Matthew Neville

“Luxurious” £85m Watford development takes advantage of Help to Buy scheme

First-time buyers have a limited time to secure a “luxurious” apartment at the new residential neighbourhood The Laundry Works in Watford, by Weston Homes, with the government-backed London Help to Buy scheme which ends on March 31, 2023.

The government-backed Help to Buy scheme enables first-time buyers, subject to terms and conditions, to buy their home with a deposit of 5 per cent and a Help to Buy equity loan of up to 20 per cent, further adding to the ease for first-time buyers to get onto the property ladder with Weston Homes.

Weston Homes also provides its own unique First-time SecureBuy (FTSB) scheme at The Laundry Works and will still be available to buyers after the Help to Buy scheme ends next year.

The FTSB scheme allows first-time buyers to reserve a home off-plan for a £500 reservation fee, with a requirement of only a 5 per cent exchange deposit and then, six months before build completion, the buyer can apply for a mortgage.

Should the value of the property increase in the time between reservation and build completion, buyers will only pay the price agreed on the day they reserved their property. A full refund of the reservation fee and exchange deposit can be arranged if the buyer’s circumstances change prior to legal completion, subject to terms and conditions.

The Laundry Works in Watford is an £85m development on the site of the old Watford Laundry Factory. The eight architecturally distinctive apartment buildings that make up The Laundry Works, are set within a wide tree-lined boulevard with communal landscaped gardens, pedestrian pathways and new green planting.

The 2.5-acre site will provide 248 new one, two and three- bedroom apartments and penthouses. The eight apartment buildings range in height from three to 13 storeys, with nearly all apartments featuring a private terrace or balcony. The development also includes 167 car parking spaces and secure cycle parking.

Suzanne Aplin, group sales & marketing director at Weston Homes, commented: “The government Help to Buy Scheme and our FTSB scheme give first-time buyers a chance to buy one of our fantastic apartments at The Laundry Works, however, buyers must hurry to make use of the Help to Buy scheme which ends next year.

“Buying a property is a dream for many first-time buyers and we are delighted, with these schemes, to be able to help them to achieve that.”

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