1 bedroom flat for sale

Muirfield Gardens, Gullane, East Lothian, EH31

Shared Equity £62,675

Property Description

Key features

  • Rare Affordable Ownership opportunity - for Shared Equity purchase
  • Fixed Discounted Price 62,675 (Full Market Value 115,000) - NO rental charge
  • Purchaser funds 45.5% of full market value. Homes for Life fund balance.
  • Income & other Eligibility Criteria
  • Popular coastal village
  • Good local amenities
  • Established development
  • Quality home
  • Generously sized - built in wardrobe and ample storage including external store cupboard.
  • Built by Hart Builders (Edinburgh) Ltd.

Full description

Tenure: Freehold

SUMMARY
Rare opportunity for affordable ownership within popular coastal village of Gullane. High quality, 1 bedroom first floor flat within established development. Fixed Discounted Price - only 62,675. Shared Equity with Social Landlord. No rent payable on Social Landlord equity. Subject to Income and other Eligibility Criteria. Early applications are sought from interested parties.

PROPERTY
Excellent walk in condition. Generously sized 68m2 gross floor area. First floor 1 bedroom flat with own external staircase and main door:

Light and spacious front facing living room c 15.8m2;
Rear facing double bedroom c 11.2m2 with additional built in wardrobe c1m2;
Attractive fitted kitchen c6.2m2;
Tiled bathroom c5m2 with over bath shower;
Hall c 3.9m2 with additional walk in store c2.4m2;
External store under stairs;
Compact enclosed rear garden with drying area;
Shared parking areas within development.
Gas Central Heating, double glazing, and well insulated - reflected in low EPC Rating of C.


DEVELOPMENT
Part of an established development of 60 homes, built in 2005, for Homes for Life, by Hart Builders (Edinburgh) Ltd.12 homes were sold on a Shared Equity basis and 48 were retained by Homes for Life, for let on secure tenancies at affordable rents.

LOCATION
Gullane is a thriving rural village on the East Lothian coast.It has its own primary school /nursery and a purpose designed surgery/day centre hub, as well as a range of shops, restaurants, and bars. It also has a popular beach and renowned golf courses. The nearest secondary school is in North Berwick. Edinburgh's city amenities are around 20 miles away - a journey of around 40 minutes by car or 60 minutes by East Coast bus, with nearby Longniddry offering Scotrail as a further option on the North Berwick line.

HOMES FOR LIFE
A Social Landlord registered with the Scottish Housing Regulator and the Office of the Scottish Charities Regulator (OSCR). We provide affordable housing and related services to meet identified needs throughout East Lothian - in partnership with East Lothian Council and other agencies. We are locally based and community owned.



SHARED EQUITY
The Purchaser only needs to fund 45.5% of the full Current Market Value as assessed by an independent local Valuer. This is the Fixed Discounted Price. Homes for Life fund the 54.5% balance of the Current Market Value - through an Equity Loan. That Loan is secured by a standard security on the property. If the purchase is funded by a mortgage then the mortgage provider would take first security and Homes for Life would take second security - subject to a ranking agreement, to ensure Homes for Life would ultimately get an opportunity to buy back the property or to nominate a new Preferred Purchaser to do so in the event of any repossession action by the mortgage provider. The Purchaser will also enter into a Minute of Agreement covering key conditions applying to our equity loan. That Agreement and Security ensure that the property can continue to be available on an Affordable, Fixed Discounted Price, Shared Equity basis, including where any mortgage provider needs to take action. Purchasers cannot buy out Homes for Life's equity.

When any Purchaser wises to re-sell and move on, Homes for Life will arrange a re-valuation, and has 3 months to find and nominate a new Preferred Purchaser willing to make an offer or to confirm Homes for Life will itself make an offer. Re-sale would be on the same Affordable, Fixed Discounted Price basis as the original sale - at 45.5% of the re-assessed value at that time. If we cannot nominate a new Preferred Purchaser or do not ourselves wish to make an offer, we would authorise sale of the property on the open market to the highest bidder and repayment to Homes for Life of 54.5% of the price realized.

