Tresawya Drive, Truro


Tresawya Drive, Truro

County: Cornwall Sale Type: Leasehold Reference: CPP04718 Category: Leasehold

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Property Features

  • Two bedroom flat
  • 40% shared ownership with Livewest
  • Opportunity to buy more shares up to 100%
  • Fantastic central Truro location
  • Mains gas central heating
  • double glazing
  • Juliette balcony
  • Allocated parking space
  • Please refer to eligibility criteria
  • We understand applicants must have a local connection

Property Summary

A beautifully presented two bedroom SHARED OWNERSHIP flat in central Truro with ALLOCATED PARKING SPACE. 40% share with opportunity to own up to 100%. Mains gas central heating and double glazing.

Full Details

Why You'll Like It
A very well presented two bedroom upper floor flat with Juliette balcony and allocated parking space offered on a 40% shared ownership basis with Livewest retaining the remaining share (rent payable to Livewest for their share) and the opportunity to buy more shares up to 100% ownership. The property is located on the second floor and is accessible by lift or stairs. Once inside, there's a spacious entrance hallway. The kitchen / living / dining room are open plan and light floods in from large glazed doors which open to a Juliette balcony. The kitchen is fitted with a range of base and wall units with plenty of useful work surface and a handy breakfast bar. There are two generous bedrooms (the primary bedroom can accommodate a superking size bed) and the bathroom has been refitted to a high standard with metro tiling, deep fill bath with Mira electric shower and glass screen. The basin and WC are white with the basin being wall hung with drawer unit. We particularly love the wide towel rail. A beautifully presented and spacious flat in the heart of Truro. There is an allocated parking space for the property.

Where It Is

Services and Tenure
The property has mains water, mains drainage, mains electricity and mains gas.
Council tax band C

Balance of a 99 year lease from 2008
Monthly rental, maintenance and insurance charge
£383.95 (as of 26.4.23)

Asking price of £74,000 based on 40% of full open market value of £185,000

Important Information
Clive Pearce Property, their clients and any joint agents give notice that:
1. They are not authorised to make or give any representations or warranties in relation to the property either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements of fact.

2 It should not be assumed that the property has all necessary planning, building regulation or other consents and Clive Pearce Property have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise.
3. Photos and Videos: The photographs and/or videos show only certain parts of the property as they appeared at the time they were taken. Areas, measurements and distances given are approximate only. Any computer generated image gives only an indication as to how the property may look and this may change at any time.
Any reference to alterations to, or use of, any part of the property does not mean that any necessary planning, building regulations or other consent has been obtained. A buyer must find out by inspection or in other ways that these matters have been properly dealt with and that all information is correct.
Information on the website about a property is liable to be changed at any time.

Key Information about buying this shared ownership property
Key information about the home
There are variations of shared ownership models which have different features. The model of shared ownership may vary depending on:
• what rules were in place at the time the home was funded or planning permission granted
• where the home is located
• whether the home is for a specific group of people

