What is Low Cost Home Ownership?
If you live or work in South Lakeland you may be able to buy a
local property at a price lower than open market
values.
At present there are 397 affordable homes which have already
been built or which have planning permission in South
Lakeland.
South Lakeland District Council negotiates the initial sale
price and ongoing discounts with housing developers in return for
planning permission. The aim is to provide affordable housing for
local people who cannot afford open market values.
Low Cost Home Ownership (LCHO) can be any of the
following:
- Discounted housing for sale – this is where
properties are sold at a fixed discount. The discount varies from
scheme to scheme. This is achieved through a planning agreement
called a Section 106 agreement which is drawn before the property
is built.
The initial sale price is usually fixed. Upon re-selling the
property a fixed percentage discount will be applied, hence if you
bought the property with a 30% discount this will be applied when
you sell the property. This ensures that future purchasers are
assisted onto the housing ladder.
- Shared equity – this is where purchasers buy a
share of the home’s equity, for example this may be 60%. The other
proportion is held by a third party, usually a Registered Social
Landlord (better known as housing associations).
- Shared ownership – this is very similar to
shared equity with the difference being that a small rent is
charged for the proportion of the equity that you do not own.
At the moment most affordable housing in the district is sold
through South Lakeland District Council’s
affordable housing procedures which are described
below.
Another scheme which may help you buy affordable
housing is the Homebuy scheme.
Please follow the link below for other information.
More information about low cost housing:
I would like to find out about
- Any current advertisements for affordable housing (see
below)
- The location of new affordable properties which have planning
permission but are yet to be completed
- SLDC's Affordable Housing
procedures including information on:
- Who is eligible to buy low cost housing
- Resales of existing low cost homes
- Allocations procedures for new low cost homes
- Prices of new low cost homes
4. Other affordable housing schemes in South
Lakeland, including Homebuy
Advertisements for affordable housing
As described in the Council’s procedures for allocating new
affordable homes, the developer must advertise new homes in the
local paper.
Any advertisements will also be shown on this page.
New homes currently for sale - January 2010
40 one bedroom apartments available at this sheltered housing
scheme for people over 55.
Purchase price is £65,000 representing between 46% and 52% of
the full market value. Impact Housing Association own the
rest of the equity.
The scheme is aimed at old people with a local connection to
Kendal whose current home is unsuitable for them.
Further information can be obtained from Cumbrian Properties in
Kendal who are marketing the homes.