South Central

FIRST HOMES SCHEME - Offered at South Central, a landmark development in the heart of Birmingham City Centre

becky.corbett@connells.co.uk

South Central offers just a small selection of one & two bedroom apartments available to purchase via the First Homes scheme.

These apartments are situated within the brand new landmark 30-storey building. There are a range of facilities shared across the whole development to create a unique sense of community, including a concierge, community room, a gym, and a roof terrace area.

Residents have a secure entrance with access to the building's post room and a secured pick-up area for added convenience. There is an internal bike storage that can accommodate around 76 bikes.

The property has excellent future connectivity via the metro system to other key transport hubs and locations around the city. The development is in the Southside area of Birmingham, enjoying an excellent city centre location with primary access via Bristol Street/ Suffolk Street Queensway.

These apartments have a 250 year leasehold, peppercorn ground rent (£0), and are ready to view and move into now.

Price Example For First Homes -

One bed apartment :

Full market value - £220,000
70% discount market value - £154,000
No rent payable on the 30% share not owned
Service charge per annum - £1,275.49

Two bed apartment :

Full market value - £315,000
70% discount market value - £220,500
No rent payable on the 30% share not owned
Service charge per annum - £1,950.13

First Homes scheme explained:

The First Homes scheme is a policy that provides discounted homes to eligible buyers in England who otherwise wouldn't be able to afford one.

Under this scheme, first-time buyers can buy a new-build home at South Central, at a discount of 30% on the homes full market value.
These properties must be purchased by first-time buyers. If buying as a couple, neither partner can have previously owned a home. Otherwise, the properties are bought and sold as normal.
If and when the first-time buyer decides to sell the property, the home will be independently valued, and the scheme discount will be re-applied to this new value for the next owner.

The following criteria apply to all purchasers involved in buying the home:

You must be a first-time buyer.
You'll also need to buy within your local area, with the intention of living in the property (it cannot be a holiday home or buy-to-let).
Your combined income must not exceed £80,000.

The scheme requires first time buyers to purchase their property that covers at least half of the purchase value. With the discount in place, the mortgage requirement will be lower.

How to apply:

Contact Connells New Homes: Let us know you're interested in buying a First Home. You will be expected to complete an affordability assesment with our friendly mortgage advisors who will assess your affordability to purchase.

Apply through the developer: Our advisors will take you through the necessary steps to submit your application and we are able to do this on your behalf. This will include proving that you are a first-time buyer, which a solicitor can do for you through land registry searches. You need to pay a fee if the First Home you want to purchase is a new build. Once the application is successful the fee payable is £500.

Get the authority to proceed: If your application is successful, Birmingham City Council will send you an Authority to Proceed and Eligibility Certificate. You'll need to give these to your solicitor and mortgage provider (or broker) so that they can start next steps.