The property on Dereham Road, IG11

Acting for a Trustee in Bankruptcy, the Insolvency Department of Currell Chartered Surveyors has just sold a repossessed property in Barking for 26% over the guide price.

The four bedroom semi-detached property in Dereham Road was sold through auction at The Sheraton Grand Hotel in Piccadilly for £497,000 – a substantially larger amount than the £390,000 guide price.

The property is close to Barking town centre and represented a great opportunity for investment and modernisation.

Currell’s new Barking office, in the former police station, set to open this summer

The average property price in the borough of Barking and Dagenham is £296,892 – up 3.9% from 2016 (Land Reg, Dec 2017). Currell is opening a new office in Barking this summer, as part of the wider regeneration of the area.

There are plans for more than 35,000 new homes and 10,000 new jobs in the borough over the next 20 years.

What is shared ownership?

Shared ownership is a type of Help to Buy scheme, that allows you to purchase a share in a property. You then pay a subsidised rent to the Housing Association on the remaining share, along with a monthly service charge.

Shared ownership properties are purchased on a leasehold basis and the lease is normally 125 years. This means you will own an equity share in the property – anything from 25% to 75%, dependent on what is being offered by the vendor, and what you’re able to afford.

Financial ability is assessed free of charge by an independent financial advisor (IFA). You’re required to buy up to your maximum affordability, and additional shares in the property can be purchased at any time – this is called staircasing. The price is always taken from the market value, which is determined at the time by a RICS accredited surveyor.

Once you’ve bought your property, you can sell it at any time. The housing association will normally have a 12 week period to find another person to purchase the property under the shared ownership scheme, however if they can’t find a buyer in that time period, the property can then be sold on the open market (again, the value is determined by a RICS accredited surveyor).

So how do I know if I’m eligible?

In order to qualify for shared ownership, you’ll need to…

  • Earn less than £90,000 a year if you’re looking to buy in London, and £80,000 outside of London. Every property will have a minimum income level too, determined by its value, rent and service charge costs
  • Have access to a minimum deposit of 5% of the share being purchased
  • Be employed on a permanent contract and have passed any probation or be able to provide three years audited accounts if self-employed
  • Have British, EU or EEA Citizenship or have indefinite leave to remain
  • £5,000 towards legal fees, mortgage arrangement fees and stamp duty

Each development will have an eligibility criteria of its own and this can be based on the area in which applicants currently live or work and the type of accommodation currently occupied.

What now?

Take a look at our selection of fabulous properties available to purchase through shared ownership here.

To find out more about shared ownership, head to Twitter to take part in #SOChatHour where you can join the conversation and ask questions about all things Shared Ownership, every Wednesday at 8pm.

You can also get in touch with our team on 020 7704 5618. 

 

Only one shared ownership apartment remains for sale at the popular Kings Crescent development. This first floor 3 bedroom apartment is available to purchase with a deposit of only £8,438.

This spacious apartment has wood flooring throughout, a high end kitchen with integrated appliances. It also has a large balcony and views over the courtyard to the rear of the property.

The development is ideally located next to Clissold Park, and with excellent transport links nearby. Manor Park tube station is just over half a mile away and Finsbury Park (tube and rail station) is a ten minute walk from the development.  In 2018 Finsbury Park will become part of the Thameslink mainline, offering improved services to the south coast and beyond.

Applications are accepted from all London boroughs, and priority will be given to those living and working in the London borough of Hackney.

To register your interest please call the shared ownership team on 0207 704 5618 or email sharedownership@currell.com

We are selling 11 apartments in the St Paul’s Square development in Bow, E3. With prices for one bedroom apartments starting at £440,000, and £525,000 for two bedroom units at £525,000, all apartments are available through Help to Buy.

All apartments are built to a high specification and benefit from private outside space. The development is beautifully designed with modern city living in mind, and is surrounded by landscaped gardens. These apartments offer an excellent opportunity to live in a well-connected location near to both the City and Canary Wharf, at attractive price levels.

The development is conveniently located for public transport with Mile End station and Devons Road DLR within walking distance giving easy access to Central London, Canary Wharf and the West End.

For more information about the development please contact a member of the new homes team by email or phone: newhomes@currell.com or 020 3826 4888, or arrange a viewing on our website here.

London has topped a survey by Post Office Travel Money for the most expensive city for cultural exploits in Europe. Out of 12 major cities surveyed, Londoners may not be surprised to learn that their hometown won the title of most expensive.

According to the survey however, we Londoners believe we get good value for money and are incredibly proud of the cultural gems this great city has on offer. And rightly so…London is packed full of things to do and see…so get out there this bank holiday and discover them!

London is host to three of the top ten museums in the world, over 850 art galleries, 170 museums and 11 National museums, including the National Gallery which is the 4th most visited museum in the world and packed full with 2,300 paintings.

National Gallery in Trafalgar Square

National Gallery in Trafalgar Square

London also plays host to over 250 festivals every year, a figure which continues to grow. This coming weekend, on Sunday and Monday, is Notting Hill carnival, which attracts over one million people and music acts from around the world, making it Europe’s biggest street festival.

If you are keen for a giggle London is the perfect place. It is native to more live comedy than anywhere across the globe. Whether you are seeing big name headliners at the 02 or enjoying the comedy nights at the Camden Head in Islington, there is always plenty of choice

If comedy isn’t your thing but film is, you’re in luck as London has over 790 cinema screen dotted around its boroughs; the most cinema screens per mile than any other part of the UK.

Wilton’s Music Hall is the world’s oldest surviving music hall it was built in 1743 and is an operational piece of musical history. It still hosts gigs, shows film and stand-up comedy.  The bar area is also a great venue for a cosy date night.

More of a book worm? Why not visit the British Library, home of the Magna Carta. London has more than 800 bookshops and over 380 public libraries, so there is no excuse!

And lets not forget all the Royal landmarks where you might just meet your very own prince.

Whatever you do this weekend…get out there and discover what our amazing city has to offer.