The Beehive Issue 2
Spring 2012
Resales
Shared Ownership or Shared Equity?
The forgotten cousin to shared ownership 102 Properties Bath & South Gloucestershire 61 Properties
Competition Time
85 Properties
Chocolate Hamper up for grabs courtesy of Urbansplash!
Case Study It could be you
40 Properties
120 Properties
91 Properties
37 Properties
Future Events
First Year of FirstBuy
Stamp Duty
Are you in the know?
Out & About
See what we’ve been up to over the past 3 months
Welcome to the spring edition of the Beehive During the last 3 months the agency has been a hive of activity. FirstBuy is still generating plenty of interest, keeping the Bristol team on their toes! In our Torquay office interest in affordable housing continues, the customer service team have reported a steady increase in applications. Spring will see more of you viewing properties & hopefully moving into your new homes. We hope that the items we feature in the Beehive will help to make that journey more informed. We are always looking for ideas on items to cover in each edition & would welcome any suggestions you may have. You can post or email any suggestions to us, our contact details can be found on page 16. Don’t forget to enter our competition the winner will receive a luxury hamper. Enjoy the lighter evenings, happy house hunting!!! Hayley Rossiter. HomeBuy Agency Manager
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Dates for your Diary Spring is the perfect time to get out and about viewing properties, open days and show homes. Here’s what coming up in the next few months‌.. Moving Home Show 2012 28th April, 10am to 4pm The Guild Hall, Salisbury
Swindon Homebuy Roadshow
Together with Salisbury Journal we will be on hand to offer expert advice to First Time Buyers
24th May, 1pm to 6:30pm Swindon Central Library, Regent Circus, Swindon, SN1 1QG
Mendip affordable Housing Open Evening 23rd May, 6pm onwards Bishops Palace, Wells
Armed Forces Day 23rd June, 12pm to 3pm Kingswood Park, Kingswood, South Gloucestershire, BS15 9PT
Bristol GLBT Pride Event 14th July, 12pm to 5pm College Green, Bristol, BS1 5UA
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Returning for a second year, we will be on hand to offer advice on purchasing your first property with help the governments Homebuy schemes
Taunton Deane Borough Council Affordable Housing Open Day 14th June, 3pm to 7pm The Long Room, Somerset County Cricket Club, Taunton After the success of last years event and the positive feedback received, Taunton Deane Borough Council would like to invite you to join us at their Seventh Annual Affordable Housing Open Day.
Urban Splash invites you to Live at Lakeshore Urban Splash, the renowned property redeveloper has injected life back into the old Wills Imperial Tobacco Factory based in South Bristol. The historic grade II listed building has been completely converted into a stunning eco property that boosts city living in a country park. The property, which is both sustainable and stylish, gives residents the best of both worlds, with the ability to live an urban lifestyle on the doorstep of the countryside. The design led apartments overlook a private lake and are surrounded by 10 acres of landscaped grounds boasting apple orchards and cherry trees, a fishing lake and pontoon, nature trails, BBQ and picnic areas. There is also a state of the gym, a route for running, allotments, boules court and on site car parking Renowned architects, Skidmore Owing Merrill designed the factory in the 1970’s and the design derived its inspiration from the modernist architectural movement, particularly the work of Mies van der Rohe. Urban Splash recruited Ferguson-Mann Architects to enhance the original architectural vision, revitalise the existing buildings and employ the latest sustainable technologies. The distinctive Cor-ten steel frame was retained other than the removal of one vertical bay either side of the building to form a new front entrance. Also an impressive naturally lit full height atrium was formed covered over with a lightweight ETFE atrium roof, the same as the Eden project’s, maximising the natural light inside. Internally, architects Fergusson Mann used the space to create a variety of interesting apartment types, all containing extra high ceilings and full length windows leading to generous balcony spaces. The concrete lower floors of the building, formerly a shopping area for the Wills’ employees, have been remodelled to form duplex apartments close to the lake, where residents can be as close to nature as it gets. Lakeshore’s eco apartments have been carefully designed to match the green living ethos of Bristol and have previously been awarded a Housing Design Award and a Green Apple Award for its sustainable and green credentials and more recently an EcoHomes rating of ‘Excellent’
