Affordable housing
procedures
There may be opportunities to buy both existing low cost
properties and new properties. For a number of years some
homes in the district have been built at low cost by agreement with
the developer. Discounts can vary between 10% and 50%
depending upon when the property was built. Usually the
purchaser will buy the home outright but will always have to sell
it with the original discount. Sometimes a housing
association or private developer will retain a share of the
property and it will be sold as shared ownership or shared
equity.
Who can buy affordable properties?
Most affordable housing will be restricted to buyers who
- Have a local connection to the area where the home is located
because they already live or work there
- Have a financial need for low cost housing (hence we need to
see proof of the buyers income and capital).
In order to decide what you can afford to pay the Council will
add together
- ·Your salary multiplied by 2.9 for a couple and 3.5 for a
single person
- Any savings or capital you have
- Any other loan you may receive (eg from another family
member)
NB. The details of these restrictions will
vary from scheme to scheme (depending on the rules in place at the
time the scheme was built) You may need to check with the Council
to see if you would qualify.
Finding out about low cost housing which is being resold and
procedures for resales
Usually existing owners are responsible for arranging the sale
of their own properties. They must
1. advertise them with the
original percentage discount they received
2. agree the valuation with the
Council
Many of these will be sold through local estate agents and
advertised in the local paper. These properties will normally
be marketed at the discounted price. Look out for
descriptions such as “discounted sale”, “shared ownership” or
“section 106 property”
What to do if you have found a low cost property which you wish
to buy
Applicants must be approved by the Council as eligible to buy
the property
The eligibility criteria will vary according to when the home
was built and where it is located.
You will need to complete a low cost housing application form
(see below) and supply the evidence set out in the document
"Additional information on completing your low cost housing
application" (also below)
You should make sure you understand the restrictions on the
occupancy and future resale of the property before you proceed with
a purchase, (for example you will not be able to rent the property
out.
Procedures for allocation of new low cost homes
Private developers and housing associations will advertise
new housing schemes in the local press. This will
probably be when the homes are nearing completion. The
advertisement will state the restrictions on who is eligible to buy
the homes.
The advertisement will also appear on this website.
How do I apply?
In order to buy an affordable home you will need to be
approved by the Council as eligible to buy the home in
question.
The Council does not keep a waiting list as criteria for
individual properties may differ. You can therefore only
apply for approval when you have found a property which you wish to
buy.
You should make sure you understand the restrictions on the
occupancy and future resale of the property before you proceed with
a purchase.
There are links to more detailed descriptions of the Council’s
procedures below;
- Full version of the Council’s leaflet “Low
Cost Home Ownership in South Lakeland
- Full details of the Council’s Affordable
Housing application process
You will need to complete an application form and to read the
full details of the arrangements for the sale of the
property. These will only be available once the advertisement
for the new properties is published.
Prices of new low cost properties
Initial sale prices are currently expected to be between
£70,000 and £110,000 after discount and depending upon the size of
the property.