You are here

FAQs

Frequently Asked Questions

When will the houses be completed?

The house should be completed in early August 2014 (subject to weather conditions) and should be ready for occupation from end of August onwards. 

What rent do I need to pay?

Please see the rent costs on the price list 

The rent is just 40% of 'affordable rent' plus 1% above the consumer price index.

What is the minimum deposit on the mortgages?

That depends on the mortgage provider, they have different requirements but we require people to put down a minimum deposit of 5 %.

How does the application process work? Is it a ‘First-Come-First-Served’ System?

Bournemouth 2026 Trust will use its allocation policy which is approved by Bournemouth Borough Council. See the 'Do I Qualify?' section of the website

Can I increase my share of the property?

You can potentially increase your mortgage if you would like to purchase more share in your property up to a maximum of 80 %. Your mortgage provide will require another property valuation and you will also be reassessed on your ability to cope with increased mortgage payments.

Can I repay the mortgage early and are there penalties for overpaying?

That would be an issue to raise with your mortgage provider.

Can I sub-let my home?

No – the properties offered are available to help people afford homeownership. The property must be your main residence.

Can I extend or alter the property?

The lease prevents structural alterations to the property, but Bournemouth 2026 Trust could in some circumstances agree a deed of variation to the lease to enable alterations to the property.

How is Gladstone Mews different?

  • It has an communal orchard and growing spaces
  • Built to high sustainability standards eg Solar PV panels installed
  • Fire sprinkler installed to ensure safety of residents
  • 'Old School House By The Sea' hub for creative businesses and activity room
  • Rapid electric car charging point on site
  • Co-wheels Club electric card on site for hire
  • We are encouraging a community with strong community and ecological values
Who deals with communal areas?
 
All residents are expected to be part of a residents group and meet regularly to discuss maintenance issues. Residents will be encouraged to maintain the orchard and the growing spaces themselves. A Bournemouth 2026 Management Company is being formed to oversee the maintenance and manage the maintenance fund. The company will include a resident’s rep from the residents group, the manager of the hub, and members of the Trust.
 
How do the shared growing spaces work? Will there be allocated space?
 
The residents group will agree this.
 
Who will tend the orchard and sort out any fly tipping?
 
The residents group and management Company will look after the shared spaces including the orchard and allotments. The builder is responsible for maintenance of the shared space for first 12 months.
 
Does the Government's Help to Buy scheme apply to the development?

No

What happens when I sell?
 
It is a condition of the purchase that Bournemouth 2026 Trust will find an eligible buyer that meets our strict criteria for purchase. If a buyer cannot be found within 3 months then Bournemouth 2026 Trust will repurchase it.  The homes will not be sold on the open market. If you would like to be added to the waiting list for a Gladstone Mews property please email trust@bournemouth2026.org.uk 
 
What happens if prices fall?
 
You will only be affected if you decide to sell the property. If when you sell the property your share is worth less than the amount you paid you will still be required to pay the full balance owed on your mortgage. The sale price of the homes will be reflect the market value of the property eg if you own 65% of your home then you will receive 65% of the open market based on valuation by local independent valuer.
 
What happens if the houses don’t sell? Will they become social housing? (i.e. passed to the Council for allocation from housing register?)
 
No the homes will belong to Bournemouth 2026 Trust and will not be transferred back to the Council. We believe all the homes will sell quickly due to the reduced cost. 
 
Is the Bournemouth Council mortgage scheme available to applicants?

No, unfortunately the council do not offer mortgages on a shared ownership basis.