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was awarded by the BRE (Building Research Establishment). In every apartment the under floor heating and hot water is provided via a ground source heat pump and biomass boiler and this combination of heating technologies ensures the building’s supply of hot water and heating is virtually 100 per cent renewable, reducing the carbon footprint of the building. Urban Splash offer further flexibility to get first time buyers on the property ladders. In addition to shared ownership, there is the option to rent at 80% of the market share to allow those not quite ready to purchase a Lakeshore apartment to save the money for a deposit. Urban Splash will also contribute 5% towards the purchase for those wishing to buy outright. Nicola Wallis, Director of Residential Sales at Urban Splash comments; “At Urban Splash we have a reputation for regenerating buildings, creating great spaces and communities for people to live. We are delighted to be able to offer our Lakeshore homes through affordable options for our customers which will help to remove some of the barriers of buying a first time home. Many lenders require a smaller deposit of 5-10% for mortgages on shared ownership, which offers an affordable option for those struggling to save a larger deposit for an outright sale.” Urban Splash is working with the Homes and Communities Agency who has invested almost £17.5m in the project, which will directly fund the delivery of around 400 homes on the scheme. The HomeBuy Agent for Lakeshore is South West Homes and they will work with the potential customer to assess eligibility and process applications. Price details 1 bedroom homes to rent are £575pcm 1 bedroom homes to buy are from £140,000 1 bed studio apartment - £95,000 2 bed studio apartment - £100,000 Urban Splash contact: For viewing and further details please contacts Nicola Wallis or Rebecca for more details phone 0117 3250308 or email RebeccaHunt@urbansplash.co.uk or visit http:// www.urbansplash.co.uk/residential/lakeshore.
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Number Crunching Time Here’s a statistical overview of South West Homes…..
89% of applicants prefer to be contacted via email
Total Number of properties being advertised on our website 519
Average time to process Homebuy application 2 days
Nearly 45% of applicants have not found a suitable property due to no available properties in their chosen area
Average 1080 number of followers hits to our on Twitter website for January, 213 sites February & offering FirstBuy within March 26,470 our region
The average age for applicants is 16-25 408 ‘likes’ on Facebook
Number of emails received since the Winter Issue of the Beehive 2,111
Average number of received calls per day 58 The Beehive, Spring Issue
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The Beehive, Spring Issue
Here’s the answers to the completion which featured in the Winter Issue of The Beehive. The hidden message should reed— Good Tidings and A merry Christmas to you
Don’t forgot to enter this issues’ competition on page 15 for your chance to win a chocolate hamper courtesy of Urbansplash!
Resales Buying a home through the one of the many affordable housing schemes doesn’t always mean you have to buy a brand new home. Resale properties offers you the opportunity to purchase an existing shared ownership property from the current owner. Resale properties work in the same way as shared ownership, you can purchase the share which is being offered for sale at the open market and pay a subsidised rent on the remaining share. Viewing are usually arranged directly with the current owner but you will need to contact the housing association who is marketing the property for details of how to purchase the property.
