Shared Ownership

This brand new home is available to buy from as little as £57,500 with a 25% share!

Bonington Grange is an exciting new development of energy efficient Shared Ownership homes situated within the sought after residential location of Gedling. Surrounded by pleasant, open surroundings just five miles from the centre of Nottingham and less than two miles from the delightful village of Burton Joyce. This beautifully landscaped development brings an exciting new neighbourhood with comprehensive local shops and services, good transport links and quite exceptional outdoor amenities on your doorstep.

These stunning two bedroom mews homes are constructed to the highest specifications and provide quality, contemporary living. Each one of these properties has a landscaped garden and off-road parking. With families at their heart, these impressive homes boast a spacious kitchen/dining room to the rear and a separate lounge to the front, in addition, each property benefits from a downstairs w/c.

The first floor in each home has a contemporary three piece bathroom suite and two double bedrooms. All this is complemented by gas central heating, smoke detectors, stylish uPVC doors & windows and neutral decor throughout.

PRICING & AFFORDABILITY

Full Market Value: £230,000

25% Share Price: £57,500 (rent £395.31pcm)
50% Share Price: £115,000 (rent £263.54pcm)
75% Share Price: £172,500 (rent £131.77pcm)

Minimum 5% Mortgage Deposit (25% share): £2,875
Approximate Service Charges: £26.57 pcm*
Shared Ownership Lease: 990 years
Council Tax Band: TBC

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.

At Bonington Grange you can buy a minimum 25% share of your home (the maximum you can buy initially is 75%). When you’re ready, you can buy more shares until you staircase to owning 100% of your home.

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.

In addition to this, a local connection to Gedling Borough will apply, the council will approve all applications. You will be required to provide proof that you live and/or work in the local borough of Gedling in order to have an application reviewed.

Please note the minimum share you can purchase can vary depending on your financial situation and you may be asked to purchase a larger share, should your personal circumstances permit.

*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.

**These photos are for information purposes only and may not represent a true likeness for the units being sold. They may have been taken from earlier phases or similar developments/house types and digitally furnished to represent how the home could be laid out; the final colours/appearance/specification may differ from the images and are not plot specific. We advise applicants to make their own investigations on future development in the area. We would suggest contacting the local authority for more information.
Service Charge: 318.84.