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Manchester 0161 967 0122

Apartment 13 Low Mill
2 Mill Fold
Ilkley
West Yorkshire
LS29 0SY

Two bedroom first floor apartment with allocated car parking

  • Two Bedrooms

  • First Floor Apartment

  • Converted Mill development

  • Allocated car parking space

  • Electric heating

  • EPC Asset Rating C

  • Virtual Tour Available Upon Request

Description

The property comprises a two bedroom first floor apartment within a converted mill development.

Location

The property is situated in a rural area just outside the village of Addingham and a short distance from the town of Ilkley.

Accommodation

Hall, Living Room opening to Kitchen, Two Bedrooms and Bathroom/W.C

Tenure

125 year lease from 1st January 2005 at a current ground rent of £219.67 subject to 8 yearly index linked rent reviews. The service charge charged for the current year is £645.96.

Outside

Allocated car parking space.

Additional Information

1. The property is held under a "Discount For Sale Scheme" and can only be sold for a fixed price of £56,823.

2. Please note the information provided by Home Group:

Please see below our requirements regarding marketing the property.

Anyone wishing to purchase the property must be assessed and approved by Home Group before any sale can be agreed.
The 43.71% share price of £56,823 is fixed and non-negotiable. (we note the date of the valuation was 17/10/19. Please note an in date valuation is required at the point of approving a buyer.)
There are no monthly rent or service charges payable to Home Group. There may be a service charge payable to a third party management company; Low Mill Fold Addingham Management.

Eligibility:
Eligibility of applicants is very much dependent on a general criteria, please see below;

- Home Group is governed by Homes England, which considers a 45% household debt to net income ratio as maximising contribution to home ownership yet not over-stretching. A financial assessment will be carried out on any applicants to ensure they meet the 45% income to household debt ratio.
-Minimum deposit requirement £2,841.
- Maximum household income is £80,000.
- Applicants must be a first time buyer and have lived within the Addingham Parish Council area for a minimum of 12 months prior to application.
- Applicants must be registered with the local Help to Buy Agent for the area https://www.helptobuyagent1.org.uk/apply/
- Applicants must not currently own a home anywhere in the world, unless a court order forces them to remain on the deed of a property where their children reside.
- Applicants must be unable to afford to buy a property suitable for their family size on the open market.
-The discount for sale home they are looking to buy must be their principle or only home and they may not sublet all or part of it.
- Applicants must be financially able to buy the minimum share available and pass a financial assessment and secure a mortgage.
- Applicants should also be a British or EU/EEA citizen, or have indefinite leave to remain. Customers who have indefinite leave to remain who are interested in buying a home must be able to demonstrate that they are able to raise a mortgage with an acceptable lender.
- Lease: 125 years from 1st January 2005; approx. 110 years remaining

Further information:
The property is available under the "discount for sale" scheme. It is not a shared ownership or shared equity property. This means the owner will be considered as a 100% owner, but will purchase the property at a discount. The discounted purchase price comes about because the property is subject to a pricing restriction in the lease which ensures that the "discount" is always passed on to future buyers, i.e. when they come to sell the property, they will sell for a fixed price of 43.71% of the full market value at that time. As this is not a shared ownership property there is no opportunity to 'staircase' (purchase further shares) because the leaseholder will be classed as a 100% owner, just the with benefit of a discounted purchase price.

Applications:
Any applicants that wish to apply to purchase after viewing must complete our application form and a basic affordability check. We will provide these details directly to the applicant once we have received their details from you (Landwood).
Photo of Kate Lay

Kate Lay

0161 967 0122
Photo of Heather Twiss

Heather Twiss

0161 967 0122

Solicitor

Sales Team
Eversheds Sutherland
029 2047 7242
LloydsSIP@eversheds-sutherland.com
0161 967 0122
Manchester
0151 242 6754
Liverpool
0207 692 1930
London
Landwood Property Auctions is a trading name of LWA Manchester Limited a company registered in the United Kingdom under company number: 10855915. Registered Office: South Central 11 Peter Street Manchester M2 5QR. A list of directors is available at the registered office. VAT Reg Number: 277177173