3 bed semi-detached house for sale

Summer Meadow, Cranbrook, Exeter EX5

Shared Ownership

This superb modern home is available to buy from as little as £104,000 with a 40% share!

A well presented three bedroom semi detached home is situated within the popular and modern community of Cranbrook, on the eastern edge of Exeter. The ground floor comprises a generous reception room, a modern kitchen/dining room with ample space for everyday living and entertaining, and a convenient ground floor cloakroom. On the first floor are three well proportioned bedrooms, along with a contemporary family bathroom. Externally, the property benefits from two allocated parking spaces located to the rear along with an enclosed garden.

Cranbrook is a thriving community offering an excellent range of local amenities. Residents benefit from a town centre with a supermarket, independent shops, cafés, restaurants, medical facilities and a leisure centre, all within easy reach. There are also well regarded primary and secondary schools, green spaces, parks and pleasant walking routes.

The property is ideally placed for commuters, with Cranbrook railway station providing regular services to Exeter Central, Exeter St David’s and onward connections across the region. The nearby A30 and M5 motorway offer excellent road links to Exeter, Honiton, Taunton and the wider South West. Exeter International Airport is also conveniently close, providing domestic and international travel options. Combined with access to both the city and surrounding Devon countryside, Cranbrook offers a superb balance of lifestyle and connectivity.
Pricing & affordability


Full Market Value: £260,000

40% Share Price: £104,000 (rent £377.28pcm)
Minimum 5% Mortgage Deposit (40% share): £5,200
Approximate Service Charges: £23.46pcm*
Lease: 115 years remaining
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.
Local area connection

Please note that buyers must have a local connection to East Devon District Council - this could be via living and/or owrking in the borough or having a strong family connection - proof of a connection will be required.

*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.