Homes for Life's Shared Equity model predates development of the Scottish Government model for Registered Social Landlords. Our model operates without public subsidy, other than the land donated by East Lothian Council. Any costs reasonably incurred by Homes for Life in arranging re-sales need to be met by the Purchaser and/ or New Preferred Purchaser as part of any re-sale transaction. This includes the Home Report fee, our Solicitor's fees & recording outlays, and advertising costs.

To date, 5 re-sales have been completed on a Shared Equity basis within this development- of 3 different properties out of the 12 originally sold for Shared Equity.

ELIGIBILITY CRITERIA
As a Registered Social Landlord, Homes for Life need to ensure our Shared Equity discounts are effectively targeted at those in Housing Need. To do so, we apply Eligibility Criteria:

Current Home Owners are not eligible.

The property must be used as the Purchaser's only (or principal home).

Applicants must have gross annual household earned income of not less than 21,000 per annum, and not more than 29,000 for a single person household or 46,000 for households with more than one adult.

Priority will be given to first time purchasers; current tenants of Registered Social Landlords in East Lothian; current applicants registered for housing with Homehunt or East Lothian Council; applicants who can make best use of the property; applicants who need to live in Gullane; and applicants otherwise demonstrating Housing Need.

FACTORING
Homes for Life provide a factoring service for the development - covering necessary maintenance and repairs to common areas of landscaping, parking, footpaths and buildings. Purchasers make their own arrangements for any necessary maintenance and repairs to their own home. All purchasers pay a 150 float, which we hold and use to meet costs as they arise. At the end of each financial year we invoice all Purchasers for their share of costs for the year, to replenish that float. If more expensive repairs are required we will, where possible liaise with Purchasers in advance and may need to seek payment as they arise. We add a modest administration fee to our invoices to cover our own costs, and penalty charges for late payments. For 2016/17, each owner was invoiced a total of 60.58 factoring costs for the full year - though costs vary dependent on works required during each year.

FURTHER INFORMATION

You can contact us on 01620 829300 or info@homesforlife.co.uk
You can also get further information on our web site at www.homesforlife.co.uk

APPLICATION
If you want to apply please complete and return an Application Form as soon as possible. These are available as a download through this advert or from our web site at www.homesforlife.co.uk
Applications are an expression of interest, confirmation of housing circumstances and consent for us to seek verification of information provided. They are not an offer to purchase.

We have until the end of November to select and nominate a new Preferred Purchaser for this property, but are keen to do so as soon as possible. If you are considering completing an application and do not want to miss out on this opportunity, you should let us know that you are interested and we will keep you informed of any closing date.

DISCLAIMER
This information is provided in good faith and is believed to be accurate. It does not form part of any subsequent contract for sale or purchase of this property.


More information from this agent

Energy Performance Certificates (EPCs)

Listing History

Added on Rightmove:
10 November 2017

Nearest stations

  • Drem (2.4 mi)
  • North Berwick (3.9 mi)
  • Longniddry (4.8 mi)
Distances are straight line measurements from centre of postcode

Nearest schools

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To view this property or request more details, contact:

Homes for Life Housing Partnership, Re Sales

Market Street, Haddington, EH41 3JG

01620 694011 Local call rate

How much will it cost me to call the number displayed on the site?

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To view this property or request more details, contact:

Homes for Life Housing Partnership, Re Sales

Market Street, Haddington, EH41 3JG

01620 694011 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Map & Street View

Nearest stations

  • Drem (2.4 mi)
  • North Berwick (3.9 mi)
  • Longniddry (4.8 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Homes for Life Housing Partnership, Re Sales

Market Street, Haddington, EH41 3JG

01620 694011 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Disclaimer - Property reference 37_Muirfield_Gardens. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Homes for Life Housing Partnership, Re Sales. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.

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