2 bed terraced house for sale

Meadow Lane, Cranbrook, Exeter EX5

Shared Ownership

This superb modern home is available to buy from as little as £80,000 with a 40% share!

A very spacious, two-bedroom home offering approximately 826 sq ft of accommodation, providing a good opportunity for someone looking to put their own stamp on a property. The ground floor comprises a separate kitchen, a spacious reception room with access to the rear garden, and a convenient downstairs WC.

Upstairs are two generously proportioned bedrooms, together with the family bathroom. The property would benefit from some cosmetic improvement, with the floor coverings currently removed and the rear garden requiring landscaping.

The property is situated within the popular Cranbrook development, which offers local shops, schools, a doctors' surgery, green spaces and other everyday amenities. Cranbrook also benefits from its own railway station, providing direct connections towards Exeter, while the M5 and Exeter Airport are easily accessible.
Pricing & affordability


Full Market Value: £200,000

40% Share Price: £80,000 (rent £363.79pcm)
Minimum 5% Mortgage Deposit (40% share): £4,000
Approximate Service Charges: £24.95pcm*
Lease: 113 years
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:

• You must live, work or have close family members in the East Devon or Exter regions
• 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.