Maws Meadow - Help to Buy Options

Maws MeadowWest Kingsdown2 and 3 bedroom homesfor sale on a sharedownership basis01622 633241 www.orbithomes.org.uk

Maws MeadowIntroducing Maws MeadowOrbit Homes are delighted to be able to offer two and three bedroom homes on a shared ownershipbasis in the heart of West Kingsdown. Maws Meadow is a development of just 20 properties, 4 availableto purchase on a shared ownership basis and the remaining 16 to rent through the local authority.West Kingsdown is a small village situated amongst some of Kent’s most beautiful countryside, all whilsthaving excellent travel links onto the M20.The village offers all the usual amenities such as post office, shops, pubs and a library. Head just 9 milesaway for the larger town of Sevenoaks and you will find an array of shops in the Bligh Meadow Shoppingcentre and along the high street. The restaurants are plentiful and there are many leisure facilities suchas the theatre, a swimming pool and golf courses.HomeBuy Shared OwnershipHomeBuy Shared Ownership is a fantastic opportunity if you want to get a foot on the housing ladder but can’t afford to buy ahome outright.It allows you to buy a share in a brand new property on a part buy/part rent basis, paying subsidised rent on the part that youdon’t own. You can then purchase further shares until eventually you own the property outright.1

Maws MeadowDesignated Protection AreaMaws Meadow is in a ‘Designated Protection Area’ (D.P.A) which is an area where there’s a shortage of affordable housing. If you wish to sellyour home at Maws Meadow, Orbit will buy it back provided that your ownership is 80% or greater, for which we charge a fee. Full details ofthe complete terms of the lease will be issued by the Orbit Homes solicitor. This condition means these homes are Leasehold (including at100% ownership)If you own less than 80% then you sell your share directly to another HomeBuy Shared Ownership customer, which Orbit will assist with.Priority at Maws Meadow will be afforded to customers in the following order:1. Serving Military of Defence personnel / tenants of a housing association or local authority home which will be re-let upon vacation2. Those who currently live in West Kingsdown and have done so for the last 3 years3. Those who have lived in West Kingsdown for at least five of the previous ten years4. Those who have resided with immediate family in West Kingsdown who have lived there for at least ten years5. Those who work in West Kingsdown on a full time permanent basisCustomers who fall within the above criteria will be prioritised according to family size and date of registration with theHomeBuy Agent, MoatCustomers must also be registered with Sevenoaks District Council’s Housing register. Information on how to apply can be foundat www.sevenoaks.gov.uk/housing or by calling 01732 7494332

Maws MeadowSpecificationThese homes are built to the highest standards and benefit from the following: Gas central heatingFinbarr Close, off Cobden Street, Coventry CV6 5DY Fitted kitchen with stainless steel sink Integrated oven, hob and extractor hoodSite Plan Contemporary bathroom with white suite Fitted wardrobes to bedrooms Vinyl flooring to kitchen and bathroom Allocated parking Turfed rear gardens and patio Shed, washing line and water butt included Secure by DesignTypical Orbit Show homes3

Maws MeadowSite PlanDirections bycarFrom the M20 Londonbound:1. At junction 2a, take theA20 exit to A25/A227/Wrotham/Sevenoaks/Gravesend2. At the roundabout, takethe 3rd exit onto LondonRd/A20Go through 2 roundabouts3. At the roundabout, takethe 1st exit and stay onLondon Rd/A204. Turn right onto HazeldenClose5. Take the 1st right ontoForge LaneTurn left onto CrowhurstLaneMaws Meadow will be onthe left4

Maws MeadowFloor PlansPlots 5, 6 and 7 – Ground Floor5

Maws MeadowPlots 5, 6 and 7 – First Floor6

Maws MeadowPlot 16 – Ground Floor7

Maws MeadowPlot 16 – First Floor8

Maws MeadowTable of CostsBuying a HomeBuy Shared Ownership property is a big commitment and as well as mortgage and rent payments, you will also have theother financial responsibilities of a traditional homeowner. The figures below will give you an indication of the kind of financial commitmentthat you will need to make based on the % share available. The rent, buildings insurance and management charge are payable monthly.The below shares are for illustration only – you will be offered the maximum share you can afford which represents mortgage,rent and service charge forming 45% of your disposable incomePlotNumber5Type2 Bed End ofTerrace HouseCurrent ShareMarket Value example %£190,00035%75%Share PriceMonthlyRent atshareexample£66,600 £283.02£142,500 £108.85MonthlyServiceChargeMonthlyBuildingsInsuranceMonthlyManagementFeeTBC £10 £20.0662 Bed MidTerrace House£187,50035%75%£65,625 £279.30£140,625 £107.42TBC £10 £20.0672 Bed End ofTerrace House£192,50035%75%£67,375 £286.74£144,375 £110.29TBC £10 £20.06163 Bed End ofTerrace House£220,00035%75%£77,500 326.45165,000 126.04TBC £10 £20.06RED = UNDER OFFERPlease note the above figures will be subject to fluctuation. Final prices will be based on the current market and rebuild value at the time of sale.9

