3 bed town house for sale

Home Close, Cranbrook, Exeter EX5

Spacious Three-Bedroom shared ownership Town House being brought to the market with a 40% share. With a kitchen diner, family room, three double bedrooms, family bathroom, downstairs WC and 2 parking spaces, this property is ideal for a growing family or young professionals!

Guide price £106,000

Property Type: Three bedroom mid terrace house with two tandem parking spaces

Scheme: Shared Ownership Resale

Full Market Value: £265,000

Share Purchase Price and Rent Example

The share purchase price is calculated using the full market value and the percentage share purchased.

If you buy a 40% share, the share purchase price will be £106,000, and the rent will be £382.66 per month.

Your annual rent is calculated at 2.89% of the remaining share of the full market value owned by the landlord.

Please note that the rent is only calculated as a percentage of the retained equity when the lease is first granted. As this is a resale property, annual rent reviews will have taken place, meaning the current rent no longer directly reflects the percentage of retained equity. Full details of rent review periods and calculations are contained within the lease documentation.

All figures are subject to change.

Monthly Payments to the Landlord

In addition to the monthly rent, the following charges apply:

Service Charge: £0.00
Estate Charge: £0.00
Buildings Insurance: £15.64
LiveWest Management Charge: £0.00
Reserve Fund Payment: £0.00

Total monthly payment (excluding rent): £15.64

Please note these charges are subject to change during the purchase process.

Reservation Fee

£500.00

A reservation fee (advanced rent payment) is required to secure the property. Once paid, the property will be reserved exclusively for you.

If your purchase completes, the reservation fee will be credited to your rent account. Should either you or the seller withdraw from the sale, the full £500 reservation fee will be refunded.

Eligibility

You can apply to purchase this home if:

Your household income is £80,000 or less, and
You cannot afford the deposit and mortgage payments required to purchase a suitable home outright.

In addition, one of the following must apply:

You're a first-time buyer.
You previously owned a home but can no longer afford to buy one.
You're forming a new household, for example following a relationship breakdown.
You're an existing shared owner looking to move.
You currently own a home but need to move and cannot afford to purchase a suitable property.

If you currently own a property, it must be sold on or before the completion date of your shared ownership purchase.

As part of the application process, your finances and credit history will be assessed to ensure the purchase is affordable and sustainable.

Where applicable, details of any local connection criteria will be provided in the application information.

Tenure: Leasehold

Lease Type: Shared Ownership House Lease

Lease Term: Between 194 and 199 years from 26 August 2021 (correct as at 24 June 2026).

Rent Review

Your rent will be reviewed annually in accordance with the Retail Prices Index (rpi) plus 0.5%. Full details, including worked examples of future rent increases, are available within the Summary of Costs document and lease.

Maximum Share Ownership

You can purchase up to 100% of your home through the shared ownership scheme.

Once you own 100%, the freehold will transfer to you.