Coventry Road

Stonewater, in partnership with Burmor Construction, presents 72 new homes at Coventry Road, in the historic market town of Lutterworth, Leicestershire. Fifteen of the homes will be for shared ownership; in keeping with the rest of the development each will have lower carbon emissions through the use of an air-source heat pump which may also reduce energy costs.
The three-bedroom houses available offer a spacious, separate kitchen/dining room on the ground floor together with a useful cloakroom with WC and handbasin and a large living room. Both the living and kitchen/dining rooms have doors opening on to the rear garden. Upstairs are two double bedrooms, one with an ensuite, a third single bedroom and a family bathroom.

Price Example:
£137,000 for a 40% share
Open Market Value: £342,500
Monthly Rent: £470.93
Service Charge: £40.31
Minimum deposit required: £6850

Lutterworth is a picturesque town in south Leicestershire with a close-knit community spirit. The charming High Street is lined with independent shops, boutique stores, and places to eat. There is a lively market every Thursday which dates back to 1214 and there is also a Farmers Market every second Saturday of every month. For everyday grocery shopping, residents have plenty of options including Waitrose, Aldi, and Morrisons supermarkets.

Surrounding Area
Set amidst gently rolling countryside the town offers lots of parkland and open spaces for outdoor enthusiasts with Lutterworth Country Park and Magna Park both being nearby. Cultural attractions include the open-air Kilworth House Theatre just outside of town and the popular Lutterworth & District Museum.
The area has excellent educational opportunities, with many local schools rated 'Good' by Ofsted. Local state options include John Wycliffe Primary School and Sherrier Primary School, as well as Lutterworth High School and Lutterworth College for secondary and further education.

Lutterworth's central location means it is well connected with excellent transport links.
The M1, M5 and M6 are all within easy reach; Northampton, Rugby, Coventry and Leicester are all within a 30-minute drive from the development making it an ideal location for commuters. The closest railway station is in Rugby (7 miles away) which offers speedy rail connections including to London in just over an hour and Birmingham in approximately 40 minutes.

Shared Ownership
Shared Ownership with Stonewater allows you to buy a share of a home and pay rent on the remaining portion, with the option to increase your ownership over time.
How Shared Ownership Works
Shared ownership, sometimes called "Part Rent, Part Buy," enables you to purchase a share of a property while paying rent on the remaining share. The more of the property you own, the less rent you pay. Over time, you can increase your share through a process called staircasing, potentially reaching 100% ownership if your lease allows it.
Eligibility Criteria
To qualify for Stonewater shared ownership, you must meet certain government-set criteria:
"You cannot afford a suitable property on the open market.
"Your household income must not exceed £80,000 per annum
"You need sufficient savings to cover solicitor fees and moving costs
"Stonewater provides guidance throughout the process to ensure affordability and support buyers in understanding their responsibilities
Lease and Legal Considerations
When you buy a shared ownership home, you enter a legally binding lease that outlines your rights and responsibilities as a leaseholder and Stonewater's obligations as the landlord. The lease covers:
"Rent payments on the portion you do not own.
"Rights to staircase and buy additional shares at market value.
"Maintenance responsibilities, which are similar to full ownership

Benefits And Ownership
"Lower initial costs compared to buying outright.
"Flexibility to increase ownership over time.
"Support and guidance from Stonewater throughout the buying process.
"Potentially more energy-efficient homes with modern installations like solar panels
"Stonewater shared ownership provides a practical route to home ownership for those who may not currently afford a property on the open market, combining affordability with the opportunity to gradually increase equity in your home.