SHARED OWNERSHIP Introducing to the market this first floor apartment, located in a prime location within the coastal town of Lowestoft. Within walking distance to the town centre and Lowestoft’s train station, with direct links to Norwich and Ipswich. The apartment in located within a secure building, with stairs and a lift, for disabled friendly access. Inside the apartment you’ll find an open-plan sitting/dining room, a kitchen, a double bedroom and a shower room. Communal grounds provide a serene backdrop, with allocated parking available. Don’t miss the chance to acquire this apartment and experience living in a welcoming community.

Location

This home is located on the most easterly point of the British Isles, in the traditional seaside town of Lowestoft. This wonderful seaside destination is steeped in history and offers a delightful blend of coastal allure and urban convenience. With its Blue Flag award-winning sandy beaches, Victorian seafront gardens and two charming piers, residents are treated to strolls along the shore and tranquil moments amidst nature's beauty. There are a number of schools in the area to suit all ages, a range of amenities including a Post Office, Bus Station and Train Station, which both run regular services to Norwich and plenty of shopping facilities and restaurants.

The Hollies

Welcome into the apartment where you are greeted by a bright and airy entrance hall with storage, allowing access into all rooms. Immediately capturing your attention is the open-plan sitting/dining room, with plenty of space for your comfortable seating arrangements and dining set-up, inviting relaxation and entertaining. The kitchen is fitted with wall and base units, under-counter areas for your appliances and plenty of storage space.

Accommodation consists of a double bedroom, thoughtfully designed to offer relaxation and privacy. The shower room comprises of a three piece suite, including a shower cubicle, a hand basin with vanity unit and a WC, to accommodate all residents and visitors.

A communal entrance hall includes stairs and a lift for disabled friendly access. The enclosed gardens are communal, meaning they can be enjoyed during the summer months, with clothes drying facilities.

Agents Notes

Connected to mains water, electricity and drainage.

Heating system – Electric storage heaters.

One allocated parking space.

Council Tax Band: A

The contents within this image have been added digitally for illustrative purposes only and do not reflect the current physical state of the property.

Leasehold and monthly charges from 1st April 2025

We understand that this property is leasehold.

125 year lease from 1st January 1994, that ends on the 1st January 2119, which means there is 94 years remaining.

Rent on 50% ownership by Orbit. £158.71 pcm.

Service Charge £117.30 pcm.

Shared ownership information

The property is being sold with a 50% share of the leasehold interest. Orbit Housing Association will remain the freeholder of the property, and the buyer will need to pay rent for their 50% share, which will be due monthly.

Prospective buyers will be required to complete an application form from Orbit Housing Association, and they must meet the Homes England affordability assessment criteria. While it is possible for the buyer to eventually purchase 100% of the property, this would require completing a staircasing process.

Eligibility checker

A potential purchaser must check online with the eligibility checker on the Government Website.

• The household earns £80,000 a year or less (or £90,000 a year or less in London).

• They are first-time buyers (or used to own a home but cannot afford to buy one now. Existing shared owners are required to have disposed of their existing shared ownership home at the point of purchase.)

• They are aware that shared ownership properties cannot be sub-let and must be the leaseholder's primary residence.

Share value calculation

The property has been valued for the 'whole 100%' at £65,000, which includes £10,000 improvements made by the occupier.

The Improvements are -

New Windows & Doors
New Fitted Shower Room
New Extractor fan to Shower room.
New radiators. Old system removed.

The breakdown is as follows -

 Property Valuation (excluding improvements) £55,000
Value of 50% equity share £27,500
Plus value of improvements £10,000
Sale price of vendors share £37,500

Please call our Oulton Broad office for further information.