This apartment is a 'Golden Share' home. This means that the asking price you need to pay on day one to buy your share is capped at an affordable level.
The property has a simple price cap - you own 100% of the property but its price is capped at 80% of market value on first sale and all subsequent resales.
This means it is marketed at 80% of market value to you now, and you would have to sell it at 80% of market value when you come to sell it in the future.
IT IS NOT SHARED EQUITY
No-one owns the other 20% of value - you own 100% of the property yet pay just 80% of the market value, and the other 20% of the market price is simply written off (within the title deeds) and you cannot buy it out.
TO BE ELIGIBLE TO PURCHASE ONE OF THESE PROPERTIES
You must be a person with a connection with the Lothians either through employment, family or cultural networks, and be able to evidence that the open market value of the property was not affordable to you (see below for what you would need to provide).
- You must reside in the apartment as your permanent home. Letting or sub-letting the property is not permitted.
- The maximum residual savings you have after the purchase and furnish of the property should not exceed £6,000.
It's really straightforward to evidence all of that - you would just need to present a form of ID (a passport for example), a utility bill with your address on it, your last 3 payslips (or income source) and last 3 monthly bank statements. In some cases further information may be required. Evidence of not being able to afford the full market value may be provided in a number of forms, the most common being from a mortgage lender stipulating the maximum borrowing you would be permitted.
If you are interested in these homes, or for further information, please contact our Sales Advisors today.
Plot 68 is a spacious and stylish 2 bedroom Golden Share apartment from CALA Homes at Kinleith Mill.