Glovers Close, Stoke-Sub-Hamdon
Part Buy Part Rent £135,000

Shared Ownership

Shared ownership helps you to buy a home if you cannot afford all of the deposit and mortgage payments for a home that meets your needs. You pay for a percentage share, normally between 50% and 80% of the home’s full market value (we are advertising 50% value on this property). You enter into a lease agreement with the landlord (Willow Tree Housing), and agree to pay rent to the landlord on the remaining share. You’ll be referred to a mortgage adviser. They will assess your income and outgoings. For this particular purchase, the share available is fixed at 50%.

Willow Tree Housing Partnership Limited (WTHP)

Willow Tree Housing Partnership Limited (WTHP) will administer the sale of this property. Upon applying to purchase this property through Orchards Estates, your details will be forwarded to the relevant department with WTHP who will then guide you through the process and send you the relevant paperwork. There are a range of qualifying criteria to be considered when purchasing this property.

Criteria for Shared Ownership

Glovers Close, Stoke Sub Hamdon – Local Connection A connection with one of the parishes of Stoke-Sub-Hamdon, Norton-Sub-Hamdon, Montacute, Chiselborough or Martock as follows: * Has resided in one of the specified parishes for not less than two years out of the last five. * Has worked in one of the specified parishes for not less than two years out of the last five * A member of their family has lived or worked in one of the parishes as set out above. Family members are defined as: o Spouse o Parent o Grandparent o Child o Grandchild o Brother or sister o Aunt or uncles o Nephew or niece

RICS Survey

An Independent RICS Chartered Survey has taken place and confirmed the full value of this property at £270,000. The property price as advertised equates to 50% of the total value and is the minimum mortgage affordability required.

Monthly Charges (current)

The current monthly charges for the rented 50% of the property are: • Rent £256.45 • Service charge £ 18.42 • Total £274.87 There is an annual increase each April which is based on Retail Price Index so is variable. This year Willow Tree Housing chose to cap the increase for shared owners at 6%, matching the social housing rent cap, as RPI was somewhat higher than this. The lease is valid for 99 years from 25/03/1993 so has approx. 68 years remaining.

Viewings and Application

Please contact the agent, Orchards Estates to arrange your viewing. We will also guide you through the initial requirements and send you paperwork prior to introducing you to the Landlord, Willow Tree Housing who will then check your criteria and confirm your application.