Fixed Price 50% Share £132,500.
Monthly Rent £349.70.

A 5% deposit will be paid towards your purchase- for a 50% share this would amount to £6,625.

A fantastic opportunity to purchase a brand-new affordable home being sold on a part buy, part rent basis.

• Shared ownership
• Malvern connection eligibility
• 5% gifted deposits approved
• Affordable family home in popular development
• Brand-new property
• Cloakroom
• Off-street parking
• Garden

This two-bedroom semi-detached home with a sunny south facing rear garden and two car driveway at the side of the property is being sold on a part-buy, part-rent basis with a 50% to 75% share available to purchase initially. This new property by St Modwen Homes is beautifully situated on the Malvern side of Worcester, close to Kempsey village. To be eligible, the successful candidate will need to meet the standard requirements of a shared ownership property along with local connection criteria to Malvern as well.

This excellent and affordable housing scheme is provided by the Community Housing Group, ideal for first-time purchasers or those with a limited budget who want to get on the property ladder. The flexible scheme allows the owner to increase owned shares after one-year up to the full 100% ownership, with the rental amount payable diminishing pro rata. On a 50% shared basis, the rental per calendar month is £349.70 which includes buildings insurance and administrative fees. Below is the information pertaining to eligibility and how to apply and the required Malvern criteria connection.


Eligibility
Malvern Connection
Priority will be given to Applicants who have a local connection to Kempsey. If the property is not allocated to an applicant who meets this criteria then applications will be considered from those with a local connection to Severn Stoke & Powick.
Applicants must meet the following criteria:
- Is registered on Housing For you – You can register here: www.housingforyou.co.uk
- Lives in the Parish of Kempsey, Severn Stoke or Powick (for at least 6 months out of the last 12 or 3 out of the last 5 years)
- Has Close family (Mother, Father, Brother, Sister, Son or Daughter) who have lived Kempsey, Severn Stoke or Powick for at least 5 years
- Has Permanent employment in the parish of Kempsey, Severn Stoke or Powick

To be eligible for shared ownership you:-
- Need to be over the age of 18
- Be unable to buy on the open market
- Not already own a property (unless in exceptional circumstances)
- Be able to raise a mortgage to cover the share you wish to purchase
- Be able to afford to pay the remaining rent and bills etc.
- Have enough saved to cover the mortgage and legal fees and any additional moving costs
- Have no more than £15,000 unsecured debt

Please note: A financial assessment will need to be undertaken by Louise Grant at The Financial Advice Centre before an application can be made. Applications are taken on a first come, first served basis and incomplete applications cannot be accepted.


Description
Approaching from the road, this tidy, two-bedroom, semi-detached, modern build has two allocated parking spaces. Access to the rear is along the left-hand side of the dwelling via a gated walkway which continues around the perimeter of the property. This pathway extends to the back of the premise, forming a patio which leads out onto the rest of the garden, this mixture of areas allows for more potential uses of the outdoor space.

Immediately as you enter from the front door you are welcomed by the bright hallway which gives access to the living room, kitchen, cloakroom and stairs.

To the right of the front door is the main living area, which looks onto the front of the property.

Returning to the hallway, moving deeper into the property, to the left a cupboard situated underneath the stairs and the cloakroom with washbasin in the rear left corner of the dwelling.

At the end of the hallway to the right is the kitchen, which looks out onto the garden. The kitchen’s clever layout and high-quality finish creates a bright and friendly space, which follows through into the garden patio via the backdoor.


First floor
Moving upstairs, the landing with airing cupboard grants access to both bedrooms and the main bathroom.

The bathroom contains a bath with built-in power shower, washbasin and WC, all done to a high-quality finish.

Each bedroom is spacious enough to comfortably fit in a double bed. Whilst bedroom two overlooks the garden, bedroom one is bigger and has an additional storage cupboard.

Mains gas, electric and water are connected at the property. The property has also been fitted with solar panels.

Council Tax Band – to be confirmed.

Reservation Fee - refundable on exchange

A reservation fee, refundable on exchange, will be payable by the Buyer to Andrew Grant Sales Limited prior to issuing the Memorandum of Sale and marking the property as Sold Subject to Contract. This fee will be reimbursed upon Exchange of contracts.

The fee will be retained by Andrew Grant Sales Ltd to cover costs in the event the Buyer withdraws from the purchase or doesn't Exchange within 6 months of the fee being received other than for any of the following reasons:   

1. Any significant material issues highlighted in a survey that were not evident or drawn to the attention of you the buyer prior to the Memorandum of Sale being issued.
2. Serious and material defect in the seller’s legal title. 
3. Local search revealing a matter that has a material adverse effect on the market value of the property that was previously undeclared and not in the public domain.  
4. The vendor withdrawing the property from sale.

The reservation fee levels are as follows:
an agreed offer under £500,000 will be £750 inclusive of vat
an agreed offer between £500,000 and £1,000,000 will be £2,000 inclusive of vat
all agreed offers over £1,000,000 will be £3,000 inclusive of vat

The reservation fee is payable upon acceptance by the vendor of an offer from the buyer and a positive completion of an assessment of the buyer’s financial status and ability to proceed. Once the reservation fee has been paid, any renegotiation of the price stated in the memorandum of sale for any reason not covered in points 1 to 4 above will lead to the reservation fee being retained. A further fee will be levied on any subsequent reduced offer that is accepted by the vendor. This further fee will be subject to the same conditions that prevail for all reservation fees outlined above. 

Should a buyer’s financial position regarding the funding of the property prove to be fundamentally different from that declared by the buyer when the Memorandum of Sale was completed, then the Vendor has the right to withdraw from the sale and the reservation fee retained. For example, where the buyer declares themselves as a cash buyer but are in fact relying on an unsecured sale of their property.