Ingle Crescent, Potton

***50% Shared ownership with the option to staircase***

Latcham Dowling are delighted to offer for sale this rarely available three bedroomed semi detached home that is offered for sale on a shared ownership basis. (See agents note for more information)/.

The property was built by Dandara Homes circa four years ago and of course has several years of the ten new home guarantee remaining.

The property itself offers a fully fitted kitchen complete with an array of appliances. A large W.c. The lounge/Dining room runs across the width of the property to the rear. Upstairs there are tow double bedrooms as well as a single bedroom and a family bathroom.

Outside the rear garden is a great size and to the side you have a private driveway for two cars.

This is a great home and the scheme allows people to purchase a great home on this scheme.

Potton is a market town with many amenities. It has two schools, pre-schools, a doctors’ surgery, sports facilities, hardware store, various eateries, a newsagent, vets, butchers, bakers and so much more. In addition, Sandy and Biggleswade are within a 3 and 4 mile drive respectively, both offer mainline train stations to London St Pancras.

Entrance
Via composite front door to entrance hall.

Entrance Hall
Stairs to first floor. Radiator. Doors to Lounge/Diner, Kitchen and W.c/Utility room.

Kitchen (2.95m x 2.79m (9’8 x 9’2))
Double glazed window to front aspect. Fitted range of base and eye level units with contrasting worktops over. Range of fitted base and eye level units with contrasting worktops over. Intergrated washing machine. Fitted dishwasher. Fitted oven with ceramic hob over and extractor hood. Cupboard housing gas combi boiler. Tiled flooring. One and a half stainless steel sink drainer with mixer taps.

W.c (2.79m x 1.42m (9’2 x 4’8))
W.c. Washbasin. Extractor fan. Tiled flooring. Radiator.

Lounge/Dining Room (5.08m x 4.09m (16’8 x 13’5))
Double glazed door to rear aspect. Double glazed window to rear aspect. Two radiators. Storage cupboard.

First Floor

Landing
Doors to all first floor accommodation. Access to loft. Doors to all first floor accomodation.

Bedroom One (4.32m x 2.79m (14’2 x 9’2))
Double glazed window to front aspect. Radiator.

Bedroom Two (3.84m x 2.26m (12’7 x 7’5))
Double glazed window to rear aspect. Radiator.

Bedroom Three (3.20m x 2.67m (10’6 x 8’9))
Double glazed window to rear aspect. Radiator.

Bathroom
Double glazed window to front aspect. Radiator. Extractor fan. Panelled bath with shower attachment. W.c. Washbasin. Tiled flooring.

Outside

Rear Garden
A good sized rear garden which has a patio area in turn leading to a lawned area and enclosed by fencing. Gated access to driveway.

Driveway
Parking for two cars.

Agents Notes 1
Shared Ownership Resales – Information for Estate Agents
If the shared owner sells their home through an estate agent, they have two options:
1)
They can either sell their existing share at the RICS valuation or;
2)
They can sell 100% of the property. (The second option is carried out by completing a simultaneous staircasing and resale. Please see the advice section regarding completing these transactions.) It must be sold at no less than the RICS valuation. If it is sold for higher, the valuer will need to confirm new valuation.
The options for selling the property are:
1.
Sell the existing share based on the RICS valuation
2.
Sell at a greater percentage based on the RICS valuation
3.
Sell at 100%
If the applicant wishes to purchase a share of the property, the following is required:
Because Housing Associations are required to sell shared ownership homes to buyers who are unable to afford to buy a home outright, prospective buyers must meet the below criteria, therefore please add this to your applicant qualification process:
1)
The combined household income must be less than £80,000 per annum
2)
The applicant(s) must not own a property elsewhere. If they are a current home owner, the property must be sold by the time of completion
3)
The applicant(s) must meet the affordability criteria, as assessed by our financial advisor, Mortgage Light.
The applicant must inform the IFA that they are enquiring about a Hightown shared ownership re-sale property and provide details of share price, rent & service charges (contained within the Key Information Document). Once they have spoken with the mortgage advisor, we will require a copy of their affordability assessment and copy of the mortgage Agreement/ Decision in Principle.
Phone:

