2 bed flat for sale

Drake Way, Reading, Berkshire RG2

Shared Ownership

This superb modern home is available to buy from as little as £183,750 with a 75% share with no rent payable on the remainign share!

A spacious two-bedroom ground-floor apartment offering well-arranged accommodation. The property features a generous open-plan kitchen/living/dining room, creating an excellent main living space with direct access to a private patio. There are two bedrooms, with the principal bedroom benefiting from its own en-suite shower room, alongside a separate family bathroom and useful storage.

The open-plan living area is particularly well proportioned, providing plenty of space for both relaxing and dining. The main bedroom is a good-sized double with built-in storage, while the second bedroom provides useful additional accommodation. The property also benefits from one allocated parking space.

Thorney House forms part of the popular Kennet Island development, conveniently positioned for Reading town centre and Green Park. Reading Green Park railway station is approximately 1.1 miles away, while Reading station provides fast services to London Paddington as well as Elizabeth Line connections across London. The M4 at Junction 11 is also within easy reach, and the surrounding area offers supermarkets, shops, leisure facilities and other everyday amenities.
Pricing & affordability


Full Market Value: £245,000

75% Share Price: £183,750 (rent £0.00pcm)
Minimum 5% Mortgage Deposit (% share): £9,187.50
Approximate Service Charges: £227.34pcm*
Lease: 971 years (lease is currently 81 years but the sellers are extendng the lease as part of the sale)
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.

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.

*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.

** This property is also available to be purchased outright for £245,000. If you are interested in this option please ensure to let us know.