Here’s a selection on resale properties currently being advertised on our website... 49 Anchor Point, Bristol 2 bed forth floor apartment 40% share £72,000 Rent A purpose built flat close to the city centre Bristol. Contact Sovereign Living on 01635 277420 for further information
31 Mills Bakery, 4 Royal William Yard Plymouth, Devon, PL1 3GD 1 bed first floor apartment 50% share £75,000 This beautiful first floor 1 bedroom apartment in the Mills Bakery is a must see with its vibrant surroundings and stunning sea views. Contact the current owner on 07545880476 to arrange a viewing
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26 Holm View, Watchet, Somerset, TA23 0AF 2 bed end terraced house 40% share £58,000 Rent 239.49 pcm Two bedroom end terraced house with parking, car port and enclosed walled rear garden. Contact Sovereign Living on 01635 277420 for further information
Child Okeford, Dorset, DT11 8HJ 3 bed mid terreace house 30% Share £69,900 A spacious mid terraced house situated in a village with local shops and schooling facilities within easy reach. Call either Dawn Dalkins 01202 308710 or Debbie Ferris 01202 308704 at Synergy Housing for further information
14 Faller Fields, Lydney, GL15 5FD 3 bed house 50% Share £79,900 Rent £335.38 Well presented 3 bed house set in a cul de sac on the outskirts of Lydney, where a range of shopping facilities including, supermarkets, schools and recreational facilities are available Contact Marlene Alford at Two Rivers Housing on 01594 546264 or 0800 3160897 or email marlenealford@2rh.org.uk
Do you currently own a shared ownership property? Did you know you can advertise your property on our website? Contact the customer service team on 0300 100 0021 for further information 9
The Beehive, Spring Issue
Oakdale in Lydney is set to be hot spot for First Time Buyers... Scores of potential buyers have been checking out a new housing development in Gloucestershire since it officially opened. More than 40 people visited the popular Oakdale site in Lydney during the launch weekend where South West Homes were on hand to talk “Shared Ownership” and “FirstBuy’’. Graham Phillips, HomeBuy Manager said "much of the interest in new homes at Oakdale is from people already living in Lydney, but there are also high levels of interest from people living in the surrounding areas, especially Gloucester. "The Kier Homes development is proving particularly popular with first-time buyers, who are interested in FirstBuy, the government supported scheme where people buying their first home can pay from just 80 per cent, but own 100 per cent of their new home." The development, which consists of two, three and four-bedroom homes and two-bedroom apartments, was formally opened by councillor John Bartle from Lydney Town Council. He said “We are very grateful for the funding provided by the Homes and Communities Agency, which has enabled us to build these affordable homes”. A range of homes are available to buy, either outright, with shared ownership or via FirsBuy. Prices start from £149,995. Most properties benefit from high-specification kitchens, complete with integrated dishwasher and fridge freezer. The bathrooms and en suites are also finished to a modern design, with quality chrome fittings. The first phase at Oakdale includes 134 new homes, of which 54 are open market sale and 80 are affordable homes. Kier Homes has created new and safeguarded existing local jobs at this development project, providing a further economic boost for the area.
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Out and About It’s been a busy time at South West Homes. Check out what our Homebuy Managers, Gwenda and Graham, have been up to in the past three months... In January South West Homes, were invited to attend the Houses of Parliament, Westminster. The purpose of the event, organised by Stephen Gilbert, MP for St Austell and Newquay, and the National Housing Federation, was to raise MPs awareness of the affordability issues for first time buyers in the region. January also saw the launch of Barratts major regeneration scheme at PL2, Plymouth. In February we joined the Joint Sevices Housing Advice Office at Devonport, Plymouth to raise awareness of the HomeBuy products currently available to armed forces personnel. Also in February as part of our ongoing commitment to the Mortgage Rescue scheme we attended an event organised by Shelter and the Homes and Communities Agency. In March South West Homes were exhibitors at the Chartered Institute of Housing Conference held in Brighton. The conference was attended by a wide range of housing professionals and was a good opportunity to promote the HomeBuy brand and the services provided by HomeBuy agents. We also joined a large number of other housing providers for the South West Home Ownership Conference, which this year was billed ‘Age of Aspiration’.
