Available at a discounted price as part of a shared ownership scheme, this is an excellent opportunity to acquire a good-sized modern two-bedroom bungalow close to town centre amenities within a small, secluded cul de sac development. The purchase price represents a 50% ownership share, with rent payable on the remainder. The Johnnie Johnson scheme allows the purchase of a quality bungalow with a much reduced capital outlay. It includes gas central heating via radiators with a Worcester Bosch combination boiler and uPVC double glazing. The layout comprises a hall, living room, kitchen/dining room, conservatory, two bedrooms and a shower room/wc. There is a pleasant south-westerly facing back garden.
The property is available with no onward chain and is offered at an affordable purchase price on a 50% ownership basis. Buyers may increase the ownership share to a maximum of 75%, with a corresponding decrease in the rent payable. The Johnnie Johnson shared ownership scheme ensures future maintenance of the development. A modest monthly service charge is payable.
Purchasers must be 55 years and over, and lease details are available upon request.
Lumley Close is a small cul-de-sac development conveniently situated within walking distance of the range of shops and facilities in Chester le Street town centre. Chester le Street is an excellent commuter base with good road and public transport links to Durham City, Gateshead, Newcastle upon Tyne, and Sunderland. Chester le Street station is situated on the main East Coast railway line.
Ownership: 50% ownership (25% Johnnie Johnson, 25% Government)
Tenure: Leasehold
Term: 99 years from 1st January 1991
Owners can buy an additional 25% to own a maximum of 75%; rent payable would decrease accordingly.
Service charges are payable monthly in advance on 1st day of each month. Reviewed annually at the end of each accounting year ending 31st March
Rent is payable on 75% of the full market value of the property minus the share owned, so, in this case
75%-50%=25%.
Rent is payable monthly in advance on 1st day of each month
Rent reviewed annually on 1st April in line with the Retail Price Index
Further details of rent, ownership, and lease are available upon request.
Agents Notes:
Tenure: Leasehold
Term: 99 years from 1st January 1991
Council Tax Band: B
Mains Services: Gas, Electricity, Water (vendor advises supply is metered), Sewage
Broadband: Superfast fibre broadband is available in the postcode. BT, Virgin Media, and Sky satellite/fibre TV are also available.
Mobile Coverage: Major networks provide mobile coverage.
Flood Risk: Rivers & Seas – Very Low; Surface Water – Medium
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