Maws MeadowAffordabilityHomeBuy Shared Ownership is intended for buyers who cannot afford a home on the open market. If your income is sufficient to purchase ahome through traditional means then you will not be eligible.Everyone’s circumstances are different so it is important to take independent mortgage advice. However, it is estimated that in order to affordthese properties you will need to be earning in the region of the figures below in order to afford these properties. You will also needapproximately £1,500 for legal costs.Plot Number Current Market Valuation Approximate HouseholdIncome Required5, 6, 7 £190,000 £25,000*16 £220,000£29,000** Example based on a 35% share purchase, no household debt, reasonable mortgage rate and minimum deposit available.Buying a HomeBuy Shared Ownership property is a big commitment and as well as mortgage and rent payments, you will also have the otherfinancial responsibilities of a traditional homeowner.aa Contact Orbit Homes on 01622 633241 for current availabilityAdditional ResponsibilitiesHomeBuy Shared Ownership customers have full responsibility for maintaining their home. When buying a home, you will sign a ‘full repairinglease’, which means that Orbit does not share the responsibility or costs of maintenance, replacements or improvements to your home.Further information will be available in your home handbook, and in your lease. Customers are advised to consult their Solicitor, in the firstinstance, with any questions about any terms of the lease.10

Maws MeadowThe Next StepsIf you would like to buy a Shared Ownership home at Maws Meadow please submit the following documents to us at the address below:Orbit Homes Sales and MarketingHorizon HouseEclipse ParkSittingbourne RoadMaidstoneKentME14 3ENTel: 01622 633241Email: homes@orbit.org.ukWebsite: www.orbithomes.org.uk1. Proof of your income, either by way of your last 3 months payslips, or a letter from your employer on headed paper or last 3 years’accounts if self-employed2. Proof of savings, or means to pay solicitors and legal fees during the property purchase. This can be a photocopy of yourbank/building society account or similar. If you are receiving a gift, a letter and evidence from the donor is required.3. An indication of your ability to obtain a mortgage. This should be in the form of a certificate from a mortgage company. ABank/Building society will provide this free of charge or you may wish to consult one of Orbit’s panel of Independent Financial Advisors.4. If you are not obtaining a mortgage, please provide proof of capital5. Homebuy registration reference. You can register at www.homebuyoptions.co.uk6. If applicable, a letter giving your consent for us to write to your current Landlord to request a tenancy reference together with yourLandlord’s full name and address.7. A cheque for £500 made payable to ‘Orbit Group Limited’. This reserves the property for 28 days pending exchange of contractsand is offset from the total you owe us on completion day.(continued)11

Maws Meadow8. Your solicitor and IFA contact details. Use our panel we’ll give you £500 towards the fees of each (£1000 total) which we give as adeduction from the sale price on completion day9. Proof of identification (i.e., current signed passport, current U.K. photo-card driving licence, National Identity Card with photo)10. Proof of address (i.e., recent utility bill, recent bank statement, insurance certificates {house or car} which must not be more than 3months old)Useful Information for Shared OwnersTHE LEASEAll shared owners will purchase their new home on a lease, the standard terms of which will be discussed with you before you buy. However,you should always discuss the terms of the lease, standard and non-standard, with your solicitor when you visit him/her. In particular youshould discuss your repairing obligations as you will be signing a ‘full repairing lease’, and our obligations to provide services under the servicecharge (if your home has one). You will be paying your solicitor to provide this advice, please discuss anything you are unsure of.FINDING A SOLICITORPlease refer to our leaflet “Solicitors and Independent Financial Advisors” for details of Solicitors who are familiar with HomeBuy SharedOwnership purchases/shared ownership leases.GETTING A MORTGAGEWe strongly advise that you seek advice from an Independent Financial Advisor. Please refer to our leaflet “Solicitors and IndependentFinancial Advisors” for details of IFA’s who are familiar with HomeBuy shared ownership Mortgages.STAMP DUTY LAND TAXPotential shared owners must seek advice from their own solicitors on the Stamp Duty Land Tax implications of any shared ownershiptransaction being contemplated.Further guidance in Stamp Duty Land Tax is available on the HM Revenue and Customs website, www.hmrc.gov.uk Alternatively, you cancontact the HM Revenue and Customs Customer Service Office in Worthing on 0845 60 30 135.These Particulars should be treated as general guidance only. Specifications are subject to change during the construction for technical reasons. You should satisfy yourself beforecommitting to purchase thatyou are happy with the features stated. These details cannot be relied upon as accurately describing any of the specified matters prescribed by any order made under the PropertyMisdescriptions Act.12