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.
New Affordable Homes currently for sale – February 2012
Masters Grange , Biggins Road Kirkby
Lonsdale
|
Type
|
Low cost price
|
Percentage of full market
value
|
Full market value
|
|
1 bed apartment
|
£70,000
|
56%
|
£120,000
|
|
8 x 2 bed apartment
|
£80,000
|
53% & 57%
|
£140,000 & 150,000
|
|
3 x 3 bed House
|
£110,000
|
55% and 56%
|
£195,000 &£200,000
|
For further details on the properties please contact the
developer Russell Armer Homes. http://www.russell-armer.co.uk/
Baycliff Road, Baycliff (approx 5 miles west of
Ulverston) The homes available are as follows
1 x 3 bed house @ £120,000
3 x 3 bed houses @ £112,500
3 x 2 bed houses @ £108,750
All prices represent 75% of market value. This percentage
discount applies on each sale.
For further details on the properties please contact Peter
Holden.
01772 785989.
Premier Home Sales.
http://www.premierhomesales.co.uk/
<http://www.premierhomesales.co.uk/
Cock and Dolphin Yard, Kendal
4 x 2 bed apartments @ £80,000 (discounted by 28 – 37%)
For further details on the properties please contact the
developer Russell Armer Homes. http://www.russell-armer.co.uk/
Lound Place, Kendal
There are still some one bedroom apartments available for sale
at this new scheme of 40 apartments in Kendal. This sheltered
housing / extra care scheme is 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.
For more information contact Impact Housing Association on 03448
736290 or Cumbrian Properties estate agents (Tel 01539 733373) who
are marketing the properties for Impact.
For further information about availability, eligibility
and for an application form Tel 01539 733333 ext 7333 or email
housingstrategy@southlakeland.gov.uk