2 Bedroom Apartment (Now Sold)
23 Scott Avenue, London, SW15 3PD
• Beautifully finished two bedroom apartment
• The kitchen/reception room is an excellent size with ample space for a separate seating and dining area
• Set within a sought-after development
• Stylish open-plan kitchen with integrated appliances including dishwasher
• Well-maintained communal grounds
• Plentiful storage with built storage cupboard off the main hallway.
• Master bedroom has built in wardrobe.
• Secure bike store.
• Low running costs: EPC rating B and Wandsworth boasts one of the lowest council tax rates in the country.
*** Please see below for further details on how Part buy part rent scheme works for this property.
East Putney and Southfields tube stations are within 3/4 of a mile providing access by tube (District Line) into The City and Central London, while the A3 trunk road links London with the M25. Scott Avenue is ideally located close to the many shops, bars and eateries in Putney and Southfields town centre, and within easy reach of the green open spaces and woodland walks of Putney Heath.
***Rent cost duration and how it increases.
Rent on the 55% is currently 400PCM. This amount is tied to inflation, so increases have tended to be substantially lower than the increases seen in London rental market. The service charge is 150PCM (includes maintenance of communal gardens, halls, building insurance and water charges)
The current private market rental rate for the flat is 1550PCM, so this is the big benefit of part buy, part rent.
I purchased 45% of the property initially, so I have not staircased (ie purchased additional percentages). You are free to gradually escalate the value up at any stage in the future through to 100% ownership, by purchasing the additional percentages from L&Q. You just need to get a valuation to do this from a surveyor
The only criteria here is on income, but it is very tight band. The maximum income allowed is 71,000. However , if your earnings are less than this amount, you will need to put down a bigger deposit to meet the affordability criteria for the mortgage. When I purchased the flat there were 6 mortgage providers for part buy, part rent homes – so it is a smaller market. They also need to consider affordability after things like rent payments – so the criteria is more strict than a standard mortgage.
Note that qualifying criteria such as having to have children for a 2 bedrooom place, or living in the area already do not apply in this case.