THF are pleased to announce that building works for the Beacon View site at Mount Hawke are well advanced. All plots have now been reserved. All purchasers must satisfy at least one of the Local Authority criteria for affordable housing.
Group 1
A person with a local connection of at least 5 years of residency within the designated parishes or having worked for 5 years within the designated parishes.
Group 2
Persons who are key workers relevant to the community - i.e teachers, health workers, police officers, clergy etc.
Group 3
People who have moved away and who have established kinship ties with the local community (e.g elderly people who need to be near relatives, young people who were forced away to find affordable housing or jobs)
Group 4
Persons who had full time employment in the designated areas for 5 years over the age of 16 years.
All the properties are sold on a 999 year lease with an initial ground rent of £20 per week.
The Landlords will review the Ground Rent annually and can only increase the payment in accordance with the prevailing RPI (Retail Price Index)
Purchasers pay a discounted price set by house type.
Cary £111,000 - Montacute £123,000 - Exe £140,000 - Tamar £160,000
The price paid is a percentage agreed with Carrick District Council of the Open Market Value established by two independent RICS Valuers.
Purchasers may sell the houses at anytime at a price that is the same percentage of the prevailing market value.
Illustration:
Open market valuation say £200,000
THF discounted price £120,000 = 60%
Future open market price say £250,000
Maximum discounted selling price £250,000 x 60% = £150,000
Therefore your profit is £150,000 - (Original price) £120,000 = £30,000
Any profit made from selling is entirely yours and not the landlords.
In order to maintain a local stock of affordable houses purchasers cannot ever buy a greater percentage of the property than is represented by the original sale price. Purchasers will be responsible for all repairs, maintenance and insurance of their property. All properties are covered by an NHBC 10 year guarantee. Second and subsequent purchasers must also meet the criteria for affordable housing as set by Carrick District Council and its successors.
All the terms and conditions of buying an affordable home at Beacon View are incorporated in the 106 Agreement between THF Ltd and Carrick District Council and the draft lease, copies of both will be forwarded to prospective purchasers via their solicitors together with draft contract documents.
Some building societies / bank lenders may impose terms and conditions that require you to pay a penalty if you decide to sell during the early years of your mortgage.
