The Five Acres, Hempsted

Property Features:

* New Three Double Bedroom House
* 10 year NHBC Guarantee
* Open Plan Lounge / Diner
* Downstairs WC
* Enclosed Garden
* Two Allocated Off Road Parking Spaces with EV Charger
* Walking Distance To Local Amenities
* Great Transport Links

Full Market Value

£375,000

Rent:

If you buy a 25% share, the share purchase price will be £93,750 and the rent will be £644.53 a month. If you buy a larger share, you'll pay less rent. The table below shows further examples.

30% (£112,500) - £601.56 pcm
40% (£150,000) - £515.63 pcm
50% (£187,500) - £429.69 pcm
60% (£225,000) - £343.75 pcm

Note that not all homes will be available to purchase from 10%. The minimum initial share you can purchase will vary depending on the home. The percentage share and rent amount will change depending on the amount you can afford. You'll receive a worked example after a financial assessment. Your annual rent is calculated as 2.75% of the remaining share of the full market value owned by the landlord.

Additional Costs;

Every month (in addition to your rent) you will pay:
Estate charge: £TBC
Buildings insurance: £24.72
Management fee: £TBC
Other service charges: £TBC

Total monthly payment excluding rent: £TBC

Eligibility:

To purchase this property applicants with a local connection to Gloucester City (by current residency, employment within the City, or close family connection).

You can apply to buy the home if both of the following apply:
• your household income is £80,000 or less
• you cannot afford all of the deposit and mortgage payments to buy a home that meets your needs

One of the following must also be true:
• you're a first-time buyer
• you used to own a home but cannot afford to buy one now
• you're forming a new household - for example, after a relationship breakdown
• you're an existing shared owner, and you want to move
• you own a home and want to move but cannot afford to buy a new home for your needs

If you own a home, you must have completed the sale of the home on or before the date you complete your shared ownership purchase. As part of your application, your finances and credit history will be assessed to ensure that you can afford and sustain the rental and mortgage payments.

Share Options:

Minimum Share Available: 30%
Maximum Share Available: 80%

Once your home is purchased you will have the option to increase the amount of your shared ownership home that you own. This is called Staircasing and can be increased to 100%. The greater the share you buy in your home the less rent you will pay to your home. Ultimately, if you buy 100% of your home, you will become the outright owner, and will no longer need to pay rent.

Reservation:

Once your application has been accepted with all checks complete you will be required to pay £300.00 to GCH to reserve your chosen plot. The reservation fee secures the home for 28 days. If you buy the home, the fee will be taken off the final amount you pay on completion. If you do not buy the home, the fee is not refundable, unless the home is withdrawn from sale by the landlord or your purchase cannot proceed following the financial assessment.

Tenure:

Leasehold
990 year lease from new.

Services:

Mains water, drainage, and electric.
Air Source Heat Pump.

Local Authority:

Gloucester City Council
Council Tax Band: tbc

Awaiting Vendor Approval:

Details are yet to be approved by the vendor and may be subject to change. Please contact the office for more information.