Part Buy-Part Rent Opportunities In Essex

If potential first-time house-hunters feel that buying a brand new home is beyond their means, they should check out the Home Reach scheme which is available at developments across the country, including Essex.

And right now, the size of the range of properties on the scheme in the county ranges from one bedroom to four, accommodating a real spectrum of needs.

Home Reach allows first-time buyers to ‘part buy-part rent’ a home, taking a first step on the property ladder with a much smaller deposit and mortgage than purchasing a home outright. It’s theirs, and they live there like they would if they owned 100% of it, but they pay a mortgage only on the share they own, and a subsidised rent on the remainder. Over time, as their income increases, they can buy further shares until they own it in full. They can sell at any time, so they have complete freedom of ownership.

There are a number of terms and conditions to qualifying for Home Reach, but essentially if you are a first-time buyer and your household income is less than £80,000 (£90,000 if purchasing in Greater London) then you should ask about applying.

In Brentwood, a sought-after town in the south of Essex, developer Luna is offering one- and two-bedroom apartments via Home Reach. St James is a contemporary-design block of 45 homes just a minute from Brentwood station, a perfect choice for commuting young professionals and even more so when the frequent Crossrail service comes into operation over the next year or so. This town is also well known for its range of high-quality shops and places to drink and dine, and has excellent road links in the form of the A12 and M25.

With Home Reach at Luna St James right now, a one-bedroom home starts at £187,500 for a 50% share (based on a full market value of £375,000). With 588 sq ft of living space, this has an open-plan kitchen/lounge/dining room with integrated appliances and Juliet balcony, a double bedroom and a bathroom. It also has a very useful utility space to help de-clutter.

For those needing more space and flexibility, a two-bedroom unit is also available to part buy-part rent. Priced at £212,500 for a 50% share (based on a full market value of £425,000), this property provides over 690 sq ft of space in the form of an open-plan kitchen/living/dining room with Juliet balcony, a double bedroom, a single bedroom-cum-home office, a bathroom and there’s also some generous storage off the hallway.

Luna St James

In the north-eastern corner of the county right now, Linden Homes is offering Home Reach properties that will be great for families. Located in Kirby Cross, just inland from Frinton-on-Sea, the Finches Park development comprises three- to five-bedroom houses that benefit from proximity to major roads, a local railway station with services into London Liverpool Street, ‘Good’ rated schools on the doorstep, and a number of lovely beaches.

Here, with three bedrooms, comes ‘The Elliot’, which is priced at £154,998 for a 50% share (full market value, £309,995) which offers a living room with French doors to the private turfed garden, a separate kitchen/dining room, downstairs WC, en suite main bedroom, a second double bedroom, a single bedroom and a family bathroom. It also comes with its own allocated parking spaces. .

For more space, ‘The Mylne’ is a four-bedroom detached house that is priced at £174,998 for a 50% share (based on a full market value of £349,995). This has a living room at the front of the house and an open-plan kitchen/dining room with French doors to the garden at the rear, a downstairs WC, family bathroom, mater bedroom with en suite shower room, another double bedroom and two single bedrooms. The buyer also has a detached garage and allocated parking spaces.

Find out more about Home Reach is Essex.

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