Get on the property ladder faster with Rent to Buy
Essex homebuyers have the rare opportunity to try a new home before they buy at Family Mosaic’s King’s Meadow development in the heart of Laindon. This innovative scheme called the Rent to Buy initiative allows people to rent a new property before going ahead and buying through shared ownership. Plus, if they purchase early, there is an added bonus in the form of a refund from Family Mosaic.
With Rent to Buy, you rent the property for up to three years at a discounted rent that enables you to make sure the home is right for you while you save for a deposit. At King’s Meadow, rental and service charges for a one bedroom apartment are approximately £477 a month, compared to the average of £595 a month for a similar private rented apartment in the same area.
If the tenant only saved the approximate £120 a month difference in rental costs, they would have enough for the £1800 deposit to buy a share in their apartment in just 15 months. Tenants can apply to buy a minimum 30% share in their apartment from six months into the tenancy. And if they buy in the first year they will get a sizeable £6,000 refund.
Set between the bustling centre of Basildon and the Langdon Hills, the collection of new homes at King’s Meadow offers the perfect mix of town and country living.
The spacious one and two bedroom apartments boast white high gloss kitchen units with oak coloured worktops, along with a range of Zanussi appliances. The stylish white bathroom suites have over-bath showers, glass shower screens and chrome finish taps.
All apartments feature laminate flooring in natural oak to the living areas while the bedrooms are carpeted in Cherwell twist. There are audio visual door entry systems and a communal digital TV aerial and satellite dish with cabling for Sky+.
King’s Meadow is 10 minutes by car from Basildon town centre, which is currently undergoing one of the UK’s largest regeneration projects. High street shops can be found in Eastgate shopping centre and Westgate shopping village, as well as other retailers in the local markets. The Festival leisure park to the north of the town is home to a 12 screen multiplex cinema, health and fitness club, bowling alley and a variety of restaurants and bars.
For those who enjoy the great outdoors, country parks, nature reserves and golf clubs are all nearby. Visit Gloucester Park for a picnic on a summer’s evening, play 18 holes at the Langdon Hills Golf and Country Club, or visit the Wat Tyler Country Park set in 125 acres of unspoilt countryside and home to arts and crafts shops, a sculpture trail, marina and miniature railway.
King’s Meadow is located within easy reach of the M25 and within a 12 minute drive of Billericay. The development is also very convenient for commuters with a journey time into Fenchurch Street of around 35 minutes.
To be eligible for Rent to Buy at King’s Meadow, your total household income must be less than £60,000 per annum, you must not own a home and you must be unable to afford a property that meets your current needs on the open market. Priority will be given to those who live and/or work in Basildon.
The monthly rent and service charge at King’s Meadow for a one bedroom apartment is £477.66. After six months, subject to a financial assessment, you can buy a 30% share for £36,000, based on a minimum value of £120,000 (subject to valuation), requiring a deposit of £1800. The estimated monthly outlay will be £457, depending on borrowing rates at that time, and includes mortgage payment, rent on the remaining share and service charge. This represents excellent value at less than the initial monthly rent.
Two bedroom apartments are available at an initial monthly cost of £563.14. The price for a 30% share is £42,000 based on a minimum market value of £140,000 requiring a deposit of £2100. Total estimated monthly payments will be £532.47, again lower than the initial rental cost.
For tenants who complete the purchase, Family Mosaic offers a refund of: £6000 in the first year; £4000 in the second year and £2000 in the third year.
For further information, visit familymosaicsales.co.uk.