We’ve had a busy start to 2012 organising our events to ensure you can speak to a member of the team here at South West Homes. In January we held two road shows in Cirencester, and Bristol. In February we did a large site launch in Lydney, Forest of Dean for Kier Homes and we were busy all weekend. In March we visited Cheltenham and were joined by developers and housing associations, the local paper the Gloucestershire Echo gave a good write up on our event. We are now planning events for the coming months; we’ll be at Gay Pride in Bristol on the 14th July and we’ll be celebrating Armed Forces day on the 23rd June. We are planning on joining our friends at the Salisbury Journal for the Moving Home Show of 2012. You can keep up to date by visiting our website events page.
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The Beehive, Spring Issue
First year of FirstBuy Our FirstBuy scheme has had a massively popular start since it launched in August 2011. We saw lots of our purchasers rushing to beat the stamp duty deadline and our team were working late into the evening to get paperwork to solicitors on time. We’ll soon be taking our 1,000 FirstBuy reservation since it’s launch – if you are purchasing using this scheme and would like to be involved in publicity surrounding this then please call us on 0300 100 0021.
Heard of FirstBuy but not sure of how it works? Here’s a quick overview…... FirstBuy gives you a chance to buy a brand new home with help of an equity loan of up to 20% The FirstBuy equity loan will be interest free for the first 5 years with a charge of 1.75% per annum on the outstanding loan, payable from year 6. To buy with FirstBuy you will need: •
Savings or access to a deposit (minimum of 5%)
•
A mortgage to meet the minimum of 80% of the value of the purchase price of the
Where can I find FirstBuy properties for sale? You can find details of developers and sites offering FirstBuy on our website www.southwesthomes.org.uk, but here’s an a selection to give you a taster…*
property *prices illustrated are for 80% share and are from. Availability correct at time of print, but prices and properties are subject to availability. The Beehive, Spring Issue
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Fairfields, Probus Taylor Wimpey
Spinnaker Hieghts, Barne Barton, Plymouth Linden Homes
2 bed house £130,396
3 Bed house £119,400
Portland Green, Portishead Persimmon Homes 1 & 2 Bed apartments £94,396
Blenheim Meadow, S. Glos Taylor Wimpey 2 & 3 bed house £111,996
The Pike House, Coleford Bell Homes 2 bed apartment £76,000
Wichelstowe, Swindon Barratt Homes 3 & 4 bed house £164,995
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Cannington Road, Witheridge Devonshire Homes 2 & 3 bed house £110,162
Abbey Meadow, Shaftesbury Bovis 3 bed house £150,396
Manor Park, Melksham Charles Church 3 bed house £142,396
Bagley Green, Wellington Redrow Homes 3 bed house £135,996
Shared Ownership v’s Shared Equity What's the difference?
Heard about shared ownership and shared equity but unsure of the difference? Not sure which one is best for you? Read our quick guide to find out more.... Scheme
Shared Equity
Shared Ownership
Name Sub scheme
FirstBuy
Shared Ownership
name T’s & C’s – What does it involve?
Resales You buy 100% of the home but only to
You buy between 25% and 75%
cover 80% with your mortgage and
of the property and pay a
deposit.
subsided rent on the remaining
The remaining 20% is provided in an
share.
equity loan which is jointly funded by the government and the house builder.
You can buy further shares at any time, with eventually owning
The equity loan is interest free for the first
100% in most cases.
5 years, after which there is small charge
The scheme used to be know as
which increases each year.
part buy, part rent or New Build Homebuy.
Providers
House Builders
Housing Associations Resale properties are sometimes advertised by estate agents on behalf of the housing association.
Pros
Generally lenders will ask for 5% deposit
Great if you live in an area with
of the full purchase price.
high house prices, as you can buy
Property can be sold on to anyone
from as little as 25% therefore need a smaller mortgage and deposit. You can buy further shares as and when you want to.
