YOUR REF:
CONTACT:
Karen Laydon
OUR REF:
CS/DEV
DIRECT DIAL NO:
01684 579437
DATE
Summer 2012
EMAIL:
klaydon@festivalhousing.org
Dear Applicant
Shared Ownership @ Pointers Way, Brockhill Lane, Redditch
Thank you for your interest in the above development at Pointers Way,
Redditch. I am pleased to enclose a marketing pack in respect of Shared
Ownership Houses.
Before completing this application, I recommend that you take the time to fully
read the contents of this letter. It gives a lot of detailed information regarding
selling prices and how the properties will be allocated.
1.
Selling Price and Shares
We will endeavour to sell each property on a 40% Shared Ownership
Leasehold basis. The remaining % share will stay in the ownership of
Festival Housing.
We have selection of Two and Three bedroom Apartments and Houses.
I attach the Price and Availability List, which will show you the type and size
of property, selling prices, rent and service charge costs.
Should you be unable to afford to purchase a 40% share we will look to offer
you a lesser share, conversely, should you be able to afford to purchase more
we will expect you to do so. The amount you are able to afford will be
determined when we carry out a financial assessment of your application. We
will advise you in writing of the percentage share you should purchase and
your monthly rent and service charge costs. All offers are made on a first
come first served basis (subject to meeting the outlined criteria) and all offers
MUST be accepted Off Plan.
2.
Marketing Pack – How to apply
If you wish to be considered for one of the shared ownership properties,
please complete and return to us the Low Cost Home Ownership application
form and Local Connection Form, along with the requested documents. In
addition, you are also required to be registered for Housing with your Local
Authority. Please ensure that if you are not, you submit an application form
as soon as possible. The contact details are Redditch Borough Council,
Walter Stranz Square, Redditch, Worcestershire B98 8AH telephone 01527
64252
You must also be registered with Orbit Homebuy Agents. You can register
online the address is www.orbithomebuyagents.co.uk you can also phone
them to discuss any queries you may have or to request a postal application,
the number is 03458 50 20 50.
We will ask you to produce firm evidence of your income and savings.
Therefore, can you please ensure that your last three months bank
statements and salary slips along with a recent mortgage Illustration (Key
Facts Illustration or Similar) which shows what your monthly payments will be
are enclosed with your application.
Please ensure that your application it is stamped at the correct level otherwise
there will be a delay in its delivery from the Post Office. On a practical level,
we do recommend that you use recorded delivery or an equivalent service, to
ensure that your application is safely returned to us on time. Please return
your application as soon as possible, as demand is expected to be high. Your
application cannot be processed if it is incomplete.
3.
Financial Check
The Association has a duty to ensure that prospective shared owners have
the financial means to afford and sustain shared ownership. We will therefore
assess each eligible application to ensure that shared ownership is a viable
option.
As a practical guide, we recommend that applicants must have available
funds of at least £2,000 to cover the setting up costs and a 10% deposit on
your share of the property, you should check this with your mortgage
broker/provider.
We will check to ensure that you are able to meet the monthly costs of a
mortgage plus your rent payments
4.
How the properties will be allocated
Shared Ownership is aimed at helping people in housing need who are
unable to purchase a property outright on the open market. Priority will be
given to applicants with a local connection to Redditch.
If you have a specific plot in mind, please add this information to your
application. We will endevour to allocate your chosen plot, but we reserve the
right to allocate a plot for you should your chosen plot be unavailable at the
time. Please note we will only provide flooring, which is a sheet vinyl to the
‘wet areas’ which includes Kitchen/Diner, WC and Bathroom.
All plots are allocated ‘Off Plan’ this means you must accept our offer, pay
your reservation fee prior to viewing your plot and advise us of the solicitors
acting for you within 7 days off our offer.
As soon as I am able to gain access to your plot I will contact you to offer a
viewing. This will enable you to measure up for carpets and curtains etc.
I do hope that this gives you all the information you require. However if
require additional information please do not hesitate to contact the Sales &
Marketing Team on 01684 579437 or 01684 579441
We look forward to receiving your application in due course.
Yours sincerely
Karen Laydon
Sales & Marketing
Encs