Property details
Key features
Council Tax Band:
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Security Deposit:
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Stonewater, working in partnership with Worcester City Council, are offering eight rent-to-buy properties at their Bromyard Road development on the outskirts of Worcester.
This two bedroom semi-detached property comprises of kitchen/dining area to the front of the property with storage and a downstairs W.C, including a spacious living room to the rear with french doors opening up onto the rear garden. Upstairs offers two double bedrooms including cupboard space with a family bathroom. This home further benefits from two car parking spaces, an air source heat pump system for eco heating and also a rear turfed garden.
What is Rent to Buy?
Rent to Buy is exactly how it sounds. You rent the property on an initial tenancy term of 6 months only (non-negotiable). The rent on the property is set at 80% of the market rent (including service charge) allowing you to save money towards a deposit to buy the home you love with the 20% savings. After a 5 year period you will have the option to purchase the home using your savings. You will be required to show commitment that you intend to extend the rental period to the full 5 years.
What is the criteria?
Working households with at least one tenant in full time employment are eligible to take part in the Rent to Buy scheme.
You should not currently own a property, though Stonewater may consider you if you do but are unable to live in that home due to exceptional circumstance such as a relationship breakdown.
You have to be serious about buying a home in the future and committed to saving the 20% not being charged as rent towards a deposit. You will be asked to sign an Options Agreement confirming this.
What referencing checks will be completed?
? An Employment reference, confirming that as a household you earn at least four times the rental amount.
? A Landlord reference, confirming you have always paid your rent on time and looked after previous properties you have rented.
? A Credit reference, confirming you have an adequate credit score to be able to secure a mortgage at the end of the 5 year tenancy.
? A Right to Rent check, confirming you have a legal right to rent a property in the UK.
? Money Laundering/fraud prevention checks include a check of valid photographic and proof of address identification.
There will be no cost to you for the referencing checks.
Please note; Stonewater will not be able to accept applications from those subject to a Bankruptcy or County Court Judgement above ?500 within the last 3 years.
Will I have to pay a deposit?
Yes. The deposit, equivalent to 5 weeks rent will be payable to Connells 3 working days before move in. Connells will register your deposit with the Tenancy deposit scheme and provide you with the terms & conditions of the relevant scheme. Council Tax Band: Holding Deposit: £193.00
Utilities, rights & restrictions
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Utility Supply:
- ElectricityContact branch
- WaterContact branch
- HeatingContact branch
- BroadbandContact branch
- SewerageContact branch
Rights & Restrictions:
- Private rights of wayContact branch
- Public rights of wayContact branch
- Listed propertyContact branch
- RestrictionsContact branch
Risks:
- Flooded in last 5 yearsContact branch
- Flood defencesfalse
- Source of floodContact branch
Guidance Notes
While every reasonable effort is made to ensure the accuracy of descriptions and content, we should make you aware of the following guidance or limitations.
(1) MONEY LAUNDERING REGULATIONS Intending purchasers will be asked to produce identification documentation at a later stage and we would ask for your co-operation in order that there will be no delay in agreeing the sale. (2) These particulars do not constitute part or all of an offer or contract. (3) The measurements indicated are supplied for guidance only and as such must be considered incorrect. (4) Potential buyers are advised to recheck the measurements before committing to any expense. (5) We have not tested any apparatus, equipment, fixtures, fittings or services and it is the buyers interests to check the working condition of any appliances. (6) We have not sought to verify the legal title of the property and the buyers must obtain verification from their solicitor.
