3 bedroom End Terrace House for sale,

Ocean Park Road, Sunderland, Tyne and Wear, SR6

Agent Note

We understand the property is currently held under a shared ownership scheme with Karbon Homes, with the current owner owning a 35% share. The 35% share is available to purchase for £94,500, with a current rent of £527.14 per calendar month payable on the remaining share.

Alternatively, buyers may have the option to purchase 100% ownership of the property, subject to the relevant terms and conditions. No rent would be payable upon purchasing the full 100% ownership.

We understand the property is believed to be freehold, although this should be confirmed by the buyer's solicitor as part of the conveyancing process. Buyers are advised to make their own enquiries with Karbon Homes regarding the shared ownership scheme, eligibility criteria and the process for purchasing the full 100% share.

Shared Ownership criteria for buyers.

To qualify for Shared Ownership, applicants must meet specific eligibility criteria, including age, income and financial standing. The key criteria are as follows:

• Age: Applicants must be 18 years old or over.

• First-time buyer or non-homeowner: Applicants must not own another home. If they do own a property, they must have an offer before we can allow a full instruction.

• Income threshold: Annual household income must not exceed £80,000, or £90,000 in London.

• Unable to purchase outright: Applicants must be unable to afford to buy a home suitable for their housing needs on the open market. Some flexibility is considered on some schemes i.e. over 55 schemes and more affluent areas where property prices are higher.

• Payment history: Applicants must demonstrate that they are not in mortgage or rent arrears.

• Financial standing: Applicants must have a good credit history, with no significant adverse credit, bad debts or county court judgments, and must be able to afford the regular payments and costs involved in buying the home.

Further criteria for Homeowners:

To qualify, applicants must be purchasing the property as their only home. Unless they are buying a 100% share, they cannot proceed unless they have accepted an offer on their current property.

Under the terms of the lease, the purchaser must not be buying the property in order to sublet it. This also applies where, for example, parents wish to purchase the property on behalf of their son or daughter, although a cash financial gift is allowed in order to pay for the property , the property must be registered and bought in the name of the person intending to live at the property.

Openplan Living Area

16'3" x 22'2" (4.95m x 6.76m)

WC

6'0" x 5'2" (1.83m x 1.57m)

Bedroom 1

12'6" x 8'5" (3.80m x 2.57m)

Bedroom 2

8'7" x 7'3" (2.62m x 2.20m)

Bedroom 3

7'5" x 8'7" (2.26m x 2.62m)

Bathroom

6'9" x 6'3" (2.06m x 1.90m)