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2 bed Mid Terraced House
Merivale Way,
beds 2 receptions 1 bath 1
£122,000

ELY Home to a world famous 900 year old Cathedral, the historic city of ELY lies on the river Great Ouse probably no more than 15 miles from the City of Cambridge. There are a very good range of shopping facilities within the centre itself including a market which takes place on both Thursdays and Saturdays. A comprehensive range of local schooling is available. The area boasts a number of sporting facilities including an 18 hole golf course, indoor swimming pool, gymnasium and squash club whilst socially there are an excellent variety of pubs and restaurants, including the new Ely Leisure Village anchored by a 6 screen Cineworld with family restaurants and take-aways. There are also the most wonderful countryside walks the Fen has to offer. Ely is unsurprisingly very popular with commuters due to its excellent road and rail links. The A10 links the two cities from which links to the A14 and M11 provide routes to London (70 miles) and the rest of the country. From Ely's mainline rail station Cambridge can be reached in approximately 17 minutes with London beyond (Kings Cross / Liverpool Street) which can be accessed within 1 hour 15 minutes.

ENTRANCE HALL with radiator, built-in storage cupboard with slatted shelf.

DOWNSTAIRS CLOAKROOM Fitted with a two piece suite comprising low level WC and wash hand basin with tiled splashbacks. Ceramic tiled flooring, radiator.

KITCHEN 8' 0" x 6' 6" (2.44m x 2.00m) with double glazed window to front. Fitted with a range of wall and base units with worktop space over, four ring gas hob with stainless steel splashback, Whirlpool extractor canopy over, built-in oven, space for fridge freezer, plumbing for washing machine and ceramic tiled flooring.

SITTING / DINING ROOM 15' 0" x 12' 11" (4.58m x 3.96m) with double glazed patio doors opening to rear garden, useful understair storage recess, two radiators, staircase rising to first floor.

FIRST FLOOR LANDING

BEDROOM ONE 9' 8" x 8' 3" (2.96m x 2.52m) with double glazed window to rear. Radiator, built-in overstair storage cupboard housing the water cylinder and pressure system.

BEDROOM TWO 10' 4" x 8' 0" (3.16m x 2.46m) with two double glazed windows, radiator, built-in two door wardrobe with overhead storage and hanging space, built in shelving.

BATHROOM Fitted with a three piece suite comprising low level WC, wash hand basin and bath with shower over, tiled splashbacks, radiator and ceramic tiled flooring.

EXTERIOR To the front of the property is a small gravelled garden with pathway leading to front door. The rear garden is fully enclosed by wood panel fencing and is predominantly laid to lawn with path leading to the allocated off road parking and garage en bloc.

SHARED OWNERSHIP PROPERTY Your Guide To Shared Ownership

- Shared Ownership is designed to help those who would like to buy a home of their own, but who can't afford to buy it outright. It offers a first step on the property ladder for anyone who wants to own their own home.
- It is a part buy part rent scheme which can give you the opportunity to buy a share of a new home. You buy a share in the property and the Housing Association owns the remaining share for which you pay a subsidised rent. THE COMBINED MORTGAGE REPAYMENTS AND RENT WILL ALWAYS BE LESS THAN A MORTGAGE ON A WHOLE PROPERTY.
- The initial share is a % and once you have owned the property for more than twelve months, you can purchase additional shares (%) until you own the property outright.
- You can sell the property at any time and the price will be based on an open market valuation determined by an independent valuer.

Do I Qualify?
- To qualify for Shared Ownership you should be able to raise a mortgage for the share you are buying and to be able to afford the monthly ongoing costs of living in your new home including the subsidised rent.
- Your ability to qualify for a mortgage will be affected by your credit history. It will not always be possible to obtain a mortgage if you have experienced serious credit problems in the past.
- The amount you need to be earning will vary but you may not be eligible if the Housing Association feel that you could afford to buy a suitable property outright.
- Usually you should be a first time buyer or somebody with an affordable housing need. Your name should not be on any existing mortgage.
- You will need to complete a Housing Association application form.
Initial Costs
- Most people need to secure a mortgage to pay for their share of a new home. The maximum mortgage available is generally 95% of the purchase price of your share so you will need at least 5% of the price for a deposit. There are different types of mortgages available so you might find it easier to ask a mortgage adviser to find the best deal for you.
- We have access to the services of local Independent Mortgage Advisers, Stuart Nunn & Associates who are experts in Shared Ownership mortgages. If you would like their contact details, please let us know.
- Your mortgage lender will normally need you to have a mortgage valuation carried out for which you may need to pay for. There may also be a Mortgage Arrangement Fee, based on a 95% loan depending on the lender and product.
- You will need to instruct a solicitor when you buy a home. You should make sure you find a solicitor who has experience of Shared Ownership properties. We will happily recommend a solicitor to you if required.




Floorplan for Merivale Way, ELY

 

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