Cons
Limited number of properties
Shared ownership is only available in new build properties
Not available on every site
which may not be to your taste, although, resales are older properties therefore you may have wider choice of styles. The Beehive, Spring Issue
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Stamp duty— a little refresher You may remember in our last issue, Penningtons Solicitors provided a comprehensive overview regarding the pending changes in Stamp Duty Land Tax (SDLT). With the new budget recently announced we thought it would be a good time to give a little refresher on how Stamp Duty could affect you…..
The Facts •
Stamp Duty Land Tax is a tax which is paid whenever you buy a property.
•
Two ways to pay SDLT on Shared ownership properties—
Purchase Price
SDLT Rate
Up to £125,000
Nil
Over £125,000 to £250,000
1%
Over £250,000 to £500,000
3%
1. Making a one off payment based on the total market value 2. Paying any SDLT due in stages •
Purchasing through an equity loan scheme e.g. FirstBuy, SDLT is payable if the property value is over £125,000 at a rate of 1%
The above is brief summary. Always fully discuss your Stamp Duty Land Tax options with your legal advisor
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Contact us... Query with your Homebuy application or unsure of your next step, then contact the Customer Service Team
Purchasing through FirstBuy or Homebuy Direct?
ONLINE: www.southwesthomes.org.uk
PHONE: 0845 034 3303
E-MAIL: info@southwesthomes.org.uk
E-MAIL: FirstBuy@southwesthomes.org.uk homebuyDirect@southwesthomes.org.uk
PHONE: 0300 100 0021
FAX: 0870 490 8959
MAIL: Hatfield House, Hatfield Road, Torquay, Devon, TQ1 3HF
Ask the Expert is a online service offered through Facebook and Twitter where you can chat with us online. Times and Days vary each week, so check out our Facebook and twitter pages for further information. www.facebook.co.uk/southwesthomesuk @swhomebuyagent If you or someone you know, would like this magazine on CD or audio tape, in large print, in Braille, or translated into another language, please contact our Customer Service team on 0300 100 0021 or email info@southwesthomes.org.uk South West Homes is managed by Westcountry Housing and Sovereign Housing Association Ltd in partnership South West Homes takes all reasonable measures to ensure content is accurate at the time of publication. Legal liability is not accepted for any published content from other organisations.
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Competition time I Q E A S T E R E G G E E E R A
For your chance to win a
E S U O I C I L E D C T N D U C
chocolate hamper courtesy of
C E S N O T T U B S A O A V T F
Urbansplash, please return
T E D T C X S O R O R L I H E E M I N I E G G S B E A L Z S I N O E C E G D A V K E M F Z R N W
your completed word search to by 18th May 2012: South West Homes Hatfield House
D I R N L H G G E R E D N I K U
Hatfield Road
R S U F U D G E R R L A R I O E
Torquay
C O N K O D S D A R K G D D I R
Devon, TQ1 3FH
R I C O G A N D G B D A V D U A E C H O C O L A T E R L Y O R H
Name:……………………………
M E I N I T S T E R T A R N X E
Address: …………………………… ………………………………………… ………………………………………… ………………………………………… Post Code:………………………. Tel:…………………………………...
E I E N I T E M A R S X A A M M E N E E O A A E L A T Y E M E N G U E E N O S A A C A D B U R Y G L A S A J C F F N K I T K A T Buttons Cadbury Crunchie Dark Galaxy Kitkat
Caramel Chocolate Cremeegg Delicious Easteregg Fudge Mars Minieggs Kinderegg
Winner’s Corner You may remember just before Christmas we held a competition to name our new applicant magazine. Sarah Parker of Bedford won our Christmas food Hamper for coming up with the name ‘The Beehive’.
‘Sarah Parker and her children enjoying their Christmas food hamper’
Win £25 of Marks and Spencer Vouchers We are constantly looking at ways to improve the service we offer our customers. Complete our 2 minute online questionnaire on our website www.southwesthomes.org.uk and you will be entered in to the monthly prize draw of £25 Marks and Spencers vouchers as a thank you. 17
The Beehive, Spring Issue