8 Swift Close, Staveley, Kendal

A soon to be completed, Shared Ownership, 2 bedroom family home with gardens and parking, located within a quiet modern development in this sought-after village on the edge of the Lake District National Park. Local occupancy applies.

Description:
Offered to the market through Castles & Coasts, this is an exciting opportunity to step onto the property ladder through a Shared Ownership scheme for a fantastic new home within this new development on the edge of Staveley.

The scheme provides a pathway to homeownership by allowing buyers to purchase a share of the property while paying rent on the remaining portion.

Purchasers initially buy the maximum share they can afford between 10% and 75% of the property, depending on an assessment of their circumstances and subject to eligibility criteria. Homeowners may then increase their share over time through a process known as ‘staircasing’, up to a maximum of 80% ownership.

In addition to their mortgage, shared owners pay rent to Castles & Coasts on the share they do not own. This rent is currently calculated at 2.75% of the unsold equity per annum, payable monthly and reviewed annually. For example, if purchasing at £145,000, the monthly rent would be £332.29 in addition to your mortgage payment, along with a development service charge circa £55 per calendar month.

The initial price advertised represents a 50% share illustrating how Shared Ownership provides an ideal stepping stone onto the property ladder in a home and location you’ll love. The actual share purchased will depend on the individual applicant.

How To Apply:
To apply, please visit our company website : and complete the initial Shared Ownership and Local Occupancy Eligibility Check.

Application Process:

1. Complete the Eligibility Form:
Fill in the initial Shared Ownership and Local Occupancy eligibility form available on our website.

2. Initial Review:
Your submission will be reviewed by the Castles & Coasts new homes team and H & H Land & Estates will confirm the outcome of the initial eligibility check on their behalf.

3. Stage One Assessment – Affordability Check:
If you meet the initial eligibility criteria. you will be invited to complete the stage one affordability assessment with Castles and Coasts' appointed, third-party mortgage advisor. This will confirm whether you appear to meet the criteria contained in the Shared Ownership allocations policy and indicate the share you may be able to purchase.

4. Stage Two Assessment – Detailed Affordability:
If you pass the Stage One assessment, you will be asked whether you wish to proceed by completing a Provisional Offer Form for the property and moving forward to the Stage Two, detailed affordability assessment. You will have 10 working days to complete this stage and obtain a Mortgage in Principle.

5. Formal Offer and Reservation:
Once the Stage Two assessment has been successfully completed, the exact share you are able to purchase will be confirmed. You will then be invited to submit a Formal Offer to purchase the property.

At this stage a £500 reservation fee is payable, and a Reservation Form / Memorandum of Sale will be issued. The property will be reserved for three months, during which time contracts must be exchanged.


Multiple Applications:
If multiple qualifying applications are received for the same plot, priority will be given based on the earliest submitted Provisional Offer form, based on the date and time it is completed for that specific plot.

Local Occupancy Criteria and Conditions:
Occupation of the property is limited to those who have a defined connection to the local areas. Full details are available on request. The property cannot be used as a second home or holiday letting accommodation.
The locality is defined as the administrative areas of the Parishes of Broughton East, Cartmel Fell, Crook, Crosthwaite and Lyth, Helsington, Hugill, Kentmere, Lakes, Longsleddale, Nether Staveley, Over Staveley, Skelwith, Staveley in Cartmel, Underbarrow and Bradleyfield, Upper Allithwaite, Windermere, Witherslack, Meathop and Ulpha, and those parts of the Parishes of Fawcett Forest, Strickland Ketel, Strickland Roger, and Whitwell and Selside which lie within the administrative area of the Lake District National Park.

Warranty:
The property will benefit from a 12 year LABC new homes warranty. In addition, Castles and Coasts also provides a 12 month aftercare policy.

Tenure:
Leasehold

Directions
From the centre of Staveley village centre proceed along Main Street in a westerly direction (as if going to Windermere) Turn left opposite the village hall on to Station Road. Follow the road under the railway bridge and continue on to Crook Road. Turn left into Crookfield and follow this road to reach Swift Close.

Services
Mains gas, electric, drainage and water are connected. Solar panels.

Key Information:
• Timber frame construction.
• We understand that broadband and mobile telephone reception are available. For an indication of speeds and supply please see the OFCOM website:
• There is private off road vehicle parking.
• The property is in the Lake District National Park
• Room sizes are approximate.
• Tenure: Leasehold. 990 years from the date of completion of the first sale.

* Marketing price reflects a 50% share