for automatic washing machine, electric cooker panel, tiled splashbacks, space for fridge and freezer, extractor fan, upvc double glazed window.

Bedroom 1 - upvc double glazed window, electric radiator.

Shower Room - double shower cubicle with a thermostatic shower unit, pvc wall boarding, low level wc, with concealed cistern, vanity washbasin, mirrored cabinets, extractor fan.

Outside - Parking spaces and attractive and fully enclosed garden area with clothes drying facilities.

Council Tax Band - A

Shared Ownership - The property will be sold with a 50% share of the LEASEHOLD INTEREST. Orbit Housing association will be the freeholders of the property and there will be rent due for their remaining 50% payable monthly (details to follow).
The proposed buyers will be required to complete an Orbit application form, and they must be satisfied that the purchaser complies to the 'Homes England affordability assessment. It may be possible for an applicant to purchase 100% of the property, but an additional staircasing process will have to be completed.

Leasehold - The property has the benefit of a 125 year lease from 1st January 1994. The lease ends 1st January 2119. There is 94 years remaining.

Monthly Charges - The monthly charges are as follows:

Rent on 50% ownership by Orbit. £145.76 pm This will increase to £153.34 pm from the 01/04/24.

Service Charge £111.70 pm. This will increase to £138.33 pm. from the 01/04/24.

Eligibility Checker - A potential purchaser must check online with the eligibility checker on the Government Website:

Other points to bear in mind;
1. The household earns £80,000 a year or less (or £90,000 a year or less in London)
2. They are first-time buyers (or used to own a home but cannot afford to buy one now. Existing shared owners are required to have disposed of their existing shared ownership home at the point of purchase.)
3. They are aware that shared ownership properties cannot be sub-let and must be the leaseholder's primary residence.

Share Value Calculation - The property has been valued for the 'whole 100%' at £65,000, which includes £10,000 improvements made by the occupier.
The Improvements are:
1. New Windows & Doors
2. New Fitted Shower Room
3. New Extractor fan to Shower room.
4. New radiators. Old system removed.

The breakdown is as follows:
Property Valuation (excluding improvements) £55,000
Value of 50% equity share £27,500
Plus value of improvements £10,000
Sale price of vendors share £37,500