Prioress House

1 bedroom homes in Prioress House, London, Barking and Dagenham, IG11 8SD

Tenure Shared ownership
What is Shared Ownership?
Availability Available
Min share price from £99,000 for 45% share
Full price from £220,000
Min deposit from £4,950
Monthly rent from £238
Service charge from £115
Bedrooms 1
Bathrooms 1
Pets No
Energy efficiency rating B

Shared Ownership is a type of affordable home ownership when a purchaser takes out a mortgage on a share of a property and pays rent to a landlord on the remaining share.

For example, someone might buy a 50 per cent share in a property and pay rent to the landlord on the remaining 50 per cent. Purchasers then have the opportunity to ‘staircase’ up their share of the property, gradually increasing the proportion of their home that they own outright and therefore paying less rent on the remaining portion, until they own 100 per cent of their home.

Overview

***Please quote PRI4104 when enquiring.***

 

- Introduction -

Looking for your new home? Struggling to save for a deposit? This 1 bed flat in Barking is the answer and is too good to miss! A 5% deposit is just £4,950, so why not take a look? You’ll have an abundance of convenience right on your doorstep!

 

- What the owner says -

“Quiet neighbourhood. Modern kitchen, bathroom and bedroom. A modern and airy apartment.”

 

- Full Description –

- 1 bedroom first floor flat.

- Entrance hall way with storage cupboard and televisual entry system for your security and peace of mind.

- Living room (4.1m x 3.6m) with double floor to ceiling windows.

- Kitchen (2.8m x 2.3m) boasts coordinating wall and base units with contrasting work tops. Integrated electric hob and oven, stainless steel extractor fan and splash back.

- Bedroom (4.3m x 2.7m) with fitted wardrobes and a window to the front aspect.

- Bathroom (2.2m x 1.7m) has a bath with overhead shower, glass shower screen, wash basin and WC. Partially tiled walls with fixed mirror and extractor fan.

- Electric heating.

- Neutral decoration throughout.

- Communal garden.

- On-street parking.

 

- Costs -

1-BEDROOM FLAT (FIRST FLOOR)

PRICE - £99,000*

RENT - £238.47pm

SERVICE CHARGE - £114.88pm**

*This represents a 45% share of the full open market value of £220,000

**This includes: management charge, service charge, building insurance charge and sinking fund. Rent and service charges are reviewed annually.

 

- Eligibility Requirements -

The minimum household income requirement for this property is £27,535^.

If you will be obtaining a mortgage you will need at least £4,950 in savings (i.e. a 5% deposit).

 

If you will be purchasing with a mortgage you must provide us with an Agreement in Principle (AIP) to support your application. Evidence in support of your AIP (or proof of funds if cash buyers) must also be provided. Further details available on request.

 

In order to apply you must be registered with the local Help to Buy Agent - Homes For Londoners, https://www.london.gov.uk/what-we-do/housing-and-land/homes-londoners/search/register. You will need to provide your HTB reference when completing the application process.

 

^If your deposit is more than 5% the minimum income requirements may be less. Please contact us for further details.

 

- General Information -

Tenure: Leasehold

Lease: 125 years from 1st January 2015

Years remaining on lease: 121 approx.

Approximate internal area: 50 sq. m.

Local Authority: London Borough of Barking and Dagenham

Council Tax Band: C

EPC Rating: 86 (B)

 

- Terms and Conditions -

***Applicants must have a local connection to Barking and be registered with Homes For Londoners. Priority is given to first time buyers.***


- Viewings -

Viewings are held strictly by appointment - call today to arrange a mutually convenient time.

 

Applications are only accepted from those who have viewed the property. If you have viewed and would like to apply please register your interest with the Resales Team.

Local area information

Quiet neighbourhood. Easy access to Barking train station.

Illustration by: James Halsall

Register Interest

Register your interest to be contacted by a housing provider. You will need to provide basic eligibility criteria during the register interest process.

Prioress House

1 bedroom homes in Prioress House, London, Barking and Dagenham, IG11 8SD

Tenure Shared ownership
What is Shared Ownership?
Availability Available
Min share price from £99,000 for 45% share
Full price from £220,000
Min deposit from £4,950
Monthly rent from £238
Service charge from £115
Bedrooms 1
Bathrooms 1
Pets No
Energy efficiency rating B

Shared Ownership is a type of affordable home ownership when a purchaser takes out a mortgage on a share of a property and pays rent to a landlord on the remaining share.

For example, someone might buy a 50 per cent share in a property and pay rent to the landlord on the remaining 50 per cent. Purchasers then have the opportunity to ‘staircase’ up their share of the property, gradually increasing the proportion of their home that they own outright and therefore paying less rent on the remaining portion, until they own 100 per cent of their home.

Location

Housing Provider

Trusted by

Southern Complete Moves Mayor or London National Housing Federation Moat Homes