Friday, 2 January 2009

PROPERTY NEWS: Part-buy and part-rent options on affordable homes

PEOPLE looking for an affordable home in West Somerset are being urged to buy rather than rent.
Magna West Somerset Housing Association said it had a number of a part-buy, part-rent properties available immediately through its development company Charter (S.W.) Ltd.
They included properties in and near West Somerset, in Stogursey, Lynton, and Bampton.
A Magna spokesman said: “You can buy part of the property and rent the remaining part.
“Your monthly outlay would typically be between £500 and £600, depending on the value of the property you part-buy and the type of mortgage you take.”
Charter (S.W.) Ltd’s core area of operation covers Somerset, Devon, and Dorset, and in addition to traditional affordable rented housing, it offers additional options to local communities in fulfilling housing needs, including shared ownership, shared-equity opportunities, and sub-market renting.
At its Lonlay Meadows development, in Farringdon Lane, Stogursey, the company is offering part-buy, part-rent on a first floor one-bedroom coach house apartment with private entrance and garage, lounge, kitchen, and bathroom for £42,000.
The outside of the property is rendered with feature wooden cladding.
It also has five new one-bedroom apartments available with private entrance and parking, open plan living room and kitchen, bathroom, central heating, and double glazing, starting at £38,000 under the same scheme.
In Lynton, two two-bedroom apartments are available at The Chapel, featuring open plan living rooms with fully-fitted kitchens and family bathrooms, central heating, double glazing, and parking, from £56,500.
The Bampton development, known as Scotts, offers a 40 per cent share in a two-bedroom apartment from £54,500.
The traditionally-built apartments on the edge of the town were carefully designed and built to a high standard by local developer Devonshire Homes and feature an open plan living room and kitchen.
Each is fully fitted with white goods, including oven/hob, washer/dryer, and refrigerator, and is carpeted throughout.
More information about the Charter homes is available by calling 0844 463 8031.
Anybody who wants to part-buy, part-rent one of the Charter homes should register at
  • Our images show (from the top) Lonlay Meadows, Stogursey, The Chapel, Lynton, Scotts, Bampton. Images submitted.

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