Flat 8 Mortimer House, 77 Penfold Road, Worthing

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Resale

Shared Ownership

Please note that all sales particulars and images are for marketing and illustrative purposes only. Plans, computer generated images and photos may contain elements which are not present upon the final completion of the property.

Shared ownership resale

Please note, the majority of our shared ownership homes undergo a rent review in April 2024. The review will depend on the shared ownership lease, but the majority will see a 9.4% uplift to the rent. We will confirm the exact changes to the rent for this property as part of the sales process.

Full market value - £180,000
Share value - £72,000
Minimum income - £30,236
Minimum savings- £6100
Estimated mortgage- £416
Rent- £235.42
Service charges- £188.08
share for sale- 40%
Maximum share available- 80%
Council tax band - A
Lease length remaining - 109 years

£72,000 for a 40% share

Open Market Value: £180,000

From £215 per calendar month

Service Charge: £197.32

Shared ownership resale

Available on shared ownership 1

Brochure

Flat 8 Mortimer House, 77 Penfold Road, Worthing

1) A well-appointed first floor 1 bedroom flat with own Parking space in the of Broadwater, Worthing. Close to the local high street and amenities.

2) As you enter the flat via a wide hallway the entrance to the bathroom is on the left. Directly opposite is the entrance to the utility cupboard ideal for storing a washing machine and tumble drier also, inside the utility cupboard is the fuseboard and hot water tank.

3) The flat is light and airy with a spacious bedroom at the then end of the hallway.

4) To right is the entrance to the main living area. The Living area can be divided into a dining area and lounge making full use of the space available. To the rear of the living area is a separate kitchen which captures the light throughout the day.

As this property is a flat, please note that as a result of building safety regulations, some lenders are requiring certain properties to have a completed EWS1 form. An EWS1 (External Wall System) form provides independent assurance that your building meets the requirements of the Government's latest standards.

Unfortunately, we have seen that some lenders may still wish to request this information even though it is not a legal requirement. Stonewater do not have an EWS1 in place for all buildings and should a mortgage lender require this, any purchase may be impacted. If an EWS1 is requested, whether one is required or not, Stonewater are committed to providing as much information as possible to satisfy a lenders request for an EWS1. We suggest you speak with a financial advisor before proceeding.

Further information about EWS1 and Stonewater’s position can be found at https://stonewaterhomes.co.uk/government-guidance-changes-for-EWS1

Viewings

The seller is currently accepting viewings and if you would like to arrange a viewing, please contact the seller on the details below.

Seller Name: Paul Waller

Seller Contact Details: crashbangwaller@yahoo.co.uk 07980 571005

As a shared ownership home, you will need to be eligible for Shared Ownership.

As a reminder, to be eligible for shared ownership you will need to evidence:

• your household income is £80,000 a year or less (£90,000 a year or less in London)
• you cannot afford all of the deposit and mortgage payments for 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 a new home that meets your needs

Please take note of the minimum income, £29,840 and minimum deposit £6100 for this property.

If you make a successful offer to the seller after your viewing, they will let us know and we will then be able to refer you for a financial assessment with an Independent Financial Advisor. This is compulsory for all Shared Ownership purchases and does not interfere with any mortgage arrangements you have already made. They will complete an assessment but you are not obliged to use them afterwards to arrange your mortgage, but can if you wish.

Please let us know if you need any further information and good luck with your viewing.

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