2 bed flat for sale

Magnolia Drive, Banstead, Surrey SM7

Shared Ownership

This superb modern home is available to buy from as little as £212,400 with a 59% share!

This beautifully arranged second-floor apartment offers a seamless blend of comfort and modern living, set within a desirable residential location. The property is thoughtfully laid out to maximize both space and natural light, creating an inviting and practical home environment ideal for a range of lifestyles.
At the heart of the home is a spacious open-plan kitchen and reception area, perfect for both everyday living and entertaining. The kitchen is well-equipped and positioned to maintain a sociable atmosphere, while the reception space provides ample room for relaxing and dining, all enhanced by a bright and airy feel.
The apartment features two well-proportioned bedrooms, each offering a and comfortable retreat. The principal bedroom benefits from generous proportions, while the second bedroom is versatile and suitable for guests, a home office, or additional living space.
A well-appointed bathroom and additional facilities are conveniently positioned, complementing the overall functionality of the home. The layout ensures a natural flow throughout, with thoughtful design elements enhancing usability and comfort.
Outside, there is an allocated parking space for added convenience.

This property enjoys a peaceful residential setting in Banstead, known for its low crime rates and family-friendly environment. A range of everyday amenities are within easy reach, including local shops, convenience stores and well-regarded schools, all contributing to a highly practical and desirable neighbourhood. Transport links are well-connected, with Banstead railway station approximately 0.7 miles away providing services towards London and surrounding areas.
Pricing & affordability


Full Market Value: £360,000

59% Share Price: £212,400 (rent £509.59 pcm)
Minimum 5% Mortgage Deposit (% share): £10,620
Approximate Service Charges: £120,000 pcm*
Lease: 100 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:

• 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 home can also be purchased outright (100% of the value) which is £360,000 and a purchaser would not need to meet the eligibility criteria listed above.