Price Information*

Full Market Value: £110, 000
Share: 27%
Rent pcm: £204.61
Share Value: £29, 700

* Terms & Conditions Apply. Please contact us today for more information

The Lumley

Looking for a new affordable home in Stockton on Tees? Look no further than The Lumley – a beautiful 2 bedroom shared ownership house at the Queensgate development off Yarm Road.

Queensgate

There will be a number of two and three bedroom homes on this development that is being constructed for Thirteen by national house builder Bellway. Part of a larger Bellway development which is close to Stockton town centre and the A66. The Lumley style homes will feature:

Fitted kitchens with oven, hob and extractor hood

Two bedrooms

Utility area

Family bathroom

Off street parking

Gardens

Gas central heating

Double glazing

Security alarm

Ground floor cloakroom

Queensgate is a popular development in Stockton that has been built by award winning house builder Bellway Homes.

The development features a range of homes including this limited number of 2 and 3 bedroom houses for shared ownership. Queensgate is situated close to the A66 on the western edge of Stockton and therefore offers a great location with excellent transport links by road into Stockton town centre and further afield via the A66 and nearby A19 and A1.

Stockton Town Centre features a wide range of shops and facilities including the Castlegate Market, the recently redeveloped High Street with its weekly market, Wellington Square Shopping Centre and lots of independent and national retailers. Both Middlesbrough and Darlington are a short drive way and offer additional shopping facilities and Teesside Park offers a selection of shopping on a different scale with free parking. Stockton has a range of cultural attractions including the Georgian Theatre, the annual Stockton International Riverside Festival as well as Stockton arc which showcases Theatre, Comedy, live music and cinema throughout the year.

Stockton also benefits from a range of sporting possibilities, many which are run by Tees Active and include Stockton Splash (Swimming, Gym, Badminton, fitness classes) and Tees Barrage International White Water Centre. Many other sports are possible including badminton, archery, cricket, football, basketball and martial arts via a large number of local clubs and associations. Alternatively you can simply get out and about walking along the river Tees or in the nearby Cleveland Hills or Coast.

Shared ownership

Shared ownership is a scheme that helps people get onto the property ladder who might have previously thought buying a new home was unaffordable. Through shared ownership, you can buy a share in the property with a mortgage and pay an affordable rent for the remaining share that you don’t own. You can initially own a share between 25% and 75% of the property, and over time you can buy more shares until you own the property outright.

As a shared owner, you will benefit from any increase in market value over time, but equally if the market value decreases your share value can also go down.

You will be able to make any alterations and improvements to your home, as well as selling it if you want to move. To access shared ownership you will need to meet a minimum set of qualification criteria which includes an income assessment to make sure you can afford the mortgage and rent. If you currently own a property, you may qualify for shared ownership in some circumstances. Once you have been approved and have chosen a new home, you will purchase the property just like any other new home – obtaining a mortgage from the lender of your choice.

Contact us today for more information on how to apply.

Prices range from - £27, 500 for a 25% share to £82, 500 for a 75% share for a 2 bed Lumley style semi-detached house. A rent is payable for the share that you don’t own.