First Time Buyer
New homes available at 20% below market value
A select number of 1 bedroom Manhattan, 1 bedroom and 2 bedroom apartments are available at Beaufort Park, to assist aspiring buyers onto the property ladder.
These properties are available in partnership with the London Borough of Barnet at 20% below current market value to those who meet the criteria.
To qualify for one of these exclusive apartments applicants must meet the following criteria:
- Be a resident or be employed within the London Borough of Barnet
- Earn a gross annual household income at the date of application for the property that does not exceed 45% of the Discount Market Sale price of the property
|Current Market Value||20% Discount||Max. Household Income||Discount Market Sale Price|
How it works?
The scheme has been designed to enable low cost access to home ownership. When purchasing, you pay only 80% of the market value of the apartment whilst retaining full ownership of the property. You will enter into a deed of covenant with the London Borough of Barnet setting the conditions for resale. A 20% discount is applied, on which no rent will be payable.
What happens when I wish to resell?
When you come to resell the apartment, it is sold to a purchaser who meets the same criteria and at a 20% discount from the current full market value at the time of sale. You will benefit from the full capital growth on 80% of the property's value.
Can I purchase the remaining share of the property?
Yes, at the discretion of the London Borough of Barnet, you will be able to purchase the remaining share of the property. If the deed is bought out in full, you will then be free to sell the property on the open market at full market value.
For full details on the scheme please call Beaufort Park on 0208 511 8600