Buying a property at Narrows Place, you’re able to use either a residential or buy to let mortgage based on your preference
Once you have discovered your new home there are a range of purchasing options available to you that can help make that dream become a reality
Residential Mortgages
This type of mortgage can be used when purchasing a property for your own personal use. Every application will be tailored to an individual’s personal circumstances and consideration given to; affordability, term of the loan, repayment method and future plans.
We have partnered with Own New to provide you with Rate Reduced residential mortgages.
Buy to Let Mortgages
This type of mortgage is used when purchasing a property as an investment, which will be let out either on an AST or short-term/holiday let basis.
The typical deposit for a BTL is 25% of the purchase price though there are some buy to let lenders that will accept 20%. For more information please contact us directly.
Affordability is less reliant on your personal income but based on what the property can be let out for. Every lender will assess the rental amount differently to the next so it is important that you get the best option for your circumstance.
The Developer has teamed up with Teal Finance, so if you are looking to use a buy to let mortgage please let us know and we will put you in touch.
Sales Process
When buying a property from Estateducation, the process couldn’t be simpler. We like to keep things straightforward by managing the sales process in-house. Our consultancy team delivers an efficient and knowledgeable service in helping buyers make informed decisions.
Need a mortgage?
Teal Finance is a broker not a lender and is independent with access to a wide range of lenders across all market segments. Call 01603 574404 to obtain your pre approval if you need to obtain a mortgage to buy one of the stunning apartments at Narrows Place, Norwich.
Frequently Asked Questions
When will Narrows Place be ready for occupation?
The development is on schedule to be completed and handed over for occupation by Q1 2024.
Am I able to have pets at Narrows Place?
Subject to freeholder approval, the majority of pets are permitted within the development.
What type of tenure does my Narrows Place property come with?
Each property has its own 250 year leasehold.
Is there a rectification period for snagging issues?
The development offers a rectification period of 12 months from handover to all leaseholders for any snagging issues that may arise. The rectification cost is covered by the Developer.
As Narrows Place is a new development, is there a structural warranty?
Yes, there is a 10 year structural warranty in place provided by Buildzone.
Do I get a car park space?
A car park space is included with every apartment.
How much is the ground rent?
Ground rent will not be chargeable due to the Leasehold Reform (Ground Rent) Act 2022.
What utilities are in Narrows Place?
There will be both gas and electric utilities at Narrows Place, with gas central heating throughout.
What are the service charges?
The service charge budget for the first year of occupancy has been estimated as £33,535. Each apartment has a percentage allocated towards its use of the communal areas. Please download the service charge allocation and charge by apartment via this link. For more information, please click here to download the service charge estimates and click here for the budget breakdown.
What is the payment plan for buying a Narrows Place property?
To reserve a Narrows Place property requires a £5000 deposit, unless you qualify for our buyer incentives as well as a searches fee of £400. If you are a residential buyer upon your solicitor receiving the draft contract pack, you have 6 weeks to exchange contracts with the completion being five working days after receiving the building completion certificate. If you are a buy-to-let landlord upon your solicitor receiving the draft contract pack, you have 3 weeks to exchange contracts with the completion being five working days after receiving the building completion certificate. In both cases the reservation deposit is deducted from the balance due on completion.
Can I use a mortgage to buy one of your apartments?
The development is being built according to UK building regulations in addition to enjoying a 10 year structural warranty which forms part of CML requirements. Therefore, you will be able to obtain a mortgage to finance your purchase of one or more of the apartments at Narrows Place.
What appliances are in the kitchens?
In every apartment there are appliance allowances for Hob, Oven, Extractor Hood, Fridge freezer (Stacked), Washer Dryer and Dishwasher.
In terms of supplied appliances, all of the above are provided bar the washer dryer or dishwasher appliances. The kitchens will be installed providing spaces for the washer dryer or dishwashers to be installed by you as integrated under the counter, with the doors remaining onsite to be fitted with the appliances.
Will my apartment include flooring?
LVT flooring will be provided in wet areas;
Any additional flooring or upgrades can be quoted for by not included in the standard package.