1 bedroom Flat for sale,

Woodhouse Mews, Woodhouse Lane, Swalwell, NE16

CRITERIA

LENDING CRITERIA

Purchasers must be a qualifying person who would not be able to purchase the property at the full market value. The applicant must provide the following:

• An application letter from an Independent Financial Advisor (IFA) who must represent or be an appointed representative of a firm registered with the Financial Conduct Authority (FCA) stating the maximum the applicant can borrow and confirm that the applicant cannot purchase without the benefit of discount

• A mortgage or mortgage in principle offer for (or up to) the Discount Market Sale Price but must not exceed the open market value

• Information on their household income and savings verified by an IFA. The assessment will take into account all capital and savings. Any capital generated as a result of a sale of an existing property must be included in the application

• State what size of property they are applying for and provide details of their household make up

AFFORDABILITY

In addition to the statement of the IFA the following formula will be used to check

eligibility and affordability:

• 4 times a single income or 3.5 times the joint income plus any savings should be less than the open market value of the property

• All calculations are based on Gross income i.e. before deductions for tax, pension and NI contributions

• Regular outgoings and other financial circumstances may be considered but will be

assessed on a case by case basis if full details are provided.

LOCALITY

A Qualifying Person shall be demonstrated by a need to be housed locally by virtue of their strong local connections, that is people within at least one of the following four categories:

• People who have had their main place of residence locally for at least 6 months in

the preceding 2 years.

• People who are employed locally or are to be employed locally or have retired from

employment locally and wish to remain in the local area.

• People whose work provides local services and who need to live locally.

• People who have long standing connections with the local area, such as the children of local residents or elderly people, who need to move back to the local area to care for or be cared for by relatives or other carers.

SETTLEMENT

In the above respects “local” or “locally” means the Settlement, Parish or adjoining Settlement or Parish in which the properties are built. Such Qualifying Persons must be allocated a DSU upon the basis of the following priority criteria:

• First priority to be given to people connected to the Settlement or Parish or the Adjoining Settlement or Parish in which the properties are built.

• Second priority to be given to people connected to the Administrative Area of the

Council.

Woodhouse Mews is located within a prime location close to Newcastle, Gateshead and the A1. Located on Whickham bank, the development is only a short walk to the highly desirable area of Whickham which hosts a variety of amenities including shops, a park and a wide selection of cafes, restaurants and pubs. The excellent shopping venue The Metrocentre is also less than 1 mile away.

Tenure details: We understand the home is leasehold with over 118 years remaining at the time of listing. The service charge for 2025 was £1476.59 payable via Kingston Property Management. Full details will be confirmed by the solicitors.

MAKING AN OFFER Please note that all offers will require financial verification including mortgage agreement in principle, proof of deposit funds, proof of available cash and full chain details including selling agents and solicitors down the chain. Under New Money Laundering Regulations we require proof of identification from all buyers before acceptance letters are sent and solicitors can be instructed.