When you are looking for shared ownership homes, you should always check the Key Information document to see which model covers that specific home.
When you buy a home through shared ownership, you enter into a shared ownership lease. The lease is a legal agreement between you (the ‘leaseholder’) and the landlord. It sets out the rights and responsibilities of both parties.
Before committing to buy a shared ownership property, you should take independent legal and financial advice.
This key information document is to help you decide if shared ownership is right for you. You should read the document carefully so that you understand what you are buying, and then keep it safe for future reference. The document ‘Key information about the home’ is a summary and you should consider the information in ‘Summary of costs’ and ‘Guide to shared ownership’ before making a decision.
This does not form part of the lease. You should carefully consider the information and the
accompanying lease and discuss any issues with your legal adviser before signing the lease.
Failure to pay your rent, service charge, or mortgage could mean your home is at risk of
The costs in the document are the costs as at the date issued. These will increase (typically on an annual basis) and you should take financial advice on whether this will be sustainable for you.
Property Details
Address 48 Corte Mear, Truro, Cornwall, TR1 2GG
Property type 2-bedroom second floor flat with 1 parking space
Scheme Shared ownership resale
Full market value £185,000
Share Purchase Price and
Rent Examples
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 £74,000 and the rent will be £280.47 a month.
If you buy a larger share, you'll pay less rent.
Share Purchase Price Monthly rent
40% £74,000 £280.47
50% £92,500 £233.72
60% £111,000 £186.98
70% £129,500 £140.23
75% £138,750 £116.86
The percentage share and rent amount will change depending on the
amount you can afford. You'll receive a worked example after a
financial assessment.
Your annual rent is calculated as 3.03% of the remaining share of the
full market value owned by the landlord.
All figures are subject to change.
Monthly payment to the landlord;
In addition to the rent above, the monthly payment to the landlord
Service charge £91.06
Buildings insurance £12.42
Total monthly payment excluding rent £103.48
(these are subject to change during the purchase process)
Reservation fee £500.00
You’ll need to pay a reservation fee to secure your home. When you
pay the fee, no one else will be able to reserve the home.
If you complete on the purchase of your home, the reservation fee
will be added to your rent account. If you or the seller withdraw from the sale the £500 will be refunded.
Eligibility You can apply to buy the home if both of the following apply:
• your household income is £80,000 or less
• you cannot afford all of the deposit and mortgage payments
to buy a home that meets your needs
One of the following must also be true:
• you're a first-time buyer
• you used to own a home but cannot afford to buy one now
• you're forming a new household - for example, after a
relationship breakdown
• you're an existing shared owner, and you want to move
• you own a home and want to move but cannot afford to buy a
new home for your needs
If you own a home, you must have completed the sale of the home on or before the date you complete your shared ownership purchase.
As part of your application, your finances and credit history will be assessed to ensure that you can afford and sustain the rental and mortgage payments.
If there is a local connection criteria, it will be attached to the how to apply email.
Tenure Leasehold
Lease type Shared ownership flat lease
Lease term 99 Years from 1 January 2008
For more information, see section 2.5, ‘Lease extensions’, in the ‘Key
information about shared ownership’ document.
Maximum share you can own You can buy up to 100% of your home.
Transfer of freehold At 100% ownership, the leasehold title remains in your name but your
shared ownership obligations fall away.
Landlord LiveWest Homes Limited
Skypark, I Wellington Way, Clyst Honiton, Exeter, EX5 2FZ
Under a shared ownership lease, you pay for a percentage share of the market value of a home. You enter into a lease agreement with
the landlord and agree to pay rent to the landlord on the remaining share.
Landlord’s nomination period When you give the landlord notice that you intend to sell your share in your home, the landlord has 6 weeks to find a buyer. The landlord may offer to buy back your share, but only in exceptional circumstances and if they have funds available. If they do not find a buyer within 6 weeks, you can sell your share yourself on the open
market. For example, through an estate agent.
LiveWest will advise you at the time you wish to sell of the process.
Pets You cannot keep pets at the home.
Subletting You can rent out a room in the home, but you must live there at the
same time.
You cannot sublet (rent out) your entire home unless you either:
• own a 100% share; or
• have your landlord's permission which they will only give in
exceptional circumstances (see section 1.5 in ‘Key information
about shared ownership’ document)
• have your mortgage lender’s permission if you have a
Additional information.
Review date Rent and service charge is reviewed annually in April
Annual Service Charge £1,092.72 (£91.06 x 12 as of 26.4.23)
Council tax band C
Repairs Liability Expired

Local connection criteria
here affordable homes are part of a development of properties the Local Connection Criteria is determined during the planning process and is applicable to people wanting to purchase a home on that development.
In the first instance priority will be given to residents with a local connection to the Parish of Truro demonstrated by one of the following:

(a) being permanently resident therein for a continuous period of at least 12 months immediately prior to Advertising and that residence is of their own choice; or

(b) being formerly permanently resident therein for a continuous period of five (5) years; or

(c) having his or her place of permanent work (normally regarded as 16 hours or more a week and not including seasonal employment) therein immediately prior to Advertising; or

(d) having a connection through a close family member (normally mother, father, brother, sister, son or daughter) where the family member is currently resident therein and has been so for a continuous period of at least five (5) years immediately prior to Advertising;

If no applicants come forward from the Parish of Truro , the local connection will cascade out to the county of Cornwall.

This will further cascade to those meeting a local connection to someone registered with Help to Buy after 90 days of advertisement.

This information has been taken from the Section 106 Agreement which is a planning condition.

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