Starter Home Initiative
Starter Home Initiative20% off a new home.
Using the Local Authority Starter Home Initiative, Pennyfarthing Homes are offering a range of homes that really are being sold at 20% under market value.
Do I qualify for this offer?
To qualify you must be first time buyers and:
- Currently reside within the New Forest District Council area
- Aged between 21 and 40
- Over 40 and buying with someone who is a first time buyer aged over 21 but not yet reached 40
- A current or former member of Her Majesty’s Armed Forces who has been injured in service or a partner of a member of Her Majesty’s Armed Forces who died in service.
Is it a genuine discount?
Yes, this offer is in partnership with Local Authorities.
Each property will be valued by an independent local expert who is a member of the Royal Institute of Chartered Surveyors (Approved by the Local Authority). This will represent a true and fair market value.
A few other bits of criteria:
- This offer only applies to specific homes being sold up-to the value of £250,000 (outside London)
- If you decide to sell the property within the first 3 years of the purchase date, you will need to repay the Local Authority the full amount of the discount
- If you sell the property after 3 years but before 5 years, you will need to repay the Local Authority 50% of the discount
- The property must be occupied by the qualified first time buyer as their sole home and cannot be rented out.
What happens after 5 years?
Congratulations, the savings are now yours.
On the fifth anniversary of the completion date you can sell the property and the 20% saving will be yours, plus any increase in value the property has gained during the 5 year period of ownership.