Porter Drive, Hook

SHARED OWNERSHIP PURCHASE FROM 25% TO 75%

A fantastic opportunity to acquire a new build property situated on the development off River View, Hook built by Willow Developments.

Vandon Lodge is a three bedroomed semi detached property located down a private cul de sac.

Briefly comprising the property has an entrance hall, living room, dining kitchen, lobby and cloakroom downstairs. To the first floor are three bedrooms, the master is en suite and a modern family bathroom.

To the front of the property is a block paved driveway and lawn and the large rear garden will be laid to lawn.

Tenure - Leasehold
Council Tax - Tbc
EPC - B

The Accommodation Comprises -

Ground Floor -

Entrance Hall - Composite front door leads into the entrance hall with window to the side elevation.

Living Room - 4.23m x 3.92m (13'10" x 12'10") - A spacious room with television and telephone point. Double doors into the kitchen.

Dining Kitchen - 3.67m x 3.94m (12'0" x 12'11") - Having a good range of modern wall and floor units with complimentary work surfaces incorporating stainless steel sink unit, integrated oven, four ring electric hob with concealed extractor over, space for dining table, washing machine and fridge freezer. Door into rear lobby.

Rear Lobby - With back door off and large under stairs storage cupboard.

Cloakroom - 1.53m x 1.07m (5'0" x 3'6") - Modern suite comprising of low level WC and vanity sink unit with storage under, tiled splashback, vinyl flooring and extractor fan.

First Floor - Landing with hatch to loft space and cupboard housing gas central heating boiler.

Master Bedroom - 3.51m x 2.77m (11'6" x 9'1") - Good sized double room to the front of the property with double doors into the en suite.

En Suite - Modern suite comprising of low level Wc, vanity sink unit with storage under, shower cubicle with sliding door and mains fed shower, full tiling to the shower, tiling to the floor and tiled splashback to the sink. Shaver point, Extractor fan and chrome towel radiator.

Bedroom Two - 3.53m x 2.77m (11'6" x 9'1") - Double room to the rear of the property.

Bedroom Three - 2.49m x 1.99m (8'2" x 6'6") - To the rear of the property.

Family Bathroom - 1.98m x 1.88m (6'5" x 6'2") - Modern suite comprising of low level WC, vanity sink unit with large moulded sink unit and storage under, panelled bath with mains fed shower and hand held attachment. Full tiling to the walls and tiling to the floor. Shaver point, extractor fan and chrome towel radiator.

Outside - Block paved driveway to the front of the property provides ample off street parking with side access gate into the rear garden which will be laid mainly to lawn.

Additional Information -

Services - Mains gas, electricity and drainage are connected to the property

Appliances - No appliances have been tested by the agents.

Share Purchase Price And Rent Examples - The share purchase price is calculated using the full market value and the percentage share purchased.

If you buy a 50% share, the share purchase price will be £107,500 and the rent will be £246.36 a month.

If you buy a larger share, you'll pay less rent. The table below shows further examples.

ShareShare Purchase PriceMonthly rent
25%£53,750£369.53
30%£64,500£344.90
40%£86,000£295.63
50%£107,500£246.36
60%£129,000£197.08
70%£150,500£147.81
75%£161,250£123.18

The percentage share and rent amount will change depending on the amount you can afford. You'll receive a worked example after a financial assessment.

Your annual rent is calculated as 2.75% of the remaining share of the full market value owned by the landlord.

Monthly Payment To The Landlord - In addition to the rent above, the monthly payment to the landlord includes:

Service charge£0
Estate charge£0
Buildings insurance£9.70
Management fee£0.97
Reserve fund payment£0

Total monthly payment excluding rent£10.67

Reservation Fee - £200. You’ll need to pay a reservation fee to secure your home. When you pay the fee, no one else will be able to reserve the home.

The reservation fee secures the home for 90 days. If you buy the home, the fee will be taken off the final amount you pay on completion. If you do not buy the home, the fee not refundable.

Eligibility - You can apply to buy the home if both of the following apply:

•your household income is £80,000 or less
•you cannot afford all of the deposit and mortgage payments to buy a home that meets your needs

One of the following must also be true:

•you're a first-time buyer
•you used to own a home but cannot afford to buy one now
•you're forming a new household - for example, after a relationship breakdown
•you're an existing shared owner, and you want to move
•you own a home and want to move but cannot afford to buy a new home for your needs

If you own a home, you must have completed the sale of the home on or before the date you complete your shared ownership purchase.

As part of your application, your finances and credit history will be assessed to ensure that you can afford and sustain the rental and mortgage payments.

Tenure - Leasehold

Lease Type - Shared Ownership House Lease

Lease Term - 990 years

For more information, see section 2.5, ‘Lease extensions’, in the ‘Key information about shared ownership’ document

Maximum Share You Can Own - Maximum share you can ownYou can buy up to 100%% of your home.

Transfer Offreehold - Transfer of freeholdAt 100% ownership, the freehold will transfer to you.

Landlord - East Riding of Yorkshire Council
County Hall
Cross Street
Beverley
East Riding of Yorkshire
HU17 9BA

Under a shared ownership lease, you pay for a percentage share of the market value of a home. You enter into a lease agreement with the landlord and agree to pay rent to the landlord on the remaining share.

Landlords Nomination Period - When you give the landlord notice that you intend to sell your share in your home, the landlord has 4 weeks to find a buyer. The landlord may offer to buy back your share, but only in exceptional circumstances and if they have funds available. If they do not find a buyer within 4 weeks, you can sell your share yourself on the open market. For example, through an estate agent.

Pets - You can keep pets at the home.

Subletting - You can rent out a room in the home, but you must live there at the same time.

You cannot sublet (rent out) your entire home unless you either:

•own a 100% share; or
•have your landlord's permission which they will only give in exceptional circumstances (see section 1.5 in ‘Key information about shared ownership’ document)

and have your mortgage lender’s permission if you have a mortgage