2 bed flat for sale

Cresco House, Colliford Road, Grays, Essex RM20

Highlight Housing, The Affordable Homes Agency, working with Legal & General Affordable Homes, is pleased to present this spacious two bedroom Shared Ownership resale apartment at Cresco House, Colliford Road, Grays, Essex, RM20 3BQ. The price shown represents purchasing a 55% share of the property.

Property Overview

Situated on the second floor, this well-presented two bedroom apartment offers approximately 767 sq ft of bright and practical living space, with a private balcony, two bathrooms, excellent storage and allocated parking.

The property can be accessed by lift or stairs and opens into a welcoming entrance hall with two generous storage cupboards, including useful space for laundry and everyday storage.

At the heart of the home is the spacious open-plan kitchen, living and dining area. The kitchen is fitted with gloss-finish wall and base units, a stainless steel sink and drainer, breakfast bar, integrated dishwasher and fridge/freezer. Large floor-to-ceiling windows provide plenty of natural light, while direct access to the private balcony creates an ideal extension to the living space.

Both bedrooms are well-proportioned doubles with large windows creating bright and comfortable spaces. The principal bedroom benefits from its own en suite shower room, while a separate family bathroom with bath and shower serves the remainder of the apartment.

The property further benefits from Upvc double glazing, gas central heating, allocated parking and access to large surrounding communal gardens.

Financial Breakdown

• Full Market Value: £290,000
• 55% Share Value: £159,500
• Rent on unowned share: £371.33 per month
• Service Charge: £55.84 per month
• Estate Charge: £26.73 per month
• Buildings Insurance: £10.18 per month
• Management Fee: £46.19 per month
• Reserve Fund: £57.52 per month
• Total Monthly Payment (excluding rent): £196.46 per month
• Total Monthly Rent & Charges: £567.79 per month
• Lease Length: Approximately 118 years remaining
• Rent Review: Reviewed annually (Rpi + 0.5%)

Local Area

Cresco House is positioned in the heart of the Lakeside area of Grays, providing convenient access to a wide range of shopping, leisure and everyday amenities.

Lakeside Retail Park is approximately a five-minute walk away, while Lakeside Shopping Centre can be reached in around ten minutes on foot, offering an extensive selection of shops, restaurants and leisure facilities.

The property is also well positioned for commuters, with Chafford Hundred station providing C2C rail connections towards London and easy access to the M25 and surrounding road network.

What is Shared Ownership?

Shared Ownership offers a more accessible route to homeownership by allowing you to purchase a share of a property's value, while paying rent on the remaining share.

Over time, you may choose to buy additional shares in your home through a process known as staircasing, potentially increasing your ownership up to 100%. This property allows ownership to increase to 100%, at which point the property will remain leasehold but the Shared Ownership obligations will fall away.

Deposits and mortgage payments are based on the share purchased, meaning costs can often be lower than purchasing a comparable property outright.

Legal & General Affordable Homes is a Registered Provider delivering Shared Ownership homes and committed to creating well designed communities and supporting buyers throughout their home buying journey.

Eligibility Criteria

To be eligible for Shared Ownership, you will need to:

Have a combined household income of £80,000 or less.

Be unable to afford the deposit and mortgage payments required to purchase a suitable home outright.

You must also be a first-time buyer, a previous homeowner who can no longer afford to buy, forming a new household, an existing Shared Ownership customer looking to move, or a homeowner who cannot afford to purchase a new home that meets your needs. If you currently own a property, its sale must complete on or before completion of your Shared Ownership purchase.

This resale opportunity offers a chance to buy an established home through the Shared Ownership scheme, providing a more affordable and flexible way to get onto the property ladder.

About Highlight Housing

We are The Affordable Homes Agency.

Finding an affordable home should not feel impossible. Highlight Housing exists to improve access to good-quality, safe, affordable homes for sale and rent across the UK, working with trusted housebuilders, housing associations, private sellers and landlords.

With over 15 years' experience across shared ownership, shared equity, mid-market rent and rent to buy, we provide clear, practical guidance that helps people understand what is genuinely within reach.

Our focus is on supporting individuals and families to move forward with confidence into a secure, well managed future home they can afford.

Shared Ownership Disclaimer

Shared Ownership is subject to eligibility, affordability checks and the terms of the lease. Rent is payable on the share not owned, along with any applicable service charges and other outgoings. Staircasing is subject to a valuation at the time of purchase and additional legal and valuation costs may apply. Priority may be given to applicants with a local connection. All information provided is for guidance only and does not form part of any contract.

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