If they meet the above criteria, they will need to complete Hightown’s shared ownership application form (see attached PDF) and provide copies of the following documentation:
•
Full credit report (per applicant) – this can be obtained from Credit Karma, Experian, Equifax etc. Please ensure the applicant sends the full report and not just the applicant’s credit score
•
Photo ID (e.g., passport, drivers licence)
•
Proof of address (e.g., utility bill)
•
Last 3 months payslips
•
If self-employed, please send last 2 years S302
•
If in receipt of Universal Credit, please send the applicant’s award statement
•
If in receipt of Maintenance benefits, please send the applicant’s formal agreement
•
Last 3 months bank account statements for all accounts that are linked to the applicant
•
Last 3 months savings account statements, showing the applicant’s deposit and that the applicant has funds available for fees and associated costs of buying (at least £3000)
•
Last 3 months credit card statements, if applicable
•
Agreements for any loans/hire purchases, if applicable
•
Details of Mortgage Agreement/Decision in Principle – including loan amount, amount of deposit, term, and interest rate
•
If the applicant has a related sale, please send a copy of the applicant’s Memorandum of Sale and Mortgage Redemption Certificate
•
If receiving gifted money, we require a letter confirming the following:
o
Gifted money amount
o
To whom the monies are being gifted
o
Who is gifting the amount and relationship to applicant
o
Proof of account showing where the gifted funds are being held – please ensure the account holders name is shown
o
The letter needs to be signed by the person gifting the amount
o
The letter needs to state that the gift is not repayable, and that the person gifting will have no legal interest in the property
If you receive several offers for the property, you and the shared owner must decide which applicant you wish to put forward to Hightown. Once you have made your decision, the prospective buyer(s) will need to proceed with Hightown’s application process. The current shared owner will need to confirm this to us and pay the shared owner approval fee of £220.00 (including VAT).
Applications need to be submitted to Hightown in one go with all the completed information and documents. Failure to supply all the required documents will delay the application approval process, as we will not begin the assessment until we have all the required information. Please ensure that the applicant has collated all the documents and completed the application form(s) before sending it to Hightown, to prevent delays.
Once the shared ownership re-sale approval fee has been paid by the shared owner and we have received the applicant’s application form(s) and full supporting documentation, we will carry out the assessment to ensure the applicant(s) meet the shared ownership affordability criteria. We will advise all parties if the application is approved or not, within 10 working days of receiving all the documentation.
If approved, you will need to send Hightown a copy of the memorandum of sale.
In addition, Hightown needs to approve the buyer’s mortgage offer before the sale can complete and the buyers’ solicitor will need to formally contact Hightown and request approval.
If the applicant wishes to purchase 100% of the property
This is done by way of a simultaneous sale and staircase to 100%. The buyer will purchase both the current owners’ share and Hightown’s remaining share. The seller will need to confirm to Hightown that they wish to staircase to 100% and provide details of their solicitor.
Hightown would not need to approve the buyer, nor their mortgage.
You would still need to send Hightown a copy of the memorandum of sale so that we can instruct our solicitors to process the staircasing element and contact the shared owners’ solicitor.
While it is not possible to sell for less than the RICS valuation, it is possible to sell for more than the RICS valuation if an offer is received over the asking price. If this were to happen, then the staircasing will be based on the higher sale value and Hightown’s surveyor will need to confirm the new valuation.
Key Information Documents (KIDs)
Please see the attached “KIDs” for specific requirements that may relate to this shared ownership property. Please note that this document needs to be included in your marketing details and made available for prospective applicants to view.
Other Important Information
At the time the sale completes there must be a valid valuation in place. A valid valuation is defined as a valuation carried out by a RICS valuer, which is no older than 3 months, at the date of completion.
Should the sale take longer than 3 months the valuation will need to be revalidated. If the valuation is revalidated at a different figure to the original valuation this can potentially cause the sale price of a property to change after the purchase price has been agreed between the shared owner and buyer. All parties to the transaction should be made aware of this important point so that buyers are not lost.

Agents Note 2
* The current rent for the un owned 50% is £583.06. This decreases should you buyer a larger % of the share.
**A 100% is available to but at £355000