60 Cresco House

Property Overview

Offering approximately 491 sq ft of accommodation, this third-floor apartment provides a practical and contemporary layout, complemented by a private balcony.

At the heart of the home is the spacious open-plan kitchen, lounge and dining area, measuring approximately 19’11” x 11’8”. This provides plenty of space for both living and dining, with direct access onto the private balcony.

The generous double bedroom measures approximately 14’11” x 10’11”, while the bathroom is conveniently positioned off the entrance hallway. The apartment also benefits from useful built-in storage.

The property is offered leasehold with approximately 119 years remaining and allows staircasing up to 100% ownership.

Financial Breakdown

• Full Market Value: £230,000
• 40% Share Value: £92,000
• Rent on Unowned Share: £392.35 per month
• Service Charge: £37.13 per month
• Estate Charge: £22.69 per month
• Buildings Insurance: £8.63 per month
• Management Fee: £46.19 per month
• Reserve Fund: £37.65 per month
• Total Monthly Payment (excluding rent): £152.29 per month
• Total Monthly Rent & Charges: £544.64 per month
• Lease Length: Approximately 119 years remaining

The share purchase price is calculated using the full market value and the percentage share purchased. As this is a Shared Ownership resale, the percentage share purchased may vary depending on affordability. A 40% share is £92,000 with rent of £392.35 per month. By comparison, a 50% share is £115,000 with rent of £326.79 per month, while a 60% share is £138,000 with rent of £261.43 per month. A worked example will be provided following a financial assessment.

The rent is currently calculated at 3.41% of the value of the share retained by the landlord and is reviewed annually using Rpi plus 0.5%.

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 a subsidised 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%. Deposits and mortgage payments are based on the share purchased, meaning costs are often lower than buying outright or renting privately.

L& G 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.

This property is offered under the standard model Shared Ownership.

Eligibility Criteria

To be eligible for Shared Ownership, your household income must be £80,000 or less and you must be unable to afford the deposit and mortgage payments required to purchase a suitable home outright.

You must also meet one of the qualifying circumstances, such as being a first-time buyer, a previous homeowner who can no longer afford to buy, an existing shared owner wishing to move, or someone forming a new household. If you currently own another home, its sale must complete on or before completion of your Shared Ownership purchase. Affordability and credit assessments will also apply.

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.

Local Area

Cresco House is situated on Colliford Road in Grays, Essex, providing convenient access to local amenities, shopping and transport connections.

The property is well placed for the wider Thurrock area, including Lakeside Shopping Centre, which offers an extensive selection of shops, restaurants and leisure facilities.

Grays provides a range of everyday amenities and rail connections into London, while nearby road links provide convenient access to the A13, M25 and surrounding areas of Essex.