Updated on the 4th July 2022.
Seven new apartments.
Only three now available.
A scheme delivering five 1 bedroom and two 2 bedroom apartments (on ground, 1st and 2 floors) within the ‘Aurum’ development constructed by Cayuga Developments on the corner of Sackville Gardens and Kingsway.
The two generously sized 2 bedroom properties are fully wheelchair accessible (with a wide corridor and wet-room shower room as well as kitchens designed for wheelchair users).
These new homes are available at up to 75% of open market value with no rent payable on the balancing share. The properties are now available for immediate occupation.
In the first instance, applicants must have a local connection with the Brighton & Hove City Council area (through either residence, employment or close family) and be unable to afford similar properties in the open market-place. We can also consider applications from local authority areas adjacent to the City.
The 1 bedroom apartments (Plots 5, 6, 13, 14 & 22) include two on the ground floor which have terraces with the 2 bedroom apartments on the first floor (Plot 15) and second floor (Plot 23). The building has a lift with the apartments currently under construction and available to view soon. The open market apartments are already selling off plan.
Plots 5, 6, 13 and 15 have now been reserved or sold.
The one bedroom apartments range from £236,250 to £251,250 which represent 75% of the open market values (£315,000 to £335,000). There is no rent or interest to pay on the remaining 25% share, with this secured by a legal charge in favour of Landspeed. The discounted element can be purchased in the future but there is no obligation to do so. The two bedroom apartments are priced at £367,500 and £375,000 which, again, represents 75% of the open market values of £490,000 and £500,000.
The Landspeed Shared Purchase scheme is generally cheaper on a monthly basis than a ‘standard’ shared ownership scheme of 50% mortgage and 50% rent (and often sits on a par with a 25% shared ownership model). You would need to fund the purchase with a minimum deposit of 5% of the open market value and the remainder on a mortgage. If you are unable to afford the 75% we can look at a lower percentage subject to your individual circumstances.
In order to check that you fulfil the local criteria, we ask that all potential purchasers complete an application form which we also use to ensure that you would be able to obtain the required mortgage. These properties cannot be rented out and cannot be bought as a second home.
Please contact us for further information.