Studio Property for Sale in Liverpool

City Residential are delighted to present this exciting scheme by ARTISAN Property Group offering an affordable off plan opportunity for First Time Buyers and Key Workers. Development is underway and comprises of 6 one bed and 90 two bed apartments based in the heart of the single largest development site in the City of Liverpool. The 58 properties that we are marketing are offered for sale on a shared-equity basis, allowing first-time buyers to secure a 75% stake in their home with the remaining 25% being owned by Artisan with no rent payable.The homes will form part of the 14-hectare Kings Waterfront development, which includes the Liverpool Echo Arena and Convention Centre Liverpool, a public piazza, two hotels and outline planning permission for 1,800 homes.For further information please visit www.cityresidential.co.uk or alternatively speak to a member of our sales team on 0151 231 6100.
SITE PLAN:

APARTMENT TYPE 2:
All floors

APARTMENT TYPE 3 AND 6:
All Floors
6* Handed

APARTMENT TYPE 7:
All Floors

APARTMENT TYPE 8:
Floors 3 - 6

APARTMENT TYPE 9:
5th Floor

APARTMENT TYPE 10 AND 15:
All Floors
15* Handed

APARTMENT TYPE 11 AND 14:
All floors
14* Handed

APARTMENT TYPE 13:
6th Floor

APARTMENT TYPE 16:
Floors 2 - 6

SHARED EQUITY SCHEME:
Under this scheme the Developer is only to receive 75% of the premium payable on the grant of the lease of each unit. The remaining 25% is to be a deferred payment which is to be secured by a Legal Charge. The shared equity scheme only applies to the first letting of each dwelling within the scheme. When those dwellings are subsequently sold the shared equity scheme ceases to apply.

In order to be applicable for the shared equity scheme the purchaser must meet the sale criteria. The terms and conditions for the sale criteria are as follows:-

1. For a sole applicant a minimum salary of £20,000 and a maximum salary of £44,000. Both salaries to be gross excluding bonus and benefits.

2. In relation to joint applicants the minimum combined salary is £20,000 and a maximum combined salary is £55,000 again excluding bonus and benefits.

In addition the proposed buyer must live and or work in Liverpool i.e. postcodes L1 to L82. It is necessary to obtain evidence both of the income and address.

As mentioned the shared equity scheme only entitles you to recover 75% of the purchase price. For example is the unit is to be sold for £120,000 then on completion £90,000 will be paid to Artisan. The £30,000 will be secured by way of a second charge over the property.

This charge over the £30,000 is to be repaid in the following events:-

1. Within 12 months of the death of the purchaser, or if there is more than one owner on the death of the survivor.

2. Sale of the property.

3. The repayment of the first charge save where the owner is refinancing the first charge and the proposed chargee enters into a Priority Agreement acceptable to you.

4. If the purchaser shall at any time make in any payment due under the charge.

5. If the purchaser fails to perform the terms and conditions of the mortgage.

6.The expiry of a period of 7 days from the date of the service of a notice from the purchaser to you advising of his intention to redeem the charge.

7. The 25 anniversary of the charge.

The amount to be repaid is 25% of the open market value of the property at the repayment date. If there cannot be an agreement on the open market value it then goes to arbitration. E.g. If the property is sold or transferred for £160,000 then 25% (£40,000) is payable to Artisan.

In addition to the repayment of the sum the purchaser also has to pay interest calculated at 4% over base. Such interest is only added for the period from and including the date upon which the payment is due up to the date that payment is actually made.

PLEASE NOTE - THESE APARTMENTS ARE NOT AVAILABLE FOR SALE TO INVESTOR OR BULK PURCHASERS

You should take legal advice with regards to a shared equity scheme if you are unsure of the process/legalities.

DISCLAIMER:
The information detailed herein does not and will not constitute and part of any offer or contract or be a representation inducing such contract. The brochure and all photographs, illustrations, plans and sizes are indicative only to give a general indication of the proposed development and floor layout. None of the statements or information contained herein are to be relied upon as statements or representations of fact and any intending purchaser must satisfy him/herself by inspection or otherwise as to the correctness of any statement. Any intending purchaser is advised to contact City Residential to ascertain the availability of apartments. The postcode is not to be relied upon and is indicative of location only.